Carboxylic Acid Market Trends 2018 & Forecasts to 2024
Date: 2018-09-03   Author: Ronak Bora  Category: #news

Carboxylic Acid Market is expected to exceed USD 20 billion according to this new research report.

Global carboxylic acid market growth is anticipated to witness growing demand of VAM (vinyl acetate monomer) and vinyl ester resins. Global VAM Market is likely to grow up to 4.5% CAGR by 2024. Demand for EVA (ethylene-vinyl acetate) will rise significantly in the coming years owing to its usage in the production of food packaging adhesives. Increasing global demand for packaged food will thus positively affect the carboxylic acid market.

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The globally rising consumption of cosmetics and personal care products is likely to drive the demand for valeric, butyric and stearic acids, as they have widespread usage in the manufacturing of these products. Over 80% of personal care products are skin care products, hair care products and cosmetics which are essentially fragrant. Usage of the carboxylic acids for esterification for providing the fragrance and for prevention of microbes, will drive the product demand in the personal care segment.

More than 45% share of the global animal feed market involves poultry and over 25% is used for swine. The rising consumption amounts of swine and poultry for their protein content will drive the global carboxylic acid Market for its demand as animal feed additive. Regulations concerning banning of antibiotic growth supporters in animal feed, particularly for cattle, poultry and swine will positively affect the industry.

The carboxylic acid market growth might be hampered to some extent due to availability of growth-promoting natural and organic substitutes for animal feed. Also, regulations against petroleum-based carboxylic acids for their significant carbon footprints will also be a growth restraint. The market also possesses a threat of gradually emerging antioxidants, antimicrobials, amino acids, nutraceuticals, probiotics, etc.

Acetic acid is expected to have the fastest growth at over 5.5% CAGR by 2024. Its usage in production of vinegar, preservation of food over a long time and flavor addition to the food products are the factors driving its growth. Growing demand of acetic acid in food storage and packaging industry will propel the market.
Formic and propionic acid find application in prevention of salmonella growth in food products, which otherwise contaminate the food and causes diseases to animals and humans. Stearic acid comprises of over 25% of global carboxylic acid market share market for its applications in soaps, cosmetics, detergents, in softening agents and lubricants.

Asia Pacific region is predicted to have the fastest growth with over 5.0% gains in the forecast period, for the increasing demand from the regional food & beverages, consumer goods, personal care & cosmetics, animal feed, lubricants and pharmaceuticals industries. Europe North and America carboxylic acid markets are expected have sluggish growth and to lose some share to APAC and Latin America owing to the severe regulations levied by REACH and EPA.

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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline 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.


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