CarboxylicAcid Market: Introduction
TransparencyMarket Research delivers key insights on the global carboxylic acid market. In terms of revenue, the globalcarboxylic acid market is estimated to expand at a CAGR of 6% during theforecast period, owing to numerous factors regarding which TMR offers thoroughinsights and forecasts in its report on the global carboxylic acid market.
Theemergence of bio-based chemicals is likely to hamper the global carboxylic acidmarket during the forecast period. On the other hand, increase in demand forcarboxylic acid in material sciences and food & beverages is expected todrive the global carboxylic acid market over the next decade, as carboxylicacid is extensively employed in these industries.
CarboxylicAcid Market: Dynamics
Thedemand for carboxylic acid is increasing for the manufacture of food products.The global food processing industry has been continuously developing andexpanding. It is a highly demanding industry, as processed food accountsfor 80% ofglobal food sales. The packaged food industry is a leading segment of theglobal food processing industry. Carboxylic acid is widely used as flavorenhancer in processed food. It offers fruity taste in food when esterified bycombining it with alcohol.
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Carboxylicacid is an important ingredient used in the livestock industry. Livestockfarming is a highly adopted profession in the modern global economy. It holds astrong position in the meat and dairy industries. Consumption of animal meathas been rising across the globe. This trend of increasing meat consumption isexpected to continue during the forecast period. Carboxylic acid plays a majorrole in the livestock industry. It is employed as animal feed and improvesanimal growth. The expansion of the livestock industry in developed anddeveloping economies is boosting the global carboxylic acid market.
Carboxylicacid is used as a raw material in the production of lubricants. Lubricants areemployed in a wide range of applications. For instance, they are employed inantiwear, antioxidants, and antifoaming agents. Market players are focusing onthe development of bio-based lubricants and targeting a new price-based marketby strategically positioning products and adopting lucrative pricing policiesfrom a viable diversification option.
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Alarge part of the world is slowly transitioning from an economy dependent onfossil fuel to one that is more environmentally sustainable, centered onbiomass. Countries have started focusing on bio-based chemicals from variousbiomass sources in order to meet the demand for chemicals. Thus, emergence andrise in usage of bio-based chemicals as an alternative to petrochemicalsproducts due to various factors is anticipated to the restrain the market inthe near future.
CarboxylicAcid Market: Prominent Regions
AsiaPacific dominates the global carboxylic acid market. Material sciences and food& beverages industries in the region are estimated to expand at a rapidpace between 2021 and 2031. This, in turn, is projected to boost the demand forcarboxylic acid in Asia Pacific.
Chinais anticipated to be highly attractive country of the carboxylic acid market inAsia Pacific during the forecast period. The food & beverages sector inChina is witnessing strong growth, owing to rise in income of the people in thecountry. This is propelling the demand for food additives, thereby driving thecarboxylic acid market.
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NorthAmerica is likely to be another highly attractive region of the globalcarboxylic acid market during the forecast period. The U.S. held a major shareof the carboxylic acid market in North America in 2020. Investments in thematerial sciences sector have increased in the U.S. in recent years. This isdriving the demand for carboxylic acid in the material sciences sector in thecountry.
CarboxylicAcid Market: Key Players
Majorplayers operating in the global carboxylic acid market are BASF SE, CelaneseCorporation, The Dow Chemical Company, LyondellBasell Industries N.V., EastmanChemical Company, Thirumalai Chemicals Ltd., Alfa Aesar, Ashok Alco - chemLimited, Finetech Industry Limited, OXEA, VanDeMark Inc., Shenyang ZhangmingChemical Co., Ltd., VVF LLC, and Perstorp Holding AB (Perstorp).
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