Summary
Carboxylic Acid Market Research Report Information By Product (Acetic Acid, Ascorbic Acid, Azelaic Acid, Formic Acid, Valeric Acid, Citric Acid, Stearic acid, Caproic Acid, Benzoic Acid and Others), By End-Use (Food & Beverages, Aromas, Animal Feed, Pharmaceuticals, Agrochemicals and Others) And By Region (North America, Europe, Asia-Pacific, And Rest of the World) Market Forecast Till 2032
Market Overview
During the forecast period of 2022 to 2032, the global Carboxylic Acid market is anticipated to reach USD 54,793.81 million in value, with a compound annual growth rate (CAGR) of 5.36%.
The carboxylic acid market is a substantial chemical industry segment that is essential in a variety of sectors and applications. Carboxylic acids are organic compounds that are versatile in industrial and consumer products due to the presence of a carboxyl group (-COOH). They are frequently employed as raw materials in the production of personal care products, pharmaceuticals, dietary additives, and polymers. The demand for convenience foods and beverages, the pharmaceutical industry's increasing use of carboxylic acids, and the textile and polymer sectors' expanding applications are all contributing factors to the growth of the carboxylic acid market. Furthermore, the market is being oriented toward sustainable alternatives because of the increasing awareness of the environmental sustainability and benefits of bio-based carboxylic acids. Nevertheless, market growth can be influenced by obstacles such as the necessity of stringent regulations to guarantee product safety and quality control and the fluctuating prices of raw materials.
Market segment insights
Acetic acid, ascorbic acid, azelaic acid, formic acid, valeric acid, citric acid, stearic acid, caproic acid, benzoic acid, and others comprise the carboxylic acid market segmentation, which is based on product. The market was primarily dominated by the acetic acid segment. Acetic carboxylic acid, also known as acetic acid or ethanoic acid, is a colorless liquid with a pungent odor. It is the primary component of the vinegar and serves a variety of industrial and culinary applications.
The carboxylic acid market segmentation is categorized by end-use and comprises food & beverages, aromas, animal feed, pharmaceuticals, agrochemicals, and others.
Regional Perspectives
This market will be dominated by the North American carboxylic acid market. It is anticipated that the regional market will expand due to the growing demand for carboxylic acids in the food and beverage, pharmaceutical, and chemical industries. Furthermore, esters of carboxylic acids are utilized in the production of fragrances due to their potent aroma, which is anticipated to drive demand in the region.
The second-largest market share in the European carboxylic acid market is attributed to the extensive use of carboxylic acid derivatives in the production of personal care items, cosmetics, and colors. Germany is the largest contributor in the region, with France and the UK following closely behind. This is since Germany has the largest market for cosmetics and personal care items.
It is anticipated that the Asia-Pacific Carboxylic acid Market will experience the most rapid growth rate, because of the rapid industrialization. Because of the expanding food and beverage industry's utilization of carboxylic acid derivatives as additives and preservatives, it is anticipated that the regional market will expand. Furthermore, it is anticipated that the proliferation of the regional market will be facilitated by the utilization of carboxylic acids, specifically butyric, propionic, and citric, in the production of feed nutritional acidifiers for the animal feed industry.
Major Players
BASF SE (Germany), Eastman Chemical Company (US), Dow (US), Jiangsu SOPO (Group) Co. Ltd (China), FINETECH INDUSTRY LIMITED (UK), Celanese Corporation (US), Perstorp (Sweden), Alfa Aesar (US), OXEA GmbH (Germany), Hydrite Chemical (US), GFS Chemicals, and numerous other companies are among the major players in the carboxylic acid market.
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Table of Contents
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY ................................................................................................................. 12
1.1 GLOBAL CARBOXYLIC ACID MARKET, PRODUCTS TYPE ................................................................................................. 14
1.2 GLOBAL CARBOXYLIC ACID MARKET, END USE ............................................................................................................... 15
1.3 GLOBAL CARBOXYLIC ACID MARKET, BY REGION ........................................................................................................... 16
2 MARKET INTRODUCTION ............................................................................................................. 17
2.1 DEFINITION ....................................................................................................................................................................... 17
2.2 SCOPE OF THE STUDY ...................................................................................................................................................... 17
2.3 RESEARCH OBJECTIVE ..................................................................................................................................................... 17
2.4 MARKET STRUCTURE ....................................................................................................................................................... 18
2.5 KEY BUYING CRITERIA ...................................................................................................................................................... 19
3 RESEARCH METHODOLOGY ........................................................................................................ 20
3.1 RESEARCH PROCESS ........................................................................................................................................................ 20
3.2 PRIMARY RESEARCH ........................................................................................................................................................ 21
3.3 SECONDARY RESEARCH ................................................................................................................................................... 22
3.4 MARKET SIZE ESTIMATION .............................................................................................................................................. 23
3.5 FORECAST MODEL ............................................................................................................................................................ 24
3.6 LIST OF ASSUMPTIONS & LIMITATIONS .......................................................................................................................... 25
4 MARKET DYNAMICS ...................................................................................................................... 26
4.1 INTRODUCTION ................................................................................................................................................................. 26
4.2 DRIVERS ............................................................................................................................................................................ 27
4.2.1 INCREASING DEMAND FOR CARBOXYLIC ACIDS IN FOOD & BEVERAGES INDUSTRY ................................................ 27
4.2.2 GROWING DEMAND FOR CARBOXYLIC ACIDS IN PHARMACEUTICALS INDUSTRY, PERSONAL CARE AND COSMETICS INDUSTRY ........................................................................................................................................ 28
4.2.3 DRIVERS IMPACT ANALYSIS ........................................................................................................................................ 29
4.3 RESTRAINT ........................................................................................................................................................................ 29
4.3.1 FLUCTUATING RAW MATERIAL COST TO REMAIN AS THE KEY RESTRAINING FACTOR ........................................... 29
4.3.2 RESTRAINT IMPACT ANALYSIS ................................................................................................................................... 30
4.4 OPPORTUNITIES ............................................................................................................................................................... 31
4.4.1 DEMAND FOR BIOMASS-DERIVED CARBOXYLIC ACIDS .............................................................................................. 31
4.5 COVID 19 IMPACT ANALYSIS ............................................................................................................................................ 32
4.5.1 IMPACT ON SUPPLY CHAIN OF CARBOXYLIC ACID .................................................................................................... 32
4.5.2 IMPACT ON MARKET DEMAND OF CARBOXYLIC ACID ............................................................................................... 33
5 MARKET FACTOR ANALYSIS ........................................................................................................ 34
5.1 SUPPLY/ VALUE CHAIN ANALYSIS ................................................................................................................................... 34
5.1.1 RAW MATERIAL PROVIDERS ........................................................................................................................................ 35
5.1.2 MANUFACTURING ........................................................................................................................................................ 35
5.1.3 DISTRIBUTORS & SALES ............................................................................................................................................... 35
5.1.4 END USER ..................................................................................................................................................................... 35
5.2 PORTER’S FIVE FORCES MODEL ....................................................................................................................................... 36
5.2.1 THREAT OF NEW ENTRANTS ....................................................................................................................................... 36
5.2.2 BARGAINING POWER OF SUPPLIERS ........................................................................................................................... 37
5.2.3 BARGAINING POWER OF BUYERS ................................................................................................................................ 37
5.2.4 THREAT OF SUBSTITUTES ........................................................................................................................................... 37
5.2.5 INTENSITY OF RIVALRY ................................................................................................................................................ 38
6 GLOBAL CARBOXYLIC ACID MARKET, BY PRODUCTS OVERVIEW ......................................... 39
6.1 OVERVIEW ......................................................................................................................................................................... 39
6.1.1 GLOBAL CARBOXYLIC ACID MARKET ESTIMATES & FORECAST, BY PRODUCTS, 2019–2032 ................................... 40
6.2 ACETIC ACID ..................................................................................................................................................................... 41
6.3 ASCORBIC ACID ................................................................................................................................................................ 41
6.4 AZELAIC ACID.................................................................................................................................................................... 42
6.5 FORMIC ACID .................................................................................................................................................................... 42
6.6 VALERIC ACID ................................................................................................................................................................... 43
6.7 CITRIC ACID ...................................................................................................................................................................... 43
6.8 STEARIC ACID ................................................................................................................................................................... 44
6.9 CAPROIC ACID ................................................................................................................................................................... 44
6.10 BENZOIC ACID ................................................................................................................................................................... 45
6.11 OTHER ACID ...................................................................................................................................................................... 45
7 GLOBAL CARBOXYLIC ACID MARKET, BY END USE ................................................................. 46
7.1 OVERVIEW ......................................................................................................................................................................... 46
7.1.1 GLOBAL CARBOXYLIC ACID MARKET ESTIMATES & FORECAST, END USE TYPE, 2019–2032 .................................. 47
7.2 FOOD & BEVERAGES ......................................................................................................................................................... 48
7.3 ANIMAL FEED .................................................................................................................................................................... 48
7.4 PHARMACEUTICALS ......................................................................................................................................................... 49
7.5 AGROCHEMICALS ............................................................................................................................................................. 50
7.6 OTHERS ............................................................................................................................................................................. 50
8 GLOBAL CARBOXYLIC ACID MARKET, BY REGION ................................................................... 51
8.1 OVERVIEW ......................................................................................................................................................................... 51
8.1.1 GLOBAL CARBOXYLIC ACID MARKET ESTIMATES & FORECAST, BY REGION, 2019–2032 ........................................ 52
8.2 NORTH AMERICA .............................................................................................................................................................. 53
8.2.1 US .................................................................................................................................................................................. 55
8.2.2 CANADA ........................................................................................................................................................................ 56
8.3 EUROPE ............................................................................................................................................................................. 57
8.3.1 GERMANY ..................................................................................................................................................................... 60
8.3.2 FRANCE......................................................................................................................................................................... 61
8.3.3 UK ................................................................................................................................................................................. 62
8.3.4 SPAIN ............................................................................................................................................................................ 63
8.3.5 ITALY ............................................................................................................................................................................. 64
8.3.6 RUSSIA .......................................................................................................................................................................... 65
8.3.7 POLAND ........................................................................................................................................................................ 66
8.3.8 REST OF EUROPE .......................................................................................................................................................... 67
8.4 ASIA PACIFIC ..................................................................................................................................................................... 68
8.4.1 CHINA ........................................................................................................................................................................... 71
8.4.2 JAPAN ........................................................................................................................................................................... 72
8.4.3 INDIA ............................................................................................................................................................................. 73
8.4.4 AUSTRALIA & NEW ZEALAND ....................................................................................................................................... 74
8.4.5 REST OF ASIA PACIFIC ................................................................................................................................................. 75
8.5 LATIN AMERICA ................................................................................................................................................................ 76
8.5.1 BRAZIL .......................................................................................................................................................................... 79
8.5.2 ARGENTINA .................................................................................................................................................................. 80
8.5.3 MEXICO ......................................................................................................................................................................... 81
8.5.4 REST OF LATIN AMERICA ............................................................................................................................................. 82
8.6 MIDDLE EAST & AFRICA .................................................................................................................................................... 83
8.6.1 GCC ............................................................................................................................................................................... 86
8.6.2 ISRAEL .......................................................................................................................................................................... 87
8.6.3 TURKEY ......................................................................................................................................................................... 88
8.6.4 NORTH AFRICA ............................................................................................................................................................. 89
8.6.5 REST OF MIDDLE EAST & AFRICA ................................................................................................................................ 90
9 COMPETITVE LANDSCAPE ........................................................................................................... 91
9.1 INTRODUCTION ................................................................................................................................................................. 91
9.2 COMPETITIVE BENCHMARKING ....................................................................................................................................... 93
10 COMPANY PROFILES .................................................................................................................... 94
10.1 BASF .................................................................................................................................................................................. 94
10.1.1 COMPANY OVERVIEW .................................................................................................................................................. 94
10.1.2 FINANCIAL OVERVIEW ................................................................................................................................................. 95
10.1.3 PRODUCTS OFFERED ................................................................................................................................................... 96
10.1.4 KEY DEVELOPMENTS ................................................................................................................................................... 96
10.1.5 SWOT ANALYSIS ........................................................................................................................................................... 97
10.1.6 KEY STRATEGIES .......................................................................................................................................................... 97
10.2 EASTMAN CHEMICAL COMPANY ..................................................................................................................................... 98
10.2.1 COMPANY OVERVIEW .................................................................................................................................................. 98
10.2.2 FINANCIAL OVERVIEW ................................................................................................................................................. 99
10.2.3 PRODUCTS OFFERED ................................................................................................................................................... 100
10.2.4 KEY DEVELOPMENTS ................................................................................................................................................... 100
10.2.5 SWOT ANALYSIS ........................................................................................................................................................... 101
10.2.6 KEY STRATEGIES .......................................................................................................................................................... 101
10.3 DOW ................................................................................................................................................................................... 102
10.3.1 COMPANY OVERVIEW .................................................................................................................................................. 102
10.3.2 PRODUCTS OFFERED ................................................................................................................................................... 103
10.3.3 PRODUCTS OFFERED ................................................................................................................................................... 104
10.3.4 KEY DEVELOPMENTS ................................................................................................................................................... 104
10.3.5 SWOT ANALYSIS ........................................................................................................................................................... 104
10.3.6 KEY STRATEGIES .......................................................................................................................................................... 105
10.4 JIANGSU SOPO (GROUP) CO. LTD .................................................................................................................................... 106
10.4.1 COMPANY OVERVIEW .................................................................................................................................................. 106
10.4.2 FINANCIAL OVERVIEW ................................................................................................................................................. 107
10.4.3 PRODUCTS OFFERED ................................................................................................................................................... 107
10.4.4 KEY DEVELOPMENTS ................................................................................................................................................... 108
10.4.5 KEY STRATEGIES .......................................................................................................................................................... 108
10.5 CELANESE CORPORATION ................................................................................................................................................ 109
10.5.1 COMPANY OVERVIEW .................................................................................................................................................. 109
10.5.2 FINANCIAL OVERVIEW ................................................................................................................................................. 110
10.5.3 PRODUCTS OFFERED ................................................................................................................................................... 110
10.5.4 KEY DEVELOPMENTS ................................................................................................................................................... 111
10.5.5 SWOT ANALYSIS ........................................................................................................................................................... 111
10.5.6 KEY STRATEGIES .......................................................................................................................................................... 111
10.6 PERSTORP AB ................................................................................................................................................................... 112
10.6.1 COMPANY OVERVIEW .................................................................................................................................................. 112
10.6.2 FINANCIAL OVERVIEW ................................................................................................................................................. 112
10.6.3 PRODUCTS OFFERED ................................................................................................................................................... 112
10.6.4 KEY DEVELOPMENTS ................................................................................................................................................... 113
10.6.5 KEY STRATEGIES .......................................................................................................................................................... 113
10.7 ALFA AESAR ...................................................................................................................................................................... 114
10.7.1 COMPANY OVERVIEW .................................................................................................................................................. 114
10.7.2 FINANCIAL OVERVIEW ................................................................................................................................................. 114
10.7.3 PRODUCTS OFFERED ................................................................................................................................................... 114
10.7.4 KEY DEVELOPMENTS ................................................................................................................................................... 115
10.7.5 KEY STRATEGIES .......................................................................................................................................................... 115
10.8 OQ CHEMICALS GMBH ...................................................................................................................................................... 116
10.8.1 COMPANY OVERVIEW .................................................................................................................................................. 116
10.8.2 FINANCIAL OVERVIEW ................................................................................................................................................. 116
10.8.3 PRODUCTS OFFERED ................................................................................................................................................... 116
10.8.4 KEY DEVELOPMENTS ................................................................................................................................................... 117
10.8.5 KEY STRATEGIES .......................................................................................................................................................... 117
10.9 HYDRITE CHEMICAL CO .................................................................................................................................................... 118
10.9.1 COMPANY OVERVIEW .................................................................................................................................................. 118
10.9.2 FINANCIAL OVERVIEW ................................................................................................................................................. 118
10.9.3 PRODUCTS OFFERED ................................................................................................................................................... 118
10.9.4 KEY DEVELOPMENTS ................................................................................................................................................... 119
10.9.5 KEY STRATEGIES .......................................................................................................................................................... 119
10.10 GFS CHEMICALS INC. ....................................................................................................................................................... 120
10.10.1 COMPANY OVERVIEW .................................................................................................................................................. 120
10.10.2 FINANCIAL OVERVIEW ................................................................................................................................................. 120
10.10.3 PRODUCTS OFFERED ................................................................................................................................................... 120
10.10.4 KEY DEVELOPMENTS ................................................................................................................................................... 121
10.10.5 KEY STRATEGIES .......................................................................................................................................................... 121