Global Carboxylic Acid Market: Snapshot
The global market for carboxylic acid is characterized by stiff competition on account of the presence of a large number of players who are involved in increasing their production capacities to outgun their rivals. The fragmented market is seeing swift progress on account of such initiatives of keen players. Some such prominent savvy participants in the market are Celanese Corporation, BASF SE, Eastman Chemical Company, The Dow Chemical Company, Jiangsu Sopo Group, OXEA, Perstorp Holdings AB, Alfa Aesar, Finetech Industry Limited, LyondellBasell Industries N.V., and Perstorp Holding.
Carboxylic acids find application in the manufacture of pharmaceuticals, dyes, plastics, detergents, textile, rubber, animal feed, soaps, and perfumes. Certain varieties of carboxylic acids such as benzoic acid, acetic acid, and citric acid are also used as preservatives in the food and beverages industry.
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Other industrially-viable varieties of carboxylic acids are isovaleric acid, valeric acid, formic acid, isobutyric acid, butyric acid, propionic acid, and stearic acid. The last couple of years saw demand from end-use industries soar substantially, which resulted in companies upping their production capacities to meet the demand. Carboxylic acid is also used as an active ingredient in a number of drug formulations such as antibiotics, anticoagulants, cholesterol-lowering statins, and non-steroidal anti-inflammatory drugs (NSAIDs).
Asia Pacific, powered by China, is a dominant manufacturer of carboxylic acid, at present. China not only produces maximum carboxylic acid, but also consumes it because of key end-use industries such as consumer goods, lubricants, food and beverages. Asia Pacific is also an upcoming hub for the production of bio-based chemicals.
Global Carboxylic Acid Market: Overview
Organic acids containing the carboxyl group (-COOH) are called carboxylic acids. These compounds are extensively used in the manufacture of products such as dyes, pharmaceuticals, plastics, detergents, textile, animal feed, rubber, soaps, and perfumes. Some carboxylic acids such as acetic acid, benzoic acid, and citric acid find wide usage as preservatives in the food and beverages industry.
Some of the other industrially-viable varieties of carboxylic acids are valeric acid, isovaleric acid, formic acid, propionic acid, butyric acid, isobutyric acid, and stearic acid. In the past few years, high demand from end-use industries has significantly increased the annual global consumption of these compounds and in response, companies in the market are increasing their production capacities.
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Global Carboxylic Acid Market: Key Trends
The global market for carboxylic acid is chiefly driven by the increased consumption of vinyl acetate monomer (VAM) in the food and beverages industry and the rising demand for valeric, butyric, and stearic acid in cosmetics and personal care products. The rising consumer preference to bio-based products will be the key factor driving the increased use of carboxylic acid in the cosmetics and personal care industries, especially in developed economies. The market will also gain traction on account of the increased use of organic acids in animal feed as growth promoters for animals.
Carboxylic acid is also used as an active ingredient in a number of drug formulations such as antibiotics, anticoagulants, cholesterol-lowering statins, and non-steroidal anti-inflammatory drugs (NSAIDs). As the global geriatric population leads to the increased demand for these drugs, the pharmaceutical industry is also expected to be a key force driving the market in the near future.
Global Carboxylic Acid Market: Market Potential
Research activities have always been abundant in the area of developing commonly used organic compounds such as carboxylic acids from raw materials derived from natural sources, replacing the use of possibly hazardous chemicals. In a similar attempt, South Korean scientists have demonstrated the use of enzymes to turn algae into plastic. Researchers hope that the process can also be used in biopreservatives as a replacement to synthetic ingredients in foods and beverages, personal care products, and cosmetics.
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Algae’s quick proliferation and low input needs have allowed its use in research activities for years as a possible biofuel and a way of capturing carbon dioxide for making plastic. This method, as the researchers claim, is unique because it uses enzymes as an environment-friendly method to develop heavy-chain carboxylic acid, a monomer which is considered the basic building block for the manufacture of a variety of high-quality plastics. Heavy-chain carboxylic acid is conventionally produced through a harsh chemical process.
Global Carboxylic Acid Market: Regional Overview
Credited with being the largest producer of carboxylic acid, thanks to the thriving manufacturing sector in China, the Asia Pacific carboxylic acid market holds a dominant position in the global market. The region is also a significant consumer of the chemical owing to the steady growth of key end-use industries such as consumer goods, lubricants, food and beverages. The region is also emerging as the hub for the production of bio-based chemicals. China’s role in the global carboxylic market, with the addition of more production capacities for the chemical, continues to be of significance.
Global Carboxylic Acid Market: Competitive Dynamics
The presence of a large number of carboxylic acid producers has made the competitive landscape of global carboxylic acid market highly fragmented. The market is witnessing continuous expansions of production capacities and is expected to become highly competitive in the next few years. Some of the leading companies operating in the highly competitive market are BASF SE, Eastman Chemical Company, Celanese Corporation, Jiangsu Sopo Group, The Dow Chemical Company, OXEA, Perstorp Holdings AB, Alfa Aesar, LyondellBasell Industries N.V., Perstorp Holding, and Finetech Industry Limited.