Carboxylic Acid Market Statistics
The global carboxylic acid market is expected to witness a growth at a CAGR of 5.3% from 2021 to 2030, exhibiting a valuation of USD 14.82 bn by 2030 in comparison to USD 9.87bn in 2021.
The global carboxylic acid market is influenced by many factors such as increasing demand from developing countries and others. Increasing industrialization and commercialization of antimicrobials have led to an increasingly growing demand for biocides, which in turn has led to a surge in the demand for carboxylic acids as raw materials in the speciality chemical industry. An increase in oil refining capacity is anticipated to create a favourable growth environment for the carboxylic acid market.
Textile Industry to Drive the Carboxylic Acid Market
Carboxylic acid is highly useful in the textile industry, cotton fabrics when treated with polycarboxylic improve the fabric resiliency and viscosity. It also improves UV protection post-treatment, which further enhances the growth opportunities for the carboxylic acid market in the coming years. Further, free treatment offers improvement in the dyeability of the fabric. Rising demand for biocides and plasticizer chemicals, an increase in oil refining capacity, and technological advancements in the polymers industry is projected to drive the market during the forecast period.
The covid – 19 pandemics had a negative impact on the market due to the imposition of lockdown and shutting down of many manufacturing facilities across the globe. This led to a huge loss in terms of revenue for the carboxylic market. However, on the brighter side, with the economic revival taking place post covid pandemic, this market is likely to regain its growth in the coming years.
Further, Manufacturers in the carboxylic acid market are benefiting from the increasing demand for animal feed additives and preservation mixes. Grass and fish silage is boosting the need for formic acid. Formic acid is increasing in demand because it prevents bacterial and fungal growth in open storage structures to avoid spoilage. Because formic acid has traditionally been used to coagulate natural rubber, which is subsequently processed into tires and other rubber goods, market growth is anticipated.
Alternatively, the rising disposable income and awareness among consumers regarding the usage of these cosmetics have increased its demand. In the coming years, the global cosmetics and beauty products market is expected to grow at a significant rate on account of increasing spending power and rising awareness among consumers regarding the usage of these cosmetics. Increasing inclination towards wellness among consumers worldwide is expected to drive the growth of the market. Moreover, the growing desire for self-improvement is expected to fuel the demand for cosmetic products.
Better Quality in Agricultural Yield to Boost the Demand for Carboxylic Acid
Carboxylic Acid finds its application in the agricultural sector also and has been found highly useful in increasing the yield quality. Further, it offers better crop quality, enhanced nutrition absorption in the soil, zero phytotoxicity, zero waste, etc., thus the growing demand for Carboxylic acid is anticipated to expand the global carboxylic acid market over the forecast years.
However, the growth is hampered by the high cost of raw materials and stringent regulations imposed on carboxylic acid manufacturing plants which may pose a challenge to the overall market expansion. Increasing environmental concerns associated with the production of carboxylic acids and their derivatives owing to CO2 emissions are likely to hamper the industry growth over the next few years.
That said, the increasing demand from developing countries coupled with rapid growth in oil refining capacity is anticipated to drive the industry growth during the forecast period. Moreover, the growing demand for biocides as raw materials in the speciality chemical industry has emerged as another key factor contributing to the market growth.
The global carboxylic acid market is expected to witness immense growth owing to the rampant occurrence of radiation dermatitis among individuals. According to a study, the topical application of Benzene-Poly-Carboxylic Acid and Molybdenum Complex (BP-C2) has the ability to prevent irradiation-induced skin dermatitis. Radiation dermatitis occurs in nearly 90 % of patients receiving cancer treatment or radiotherapy.
Animal Feed to Stimulate Acetic Acid Segment
The global carboxylic acid market is segmented into – Acetic Acid, Butyric Acid, Isobutryic Acid, Valeric Acid, Isovaleric Acid, and Propionic Acid. However, the Acetic Acid is expected to bring in a larger share in terms of revenue. Acetic acid is applied as a food additive to enhance layer feed in animal feeding in the forthcoming years. The Asia Pacific is expected to witness rapid growth due to increasing disposable income and growing awareness about the benefits of these acids
Increasing awareness about the benefits of these acids is expected to drive their usage, thereby positively impacting the global carboxylic acid market. For example, stearic acid is a saturated fatty acid found in cocoa and milk. It is known for its anti-inflammatory properties and is widely used in the manufacturing of skincare products. Valeric acid is a naturally occurring carboxylic acid found in plants like berries, vegetables, and coffee. It is known to promote healthy blood sugar levels, and it is widely used in functional foods as well as skincare products. Butyric acid is another widely used carboxylic acid in the manufacturing of skincare products. It is known to have anti-ageing properties and is used in the treatment of skin conditions like acne and psoriasis.
Further, Propionic acid and butyric acid are two other sectors that are likely to emerge as the fastest-growing segments during the forecast period.
Based on end-user, the global carboxylic acid market is segmented into- Food and Beverages, Animal Feed, Agrochemicals, Pharmaceuticals, etc. However, the global carboxylic acid market is expected to witness growth during the forecast period, primarily due to its usage in animal feed to boost the metabolism rate in livestock. Furthermore, the global market is expected to witness an increase in demand for carboxylic acid in animal feed products due to the increase in the population of livestock, rise in pet ownership, rise in animal health and fitness spending, and expansion of awareness about animal nutrition, during the forecast period.
Demand for Consumer Goods to Bolster Asia Pacific Market
The fastest growth in the Asia Pacific carboxylic acid market, led by India, China, and Japan, is anticipated over the forecast period. This region’s carboxylic acid industry is the most developed, owing to the development of the food and beverage and consumer goods industries in the emerging economies. The APAC region accounted for larger share of the world’s carboxylic acid revenues in 2015.
Industry players in North America and Europe will lose some value in the APAC and Latin American carboxylic acid markets due to stringent regulations imposed by EPA (Environmental Protection Agency) and REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals). North America & Europe regions will have sluggish growth during the forecast period.
Competitive Landscape
The market players are mainly focused on the expansion of their product portfolio to meet the demand of the customers and to penetrate the untapped markets. In the coming years, the focus of the market players will be on expanding their product portfolio to meet the increasing demand of customers and penetration into untapped markets. Increasing investments in R&D activities by the market players will further augment the growth of the global carboxylic acid market.
Recent Developments
- In April 2022, Perstorp, a leading chemicals company plans to invest around USD 200 million in the expansion of its carboxylic acid production. The expected total CAPEX will be covered from internal sources, and the expansion is expected to be operational during 2024.
- In April 2022, BASF and SINOPEC announced their joint venture to expand their business portfolios. The new capacities will be added to the existing site in Nanjing, a leading producer of various chemicals in China, such as acetic acid, tert-butyl acrylate, paraformaldehyde and others. The expansion will further strengthen BASF-YPC’s competitiveness in the Chinese chemicals market.
- In April 2022, LyondellBasell (NYSE: LYB) announced Zhejiang Petroleum & Chemical Co. Ltd. (ZPC) will produce the LyondellBasell high-pressure polyethene for the Chinese market as well as export to other regions. ZPC was the first licensee of LyondellBasell’s high-pressure PE technology in China.
Top Industry Players
- BASF SE
- Dow Chemical Company.
- OXEA
- Alfa Aesar
- Perstorp Holding, etc.
- Celanese Corporation
- LyondellBasell Industries
- Jiangsu Sopo Group
- Eastman Chemical Company
Market Segmentation
By Product Type
- Acetic Acid
- Stearic Acid
- Propionic Acid
- Citric Acid
- Butryic Acid,
- Isobutryic Acid,
- Valeric Acid,
- Isovaleric Acid
By End-User
- Food and beverages
- Pharmaceuticals
- Consumer goods
- Animal feed
- Cosmetics
- Lubricants
Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Greece
- The Netherlands
Asia Pacific
- Japan
- China
- India
Latin America
- Mexico
- Brazil
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Frequently Asked Questions
What are the carboxylic acid market’s key drivers?
An increase in oil refining capacity, an increase in demand from various industries such as animal feed, textile, and pharmaceuticals are driving the carboxylic acid market.
What are the barriers to market expansion?
Stringent regulations imposed on carboxylic acid manufacturing plants impede the market expansion.
What are the main market trends driving the growth of the global carboxylic acid market?
Increasing awareness about the benefits of these acids drives the growth opportunities
What is the market size and growth rate?
The carboxylic acid market is expected to witness growth at a CAGR of 5.3% and is estimated to value at 14.82 bn by 2030.
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Carboxylic Acid Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By By Product Type, 2017-2021
5.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By By Product Type, 2022-2032
5.3.1. Acetic Acid
5.3.2. Stearic Acid
5.3.3. Propionic Acid
5.3.4. Citric Acid
5.3.5. Butryic Acid
5.3.6. Isobutryic Acid
5.3.7. Valeric Acid
5.3.8. Isovaleric Acid
5.4. Y-o-Y Growth Trend Analysis By By Product Type, 2017-2021
5.5. Absolute $ Opportunity Analysis By By Product Type, 2022-2032
6. Global Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By By End User
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By By End User, 2017-2021
6.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By By End User, 2022-2032
6.3.1. Food and beverages
6.3.2. Pharmaceuticals
6.3.3. Consumer goods
6.3.4. Animal feed
6.3.5. Cosmetics
6.3.6. Lubricants
6.4. Y-o-Y Growth Trend Analysis By By End User, 2017-2021
6.5. Absolute $ Opportunity Analysis By By End User, 2022-2032
7. Global Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Region, 2017-2021
7.3. Current Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Region, 2022-2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. East Asia
7.3.5. South Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
8.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
8.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
8.2.1. By Country
8.2.1.1. U.S.
8.2.1.2. Canada
8.2.2. By By Product Type
8.2.3. By By End User
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By By Product Type
8.3.3. By By End User
8.4. Key Takeaways
9. Latin America Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
9.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
9.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Argentina
9.2.1.4. Chile
9.2.1.5. Peru
9.2.1.6. Rest of Latin America
9.2.2. By By Product Type
9.2.3. By By End User
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By By Product Type
9.3.3. By By End User
9.4. Key Takeaways
10. Europe Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
10.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
10.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. Italy
10.2.1.3. France
10.2.1.4. U.K.
10.2.1.5. Spain
10.2.1.6. Russia
10.2.1.7. BENELUX
10.2.1.8. Rest of Europe
10.2.2. By By Product Type
10.2.3. By By End User
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By By Product Type
10.3.3. By By End User
10.4. Key Takeaways
11. East Asia Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
11.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
11.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.2. By By Product Type
11.2.3. By By End User
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By By Product Type
11.3.3. By By End User
11.4. Key Takeaways
12. South Asia Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
12.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
12.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Thailand
12.2.1.3. Malaysia
12.2.1.4. Indonesia
12.2.1.5. Rest of South Asia
12.2.2. By By Product Type
12.2.3. By By End User
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By By Product Type
12.3.3. By By End User
12.4. Key Takeaways
13. Oceania Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
13.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
13.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By By Product Type
13.2.3. By By End User
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By By Product Type
13.3.3. By By End User
13.4. Key Takeaways
14. MEA Carboxylic Acid Market Analysis 2017-2021 and Forecast 2022-2032, By Country
14.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
14.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
14.2.1. By Country
14.2.1.1. GCC
14.2.1.2. Rest of MEA
14.2.2. By By Product Type
14.2.3. By By End User
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By By Product Type
14.3.3. By By End User
14.4. Key Takeaways
15. Key Countries Carboxylic Acid Market Analysis
15.1. U.S.
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2021
15.1.2.1. By By Product Type
15.1.2.2. By By End User
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2021
15.2.2.1. By By Product Type
15.2.2.2. By By End User
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2021
15.3.2.1. By By Product Type
15.3.2.2. By By End User
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2021
15.4.2.1. By By Product Type
15.4.2.2. By By End User
15.5. Argentina
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2021
15.5.2.1. By By Product Type
15.5.2.2. By By End User
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. Â By Regional
16.3.2. Â By By Product Type
16.3.3. Â By By End User
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. BASF SE
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.1.5.3. Channel Strategy
17.1.2. Dow Chemical Company
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.2.5.3. Channel Strategy
17.1.3. OXEA
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.3.5.3. Channel Strategy
17.1.4. Alfa Aesar
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.4.5.3. Channel Strategy
17.1.5. Perstorp Holding
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.5.5.3. Channel Strategy
17.1.6. Celanese Corporation
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.6.5.3. Channel Strategy
17.1.7. LyondellBasell Industries
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.7.5.3. Channel Strategy
17.1.8. Jiangsu Sopo Group
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.8.5.3. Channel Strategy
17.1.9. Eastman Chemical Company
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
17.1.9.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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