Carboxylic Acid Market Size

Carboxylic Acid Market Size

Carboxylic Acid Market size was worth more than USD 13 billion in 2015 and will increase with an estimated gain of 5%.
 

Global carboxylic acid market size growth is expected to be driven by the rising demand of vinyl acetate monomer or VAM, on the account of increasing demand of vinyl ester resins used to coat the surfaces of materials used to store and package food items and beverages. Vinyl esters, in turn, are produced by reaction of acetic acid with the corresponding vinyl acetate monomer (resin). Increasing demand for packaged food owing to increasing global GDP along with shortage of time in dual income families will have a major impact on the market in the forecast timeframe. Moreover, ethylene-vinyl acetate (EVA) demand is also expected to rise because of its applications in the manufacturing of adhesives used in food packaging. Global VAM market size was over USD 7.4 billion in 2015 and is expected to have a growth by close to 4.5% CAGR from 2016 to 2024.
 

Increasing demand for cosmetics and personal care products will also catalyze the global carboxylic acid market demand. Extensive usage of stearic, butyric, and valeric acids in the manufacturing of these products will influence the global carboxylic acid market in the forecast period. Rising awareness among the people about cosmetics and beauty products, in addition to increasing disposable income, will propel the market size considerably in the upcoming years. Usage of the acids for esterification to provide the fragrance and for prevention of microbes, tend to have a prevailing effect on the market. More than 80% of these personal care products are for cosmetics, skin care products, fragrances, and hair care products.
 

Another important carboxylic acid market share booster is anticipated to be the growing use of organic acid in animal feed industry in order to prevent growth of microbes. Carboxylic acid such as formic acid and propionic acid prevent the growth of salmonella that contaminate the food and causes diseases to animals as well as humans. More than 45% of the global animal feed market is dedicated to poultry and more than a quarter is used for swine. The escalating consumption rate of poultry and swine for their health beneficiary protein content is likely to boost the global carboxylic acid market size as animal feed additive. Regulations regarding banning of antibiotic growth promoters in animal feed, especially for poultry, swine, and cattle, will also have a positive effect on the industry.
 

However, the availability of organic and natural substitutes in the animal feed industry will hinder carboxylic acid market size in the upcoming years, as they have lost share to probiotics, amino acids, nutraceuticals, antimicrobials & antioxidants, and several other newly developed substitutes. Regulations on the production of petroleum based carboxylic acids with long chain hydrocarbons will also restrain the global carboxylic acid market growth in the forecast timeframe.