Pune, India -- (SBWIRE) -- 04/09/2019 -- The report on Carboxylic Acid Market by-products (acetic acid, formic, valeric, isovaleric, propionic, citric, caproic, stearic acid, butyric acid, isobutyric acid), by end users (animal feed, food & beverages, consumer goods, personal care & cosmetics, pharmaceuticals, lubricants) trends analysis and forecasts up to 2023 studies the market sizes, key trends, Global Industry Analysis, Trends, Market Size and opportunities in the main geographies such as North America, Europe, Asia-Pacific, Rest of the World. According to the report the Global Carboxylic acid Market is projected to grow at a CAGR in terms of value over the period of 2017-2023. The growth in the world market is primarily driven by a significant contribution by North America (Leading region) region to this market.

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Carboxylic Acid Market: Industry Insight

The carboxylic acid market is defined as an organic compound used in several applications including Animal feed, Food & beverage, Consumer good, Personal care & cosmetics, Pharmaceuticals, Lubricants and Others. This fatty acid compound is one of the important industrial compounds used in numerous industrial applications.

Carboxylic Acid Market: Drivers and Restrain

The huge consumption of carboxylic acid compound across various industrial application is driving the growth of the carboxylic acid market. This compound is vastly used in the manufacturing of rubber, animal feed, soaps, detergents, textiles, dyes, and other products. Additionally, rapidly growing person care and cosmetic industry are anticipated to boost the demand of the carboxylic acid market. Furthermore, Carboxylic acid is also used in the formation of a different drug such as anticoagulants, antibiotics, cholesterol-lowering statins, and others. However, the strict regulation on the production of petroleum-based carboxylic acids is restarting the growth of the carboxylic acid market. Moreover, the rising demand of biobased products in the cosmetic, personal care and the food and beverage industries are projected to create several growth opportunities in this market in upcoming years.

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Carboxylic Acid Market: Segmentation

The global carboxylic acid is segmented into Product Type and application type

In terms of product types, the market is sub-segmented into, acetic acid, formic acid, valeric acid, isovaleric acid, propionic acid, citric acid, caproic acid, stearic acid, butyric acid, isobutyric acid and others (such as benzoic acid). Acetic acid is one of the important carboxylic acids that majorly used in the formation of vinegar and vinyl acetate monomer. This acid is used as a chemical reagent for the production of a number of chemical compounds. The goring demand for vinyl acetate monomer from the packaging and food and beverage industry is likely to fuel the growth of the carboxylic acid market.

Based on the application type, the market is further bifurcated into animal feed, food & beverages, consumer goods, personal care & cosmetics, pharmaceuticals, lubricants and others (such as textiles, leather, rubber, agrochemicals). Growing consumption of carboxylic acid in the formation of animal feeds is contributing to the growth of the carboxylic acid market.

Carboxylic Acid Market: Regional Insight

Geographically, Asia Pacific is the largest and the fastest growing region in the carboxylic acid market. This region is anticipated to be the dominating region through the forecast period. The growing personal care and the cosmetic industry is the primary factor that drives the growth of Asia Pacific carboxylic acid market. In addition, the china is major producers of carboxylic acid and its product compounds.

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Carboxylic Acid Market: Competitive Landscape

The key players in the carboxylic acid market include OWEA, BASF SE, Celanese Corporation, The Dow Chemical Company, LyondellBasell Industries N.V., Eastman Chemical Company, Finetech Industry Limited, Perstorp Holdings AB, Jiangsu Sopo Co. Ltd., Hanwha Chemical Corporation and others. The carboxylic acid market is highly consolidated. The market is dominated by the few established players. Thus, profit margins are low for the small and medium players.