Carboxylic Acid Market To Reach Valuation Of US$ 26.7 Bn By 2031
Transparency Market Research delivers key insights on the global carboxylic acid market. In terms of revenue, the global carboxylic acid market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global carboxylic acid market.
The emergence of bio-based chemicals is likely to hamper the global carboxylic acid market during the forecast period. On the other hand, increase in demand for carboxylic acid in material sciences and food & beverages is expected to drive the global carboxylic acid market over the next decade, as carboxylic acid is extensively employed in these industries.
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Carboxylic Acid Market: Dynamics
The demand for carboxylic acid is increasing for the manufacture of food products. The global food processing industry has been continuously developing and expanding. It is a highly demanding industry, as processed food accounts for 80% of global food sales. The packaged food industry is a leading segment of the global food processing industry. Carboxylic acid is widely used as flavor enhancer in processed food. It offers fruity taste in food when esterified by combining it with alcohol.
Carboxylic acid is an important ingredient used in the livestock industry. Livestock farming is a highly adopted profession in the modern global economy. It holds a strong position in the meat and dairy industries. Consumption of animal meat has been rising across the globe. This trend of increasing meat consumption is expected to continue during the forecast period. Carboxylic acid plays a major role in the livestock industry. It is employed as animal feed and improves animal growth. The expansion of the livestock industry in developed and developing economies is boosting the global carboxylic acid market.
Carboxylic acid is used as a raw material in the production of lubricants. Lubricants are employed in a wide range of applications. For instance, they are employed in antiwear, antioxidants, and antifoaming agents. Market players are focusing on the development of bio-based lubricants and targeting a new price-based market by strategically positioning products and adopting lucrative pricing policies from a viable diversification option.
A large part of the world is slowly transitioning from an economy dependent on fossil fuel to one that is more environmentally sustainable, centered on biomass. Countries have started focusing on bio-based chemicals from various biomass sources in order to meet the demand for chemicals. Thus, emergence and rise in usage of bio-based chemicals as an alternative to petrochemicals products due to various factors is anticipated to the restrain the market in the near future.
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Carboxylic Acid Market: Prominent Regions
Asia Pacific dominates the global carboxylic acid market. Material sciences and food & beverages industries in the region are estimated to expand at a rapid pace between 2021 and 2031. This, in turn, is projected to boost the demand for carboxylic acid in Asia Pacific.
China is anticipated to be highly attractive country of the carboxylic acid market in Asia Pacific during the forecast period. The food & beverages sector in China is witnessing strong growth, owing to rise in income of the people in the country. This is propelling the demand for food additives, thereby driving the carboxylic acid market.
North America is likely to be another highly attractive region of the global carboxylic acid market during the forecast period. The U.S. held a major share of the carboxylic acid market in North America in 2020. Investments in the material sciences sector have increased in the U.S. in recent years. This is driving the demand for carboxylic acid in the material sciences sector in the country.
Carboxylic Acid Market: Key Players
Major players operating in the global carboxylic acid market are BASF SE, Celanese Corporation, The Dow Chemical Company, LyondellBasell Industries N.V., Eastman Chemical Company, Thirumalai Chemicals Ltd., Alfa Aesar, Ashok Alco – chem Limited, Finetech Industry Limited, OXEA, VanDeMark Inc., Shenyang Zhangming Chemical Co., Ltd., VVF LLC, and Perstorp Holding AB (Perstorp).
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