Carboxylic Acid Market by Product (Acetic Acid, Butyric Acid, Caproic Acid), Production Technology (Renewable Fermentation Process, Synthetic Process), Applicatiion - Global Forecast 2024-2030
The Carboxylic Acid Market size was estimated at USD 17.56 billion in 2023 and expected to reach USD 18.64 billion in 2024, at a CAGR 6.33% to reach USD 26.99 billion by 2030.
Carboxylic acid, an essential component in the field of organic chemistry, is a type of organic compound characterized by the presence of a carboxyl group (COOH). The general molecular formula for carboxylic acids is R-COOH, where R represents an alkyl or aryl group. Carboxylic acids play a crucial role in various biological processes and industrial applications, and it is derived from a variety of sources, such as alcohols and aldehydes. The demand for animal feed has led to a surge in the need for carboxylic acids as essential ingredients in feed formulations. Moreover, there has been a notable rise in the utilization of carboxylic acid in the food & beverage sector, owing to its properties as a food preservative, flavoring agent, and pH regulator. Additionally, the continuous expansion of the pharmaceutical sector worldwide offers promising prospects for applying carboxylic acids in drug synthesis and formulation. Fluctuating costs and raw materials used in carboxylic acid production impact its affordability and availability in various industries. The storage and transportation of carboxylic acids represent significant challenges due to their corrosive nature and sensitivity to environmental conditions. However, the development of renewable fermentation of carboxylic acid from biomass sources, which can lead to sustainable and cost-effective production methods and utilizing CO2 for synthesizing carboxylic acids, presents an innovative approach that could contribute to reducing carbon emissions while generating valuable chemical compounds.
Regional Insights
In the Americas region, the United States majorly contributes to the market growth with strong demand for high-performance polymers used in aerospace and automotive industries. The public and private sector in the Americas region is investing in developing renewable approaches to produce carboxylic acids from biomass feedstocks. European countries, including Germany, France, and Italy, contribute significantly to the demand for carboxylic acids due to their robust automotive, pharmaceutical, and consumer goods industries. The Middle East and Africa's market growth is influenced by the expanding oil & gas sector utilizing petrochemical derivatives containing carboxylic acids. The APAC region has witnessed significant market growth due to rapid urbanization and industrialization, leading to an increased demand for carboxylic acid products. In the APAC region, China and Japan have the presence of notable market players due to their massive manufacturing capabilities and growing application industries such as textiles, pharmaceuticals, automotive, and personal care products.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Carboxylic Acid Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Growing production of adhesives and polymers worldwide
- Increasing usage of carboxylic acid in the food & beverage and pharmaceutical sector
- Market Restraints
- Environmental impact associated with the use of carboxylic acid
- Market Opportunities
- Ongoing research to improve renewable fermentation of carboxylic acid from biomass
- Rising strategic investments in carboxylic acid production and expansion
- Market Challenges
- Problems associated with storage and transportation of carboxylic acids
- Market Segmentation Analysis
- Product: Significant preferences for acetic and isobutyric acid depending on chemical properties
- Production Technology: Significance of renewable fermentation process over synthetic production process
- Application: Emerging utilization of the carboxylic acid in the pharmaceuticals and lubricants
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Carboxylic Acid Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Carboxylic Acid Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- INEOS Announces the Acquisition of the Eastman Texas City Site for Approx. USD 500 million
INEOS Group Limited has acquired the Eastman Chemical Company's Texas City site, which includes the 600kt Acetic Acid plant and all associated third-party activities, for approximately USD 500 million. This acquisition signifies INEOS's commitment to expanding its Acetyls business on a global scale.
Perstorp Launches Carboxylic Acids Produced with 100% Renewable Content
Perstorp AB has introduced new grades of carboxylic acids - Valeric Acid Pro 100 and 2-Ethylhexanoic Acid Pro 100. With the launch of Valeric Acid Pro 100 and 2-EHA Pro 100, Perstorp continues demonstrating its commitment to a sustainable future.
US Celanese Mechanically Completes Clear Lake Acetic Acid Plant
Celanese Corporation has completed the construction of a new acetic acid plant in Clear Lake, Texas. This state-of-the-art facility, with a capacity of 1.3 million tonnes per year. By leveraging the low natural gas costs in the United States and the ability to maintain production during outages at either unit, Celanese is well-positioned to capitalize on the market opportunities.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Carboxylic Acid Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Carboxylic Acid Market, highlighting leading vendors and their innovative profiles. These include abcr GmbH, AFYREN SA, Ajinomoto Co., Inc., Alfa Aesar by Thermo Fisher Scientific Inc., ALPHA CHEMIKA, Ascentus Organics Pvt. Ltd., Ashland Inc., Ashok Alco - chem Limited, BASF SE, Celanese Corporation, Eastman Chemical Company, EBRATOR BIOCHEMICALS,INC., Evonik Industries AG, Finar Limited by Actylis, FINETECH INDUSTRY LIMITED, Firmenich SA, FUJIFILM Wako Pure Chemical Corporation, Hibrett Puratex, INEOS Group, Innospec Inc., JSR Corporation, Kakdiya Chemicals, Kaneka Corporation, Kanto Chemical Co., Inc., Kao Corporation, Koninklijke DSM N.V., LyondellBasell Industries Holdings B.V., Merck KGaA, Mitsui Chemicals, Inc., Noah Chemicals, INC., OQ Chemicals GmbH, Petroliam Nasional Berhad (PETRONAS), ProChem, Inc., Redox Industries Limited, The Dow Chemical Company, The Lubrizol Corporation, Thirumalai Chemicals Ltd., Tokyo Chemical Industry Co., Ltd., VanDeMark Chemical, Inc., Vigon International, LLC, Volu-Sol, VVF L.L.C., and Wacker Chemie AG.
Market Segmentation & Coverage
This research report categorizes the Carboxylic Acid Market to forecast the revenues and analyze trends in each of the following sub-markets:- Product
- Acetic Acid
- Butyric Acid
- Caproic Acid
- Citric Acid
- Formic Acid
- Isobutyric Acid
- Isovaleric Acid
- Propionic Acid
- Stearic Acid
- Valeric Acid
- Production Technology
- Renewable Fermentation Process
- Synthetic Process
- Carboxylation of Grignard Reagents
- Oxidation of Alcohols and Aldehydes
- Hydrolysis of Nitriles and Esters
- Applicatiion
- Animal Feed
- Consumer Goods
- Food & Beverages
- Lubricants
- Personal Care & Cosmetics
- Pharmaceuticals
- Textiles, Leather & Rubber
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Growing production of adhesives and polymers worldwide
- 5.1.1.2. Increasing usage of carboxylic acid in the food & beverage and pharmaceutical sector
- 5.1.2. Restraints
- 5.1.2.1. Environmental impact associated with the use of carboxylic acid
- 5.1.3. Opportunities
- 5.1.3.1. Ongoing research to improve renewable fermentation of carboxylic acid from biomass
- 5.1.3.2. Rising strategic investments in carboxylic acid production and expansion
- 5.1.4. Challenges
- 5.1.4.1. Problems associated with storage and transportation of carboxylic acids
- 5.2. Market Segmentation Analysis
- 5.2.1. Product: Significant preferences for acetic and isobutyric acid depending on chemical properties
- 5.2.2. Production Technology: Significance of renewable fermentation process over synthetic production process
- 5.2.3. Application: Emerging utilization of the carboxylic acid in the pharmaceuticals and lubricants
- 5.3. Market Trend Analysis
- 5.3.1. Advanced chemical industry infrastructure and high consumption of carboxylic acid derivatives fueled with biodegradable and eco-friendly products demands in the Americas
- 5.3.2. Wide presence of global and native carboxylic acid companies owing to the region’s strength in offering economies-of-scale production capabilities
- 5.3.3. Expanding the availability with a rising focus on using sustainable sources for producing carboxylic acid in the EMEA region
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 5.8. Client Customization
- 5.8.1. Production cost Comparison and Analysis of Carboxylic Acid by Renewable Fermentation and Synthetic Process:
- 6. Carboxylic Acid Market, by Product
- 6.1. Introduction
- 6.2. Acetic Acid
- 6.3. Butyric Acid
- 6.4. Caproic Acid
- 6.5. Citric Acid
- 6.6. Formic Acid
- 6.7. Isobutyric Acid
- 6.8. Isovaleric Acid
- 6.9. Propionic Acid
- 6.10. Stearic Acid
- 6.11. Valeric Acid
- 7. Carboxylic Acid Market, by Production Technology
- 7.1. Introduction
- 7.2. Renewable Fermentation Process
- 7.3. Synthetic Process
- 8. Carboxylic Acid Market, by Applicatiion
- 8.1. Introduction
- 8.2. Animal Feed
- 8.3. Consumer Goods
- 8.4. Food & Beverages
- 8.5. Lubricants
- 8.6. Personal Care & Cosmetics
- 8.7. Pharmaceuticals
- 8.8. Textiles, Leather & Rubber
- 9. Americas Carboxylic Acid Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Carboxylic Acid Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Carboxylic Acid Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. INEOS Announces the Acquisition of the Eastman Texas City Site for Approx. USD 500 million
- 12.3.2. Perstorp Launches Carboxylic Acids Produced with 100% Renewable Content
- 12.3.3. US Celanese Mechanically Completes Clear Lake Acetic Acid Plant
- 12.3.4. OQ Chemicals Launches Bio-Based ISCC PLUS Certified Isononanoic Acid
- 12.3.5. AFYREN Entering A Partnership Project With Mitr Phol, A Player In The Sugar Industry
- 12.3.6. OQ Chemicals Expanding Capacity for Carboxylic Acids
- 12.3.7. Sasol and Nordmann Expand Partnership in The Personal Care Sector
- 12.3.8. PCG Completes Acquisition of Perstorp
- 12.3.9. AFYREN Launches Flavyren Portfolio of Carboxylic Acids
- 12.3.10. Perstorp to Double Carboxylic Acid Production Capacity as Demand Continues to Rise Across Markets
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
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