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.
ResearchMoz
here looks at the carboxylic acid market dynamics, key trends, segmentation
analysis, and regional analysis and sheds detailed light on these aspects. The
report presents a detailed overview of the market and its segments. It also
covers the study of the market trends, growth drivers, challenges, and the future
outlook of the global carboxylic acid market. In this report, the analysts have
given detailed information about the market, including the analysis of the
market trends, growth drivers, challenges, and the future outlook of the global
carboxylic acid market.
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.
Analyst’s Views
Oil
and gas are one sector where bio-carboxylic acids are extensively used to
replace petroleum-based chemicals due to their environmental friendliness. In
the coming years, bio-carboxylic acid production will account for around 38% of
the total global output of carboxylic acids, with China leading in production
and demand.
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.
Regional Overview
The
Asia Pacific will lead the carboxylic Acid Market during the forecast period.
The increasing demand for carboxylic acids in various industries and surging
investments is expected to fuel the growth of carboxylic acid during the
forecast period. Moreover, the expanding demand for natural products and
growing awareness regarding their health benefits are expected to open new
opportunities for carboxylic acids in the market. Furthermore, increasing
consumption of meat products, particularly in developing countries, is expected
to drive the carboxylic acid market growth.
Competitive Landscape
The
report maps the market by profiling various companies operating in the industry
to provide a detailed view of the competitive landscape and the strategies
adopted by multiple players to succeed in the global carboxylic acid market.
This
report also highlights the challenges faced by the market and the opportunities
that can be tapped to grow in this 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
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