Global 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), End- Users (Food and beverages, Animal Feed, Pharmaceuticals, Personal care and Cosmetics, Consumer goods, Lubricants, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The consumption of carboxylic acid has been growing immensely across the food and beverages sector as well as the increased demand for cosmetics and personal care. Additionally, the manufacturers are becoming more adept at creating renewable carboxylic acids suitable for usage as specialized polyesters and polyamides. Polyesters and polyamides can be depolymerized to other useful compounds or to their constituent monomers, allowing for their circular reutilization. These determinants will aid the market expansion.
Global carboxylic acid market was valued at USD 9879.85 million in 2021 and is expected to reach USD 14820.96 million by 2029, registering a CAGR of 5.2% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Carboxylic acid is a polar chemical molecule of the carboxyl functional group that deprotonates to create carboxylate anion. Because of the strong hydrogen bonding, these compounds have a higher boiling point than water. Carboxylic acid groups are more acidic than other organic molecules containing hydroxyl groups, but less acidic than mineral acids like sulfuric acid and hydrochloric acid.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product (Acetic Acid, Valeric Acid, Isovaleric Acid, Formic Acid, Propionic Acid, Butyric Acid, Isobutyric Acid, Citric Acid, Caproic Acid, Stearic Acid, Others), End- Users (Food and beverages, Animal Feed, Pharmaceuticals, Personal care and Cosmetics, Consumer goods, Lubricants, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Alcoa Corporation (U.S.), Thirumalai Chemicals Ltd. (India), Rio Tinto (Australia), RUSAL (Russia), Norsk Hydro A.S.A. (Norway), Emirates Global Aluminium PJSC (U.A.E), Aluminum Bahrain B.S.C. (Bahrain), Century Aluminum Company (U.S.),Vedanta Ltd. (India),China Aluminum Corporation (China), Merck KGaA (Germany), REDOX INDUSTRIES LIMITED (India), China Hongqiao (China), H.P. (Australia), East Hope Group (China), ACURO ORGANICS LIMITED (India) and Emirates Global Aluminum (U.A.E)
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Market Opportunities
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Carboxylic Acid Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand Across End Users
The factors such as rising demand for vinyl acetate monomer, expanding use of organic acid in the animal feed sector, and expansion in the cosmetic and personal care industry are likely to boost carboxylic acid market growth. Moreover, the increased use of carboxylic derivatives, notably in the food and beverage and cosmetic industries, is expected to drive global market expansion. Carboxylic acid derivate are in high demand in the manufacture of soft drinks, vinegar, cheese, vegetable oils, and other culinary products. These factors will boost the market growth during the forecast period.
- Increased Requirements for Biomass-derived Carboxylic Acids
The high prevalence of radiation dermatitis is a key driver of the worldwide carboxylic acid market's rise. Prophylactic treatment of Benzene-Poly-Carboxylic Acid and Molybdenum Complex (BP-C2) to the skin of mice may protect them from irradiation-induced dermatitis. Such findings are important in the treatment of irradiation-induced skin dermatitis in humans. Moreover, the advancements in catalytic routes for carboxylic acid production from biomass have largely accelerated the market growth.
The surging usage of organic acids due to their antimicrobial benefits as well as the high nutritional value as animal feed additives and agrochemical-market-749'>agrochemical formulations will further propel the growth rate of carboxylic acid market. Additionally, the escalating consumption rate of poultry and swine for their health beneficiary protein content will also drive market value growth. The growing use of organic acid in animal feed industry to prevent growth of microbes combined with recognition of its beneficial properties such as the high strength, lightweight, corrosion resistance, immense flexibility, good holder of thermal and electrical conductivity are also projected to bolster the growth of the market.
Opportunities
- Surge in Awareness and Regulations
Furthermore, the rise in awareness about nutrition enrichment among farmers extends profitable opportunities to the market players in 2022 to 2029. Additionally, the various regulations regarding banning of antibiotic growth promoters in animal feed, especially for swine, poultry and cattle will further expand the future growth of the carboxylic acid market.
Restraints/Challenges
- Stringent Regulations
The strict rules and norms associated with the production of petroleum-based carboxylic acids will create hindrances for the growth of the carboxylic acid market.
- Health Hazards Associated with Carboxylic Acid
However, the health risks connected with the usage of some carboxylic acids in high concentrations are anticipated to stymie worldwide market expansion. For example, when a large amount of short-chain carboxylic acid accumulates in the human body, cytotoxic effects of short-chain carboxylic acid have been found in gingival epithelial cells.
- Availability of Substitutes
Also, the threat of natural and organic substitutes will prove to be a demerit for the carboxylic acid market. Therefore, this will challenge the carboxylic acid market growth rate.
This carboxylic acid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the carboxylic acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Carboxylic Acid Market
The recent outbreak of coronavirus had a negative impact on the carboxylic acid market. The severe disruptions in various manufacturing, as well as the supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease, led to huge financial setback for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.
On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.
Global Carboxylic Acid Market Scope
The carboxylic acid market is segmented on the basis of product and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Acetic Acid
- Valeric Acid
- Isovaleric Acid
- Formic Acid
- Propionic Acid
- Butyric Acid
- Isobutyric Acid
- Citric Acid
- Caproic Acid
- Stearic Acid
- Others
End- Users
- Food and beverages
- Animal Feed
- Pharmaceuticals
- Personal care and Cosmetics
- Consumer Goods
- Lubricants
- Others
Carboxylic Acid Market Regional Analysis/Insights
The carboxylic acid market is analyzed and market size insights and trends are provided by country, product and end-users as referenced above.
The countries covered in the carboxylic acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the carboxylic acid market because of the e increasing use of carboxylic acid derivatives in the expanding food and beverage industry as additives and preservatives within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth during the forecast period of 2022 to 2029 as the esters of carboxylic acids on the account of strong odor are used in the production of perfumes coupled with the high demand for carboxylic acids in the food and beverage, pharmaceutical and chemical industries within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Carboxylic Acid Market Share Analysis
The carboxylic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to carboxylic acid market.
Some of the major players operating in the carboxylic acid market are
- Alcoa Corporation (U.S.)
- Thirumalai Chemicals Ltd. (India)
- Rio Tinto (Australia)
- RUSAL (Russia)
- Norsk Hydro A.S.A. (Norway)
- Emirates Global Aluminium PJSC (U.A.E)
- Aluminum Bahrain B.S.C. (Bahrain)
- Century Aluminum Company (U.S.)
- Vedanta Ltd. (India)
- China Aluminum Corporation (China)
- Merck KGaA (Germany)
- REDOX INDUSTRIES LIMITED (India)
- China Hongqiao (China)
- H.P. (Australia)
- East Hope Group (China)
- ACURO ORGANICS LIMITED (India)
- Emirates Global Aluminum (U.A.E.)
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