The global carboxylic acids market features a fairly fragmented landscape as the top five players accounted for nearly 22.0% share in 2014, finds Transparency Market Research (TMR). Some of the leading players operating in the carboxylic acids market are Perstorp, Celanese Corporation, Finetech Industry Limited, LyondellBasell Industries N.V., BASF SE, OXEA, and The Dow Chemical Company. A large number of small players have their presence in developing and developed nations of Asia Pacific.
The market was valued at US$12.14 bn in 2014. Expanding at a CAGR of 4.9% from 2015 to 2023, the opportunities in the market is projected to reach US$18.49 bn by the end of the forecast period.
Asia Pacific with Extensive Production of Bio-Based Chemicals Offers Lucrative Growth Avenues
Regionally, the market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, Asia Pacific accounted for a dominant share in 2014 and is expected to rise at a significant pace over the forecast period. A major chunk of the demand for the various derivatives of carboxylic acids will come from sectors such as lubricants, food and beverages, and consumer goods.
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Based on product, the carboxylic acids is segmented into acetic, isovaleric, valeric, formic, butyric, propionic, isobutyric, citric, stearic, benzoic, and caproic acids. Of these, the acetic acid segment dominated the market and is anticipated to rise at a significant rate over the forecast period. The growth of the segment is attributed to its extensive use in the production of intermediates such as vinyl acetate monomer and acetic anhydride.
Numerous Applications in Several End-Use Industries Accentuates Growth
The carboxylic acids market is majorly driven by the wide number of applications of carboxylic acids and its derivatives in a variety of end-use industries such as textile, consumer goods, leather, chemical intermediates, and agrochemicals. The extensive application of carboxylic acids in the production of useful derivatives such as ester solvents, ester lubricants, and stearates, which have a growing number of industrial applications is expected to boost the market.
The growing use of various organic compounds acetic acid, benzoic acid, and citric acid as preservatives in the food and beverages industry has boosted the carboxylic acids market. For instance, citric acid is extensively used in enhancing flavor in beverages and as natural preservatives. In addition, the compound stearic acid has myriad applications in the manufacture of adhesives and sealants, chemical intermediates, agrochemicals, and pigments. This has given a strong impetus to the market.
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The burgeoning application of carboxylic acids such as propionic acid, butyric acid, and formic acids in the animal feed industry is expected to catalyze the market. A crucial factor providing is the commercial application of acetic acids in manufacturing vinyl acetate monomer (VAM), a primary intermediate used in a variety of polymers and resins. The growing use of VAM in the making of coatings, adhesives, paints, textiles, and films is increasingly boosting the market in the coming years. In addition, the rapidly growing use of VAM in the manufacture of ethylene vinyl alcohol, which has extensive applications in the food packaging industry, bodes well for the market.
However, the availability of natural substitutes as animal feeds and stringent governmental regulations regarding the production of petro-based carboxylic acids are the key factors likely to hinder the market to an extent. On the other hand, the use of carboxylic acid as an active ingredient in numerous common drug formulations such as anticoagulants, non-steroidal anti-inflammatory drugs, and antibiotics is expected to open up exciting opportunities in the market. Furthermore, the burgeoning demand for several bio-based personal care and cosmetic products is anticipated to open up lucrative growth avenues for market players in several developed nations.