Carboxylic Acid Market Analysis

Carboxylic Acid Market Analysis

Carboxylic acid market size has been segmented into acetic acid, propionic acid, formic acid, valeric acid, isovaleric acid, butyric acid, isobutyric acid, caproic acid, citric acid, stearic acid, and other carboxylic acids. Carboxylic acid market is expected to be dominated by acetic acid which finds great applications in the manufacture of vinegar, used to preserve food over a long time and gives a sour flavor to the food products. Growing demand of AA in food storage and packaging industry will steer the market growth in the next few years. (AA) Acetic acid market recorded over USD 5.5 billion in 2015 and is also expected to have the fastest growth at over 5.5% CAGR from 2016 to 2024.
 

Another dominating product segment, throughout the forecast timespan, is anticipated to be stearic acid market which finds applications in cosmetics, soaps, detergents, as well as in lubricants and softening agents. It comprises of more than 25% of the global carboxylic acid market share and registered a revenue over USD 3.5 billion in 2015.
 

Different end-user industries of carboxylic acid market share include consumer goods, animal feed, food & beverages, personal care & cosmetics, pharmaceuticals, lubricants, and others. Consumer goods segment was the principal segment in 2015 registering over 35% of the global market share in terms of revenue. This industry segment is expected to develop at a CAGR over 5.0% throughout the forecast period. Growth will be primarily on the account of rising consumption of plastics in packaging, construction, electronics, and agriculture, boosting the demand of acetic acid and stearic acid.
 

Asia Pacific, led by India, China, and Japan carboxylic acid market, is anticipated to have the fastest growth at over 5.0% CAGR in the forecast timeframe. It is also the most mature industry owing to the growth in food & beverage and consumer goods industries in the emerging economies of the region. APAC accounted for more than half of the global market share, registering a revenue over USD 6 billion in 2015.
 

North America and Europe carboxylic acid market share will lose some value to APAC and Latin America due to stringent regulations imposed by EPA and REACH. North America registered a revenue over USD 2 billion, while Europe was worth more than USD 3 billion in 2015. These markets will have sluggish growth in the forecast period.