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Asia Pacific carboxylic acid market accounted for more than 45% of the global share in 2015 and will collect notable revenue with an annual growth rate of more than 5% over 2016-2024. The product is extensively used in the food & beverage and consumer goods sectors. Japan, China, and India are expected to contribute significantly toward the regional growth.North America carboxylic acid market generated a revenue of USD 2 billion in 2015 and will register substantial annual growth rate over 2016 to 2024. Deployment of strict rules and regulations by REACH about the usage of carboxylic acid will lower the manufacturing of the product across this region.
The consumer goods sector covered more than 35% of the overall carboxylic acid market share in 2015 and will exhibit a CAGR of more than 5% over the coming seven years. The growth can be attributed to the increasing requirement of the product for agriculture, construction, electronics, and packaging applications, where plastic materials are prominently used.
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Stearic and acetic acids find huge applications in the abovementioned sectors as well. Stearic acid, especially, is abundantly used for the manufacturing of various consumer goods such as detergents, cosmetics, and soaps. On these grounds, stearic carboxylic acid market, having had a revenue of USD 3.5 billion in 2015, is slated to witness considerable growth rate over the years ahead.
Acetic acid is undeniably one of the most lucrative product segments of carboxylic acid market. In 2015, acetic acid dominated the overall carboxylic acid industry share, with a contribution of more than 40%, and a revenue of more than USD 5.5 billion. The product is massively utilized across the F&B sector for food preservation, vinegar production, and taste enhancement. In addition, researchers at the RIKEN Center for Sustainable Resource Science have recently made a wonderful discovery, that increasing the amount of acetate in plants is bound to help them survive droughts. On these grounds, (AA) acetic acid market is anticipated to exhibit the fastest growth with a CAGR of 5.5% CAGR over 2016-2024.
While the personal care and F&B sectors are the prime end-use domains of carboxylic acid industry, leading companies have been exploring other areas of product utilization that are likely to help them multiply their profit margins. The consumer goods sector is one such lucrative application that recorded more than 35% of the overall carboxylic acid market share in 2015, with a revenue of more than USD 4.5 billion in 2015. The extensive usage of plastic in the construction, agricultural, packaging, and electronics applications necessitates the demand for acetic and stearic acids, pertaining to which carboxylic acid industry from consumer goods is expected to grow at a CAGR of 5% over 2016-2024.
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As per the report by Global Market Insights, Inc., “Worldwide carboxylic acid market was valued USD 13 billion in 2015 and will surpass a revenue collection of USD 20 billion by 2024 with an annual growth rate of 5% over 2016 to 2024.” The key participants in carboxylic acid market are Celanese Corporation, BASF SE, Jiangsu Sopo (Group) Co., Ltd, Dow Chemical Company, LyondellBasell Industries, Alfa Aesar, Eastman Chemical Company, Perstorp Holding, and OXEA.
Glimpse of Table of Content (ToC)
Chapter 3 Carboxylic Acid Industry Insights
3.1 Industry Segmentation
3.2 Industry Size and forecast, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distributor matrix
3.4 Industry Impact forces
3.4.1 Growth drivers
3.4.1.1 Mushrooming demand of vinyl acetate monomer (VAM)
3.4.1.2 Growth in cosmetics and personal care industry
3.4.1.3 Increasing use of organic acid in animal feed industry
3.4.2 Industry pitfalls and challenges
3.4.2.1 Threat of organic and natural substitutes for animal feed
3.4.2.1 Stringent government regulations on production of petroleum-based carboxylic acids
3.5 Growth potential analysis
3.6 Porter’s analysis
3.7 Company market share analysis, 2015
3.7.1 Strategic landscape
3.8 PESTEL analysis
3.9 Regional price trends
3.9.1 Cost structure analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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