The global carboxylic acid market will reach an estimated value of USD 14.82 bn by 2030 and exhibit growth at a CAGR of 5.3% between 2021 to 2030.
Increasing demand for these products in various applications, such as oil and gas, personal care, pharmaceuticals, textiles, and others, will drive the global carboxylic acid market in the coming years. The growing demand for renewable energy sources has positively impacted the production of bio-carboxylic acids across several industries.
Rapid Urbanization Strengthens the Carboxylic Acid Market
The swift urbanization across the globe leads to heightened demand for consumer goods and personal care products, paving the way forward for the expansion of the global carboxylic acid market in the coming years. Increasing demand for these products in various applications, such as oil and gas, personal care, pharmaceuticals, textiles, and others, will continue to drive the global carboxylic acid market in the coming years.
Animal Feed Sector Boosts the Sales of Carboxylic Acid
The increasing adoption of formic acid in animal feed is expected to fuel the carboxylic acid market. This is because formic acid helps convert non-protein nitrogen (NPN) in feed into protein, improving livestock productivity and profitability. Formic acid also improves feed conversion, reduces ammonia emission by lowering the intake of NPN by livestock, and prevents fungal growth in feed, which causes feed spoilage, stimulating the growth opportunities for the global carboxylic acid market in the coming years.
However, stringent regulations regarding emissions from manufacturing plants are likely to limit the overall market growth in the next few years.
Nonetheless, with increasing research and development activities in biocarboxylic acid production, the industry is likely to expand over the next few years. Moreover, increasing demand for biocarboxylic acids due to their broad applicability in various sectors such as leather, textile, and plastic is likely to drive growth. The growing demand for biocarboxylic acids as feed additives in livestock is expected to remain a key factor driving the development of the industry.
Bio-carboxylic acids are widely used in the form of biofuels in cars, as electrolytic reduction catalysts in the production of aluminium, as an anti-pollution agent in steel manufacturing, and in the production of eco-friendly adhesives. Increasing awareness about the hazards of fossil fuel usage, increasing focus on the use of environment-friendly products, and increasing focus on sustainable energy usage will drive the demand for bio-carboxylic acids. Increasing focus on research and development activities to develop bio-carboxylic acids with enhanced properties will further drive the global carboxylic acids market.
Some of the current top players in the carboxylic acid market are –
- Alfa Aesar
- Perstorp Holding, etc.
- Jiangsu Sopo Group
- Eastman Chemical Company
- Celanese Corporation
- LyondellBasell Industries
- BASF SE
- Dow Chemical Company
A detailed analysis of the market and the factors that drive its growth and a thorough assessment of the challenges faced by the stakeholders will help the new entrants find the best ways to succeed in this business. The report also provides detailed information about the various segments of the global bunker fuel market, which will help stakeholders to identify the best product offering in this business.
Here are some key takeaways from the market-
- The global carboxylic acid market will observe an estimated value of USD 14.82 bn by 2030 while growing at a CAGR of 5.3% between 2021 to 2030.
- The growth of the global carboxylic acid market is primarily driven by the increasing demand for carboxylic acids in the manufacturing industry, especially in the plastic and rubber industry. Moreover, the growing consumption of carboxylic acids in the chemical and textile industry is expected to fuel the growth of the market.
- The increasing application of carboxylic acids in the agrochemical and pharmaceutical industry will further drive the market’s growth.
- The increasing production of carboxylic acids in developing countries such as China, India, and Brazil is expected to expand the market further.
- Additionally, increasing demand for carboxylic acids in the manufacturing of bioplastics is expected to positively impact the growth of the global carboxylic acid market over the forecast period.
By Product Type
- Acetic Acid
- Stearic Acid
- Propionic Acid
- Citric Acid
- Butryic Acid,
- Isobutryic Acid,
- Valeric Acid,
- Isovaleric Acid
- Food and beverages
- Consumer goods
- Animal feed
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