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North America Carboxylic Acid Market Size will show exponential growth in the coming years

Author : Ronak Bora | Published Date : 2019-07-04 

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.

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.

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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.

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.

The requirement of animal feed has been increasing exponentially across the globe, owing to the escalating demand for animal products such as leather, meat, wool, and milk etc. Carboxylic acid based products help to avoid the infection of salmonella in poultry farms, which will influence carboxylic acid industry share over the coming years.

Acetic acid collected a revenue of USD 5.5 billion in 2015 and will dominate the overall carboxylic acid market, by exhibiting an annual growth rate of more than 5.5% over the coming timeframe. Acetic acid is a main ingredient in the production of food preservatives such as vinegar, which will further propel the growth of this segment.

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Increasing awareness regarding personal care and health will lead to an increased demand for beauty products. Carboxylic Acid Market is expected to gain lucrative revenue over the next few years, pertaining to the aforementioned factor. In addition, the increased spending on personal care products due to surging per capita income will also provide a positive impetus to the overall business trends. Butyric, stearic, and valeric are the prominent products used to manufacture personal care products for skin and hair care. Of late, there has been a considerable change observed in the living standards. This has subsequently led to a rising adoption of packaged food, which will stimulate carboxylic acid industry size pertaining to growing demand of the product for packaging purposes. 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.

Carboxylic acid market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in tons and revenue in USD from 2013 to 2024, for the following segments:

  • Carboxylic Acid Market By Product
    • Acetic acid
    • Valeric acid
    • Isovaleric acid
    • Formic acid
    • Propionic acid
    • Butyric acid
    • Isobutyric acid
    • Citric acid
    • Caproic acid
    • Stearic acid
    • Others
  • Carboxylic Acid Market By End-User
    • Food and beverages
    • Animal feed
    • Pharmaceuticals
    • Personal care & cosmetics
    • Consumer goods
    • Lubricants
    • Others
       

The above information on carboxylic acid market has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • GCC

Browse key industry insights spread across 140 pages with 176 market data tables & 16 figures & charts from the report, “Carboxylic Acid Market” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/carboxylic-acid-market

 

About Global Market Insights

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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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