APAC Carboxylic Acid Market to register massive gains over 2016-2024, escalating demand for acetic acid products to boost the industry growth
Increasing awareness regarding personal care and health will lead to an increased demand for beauty products. Carboxylic Acid Market is expected to gain lucrative revenue over the next few years, pertaining to the aforementioned factor. In addition, the increased spending on personal care products due to surging per capita income will also provide a positive impetus to the overall business trends. Butyric, stearic, and valeric are the prominent products used to manufacture personal care products for skin and hair care. Of late, there has been a considerable change observed in the living standards. This has subsequently led to a rising adoption of packaged food, which will stimulate carboxylic acid industry size pertaining to growing demand of the product for packaging purposes. As per the report by Global Market Insights, Inc., “Worldwide carboxylic acid market was valued USD 13 billion in 2015 and will surpass a revenue collection of USD 20 billion by 2024 with an annual growth rate of 5% over 2016 to 2024.”
U.S. Carboxylic Acid Market size, by end-user, 2015 & 2024 (USD million)
Asia Pacific carboxylic acid market accounted for more than 45% of the global share in 2015 and will collect notable revenue with an annual growth rate of more than 5% over 2016-2024. The product is extensively used in the food & beverage and consumer goods sectors. Japan, China, and India are expected to contribute significantly toward the regional growth.
The consumer goods sector covered more than 35% of the overall carboxylic acid market share in 2015 and will exhibit a CAGR of more than 5% over the coming seven years. The growth can be attributed to the increasing requirement of the product for agriculture, construction, electronics, and packaging applications, where plastic materials are prominently used.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/1103
Stearic and acetic acids find huge applications in the abovementioned sectors as well. Stearic acid, especially, is abundantly used for the manufacturing of various consumer goods such as detergents, cosmetics, and soaps. On these grounds, stearic carboxylic acid market, having had a revenue of USD 3.5 billion in 2015, is slated to witness considerable growth rate over the years ahead.
The requirement of animal feed has been increasing exponentially across the globe, owing to the escalating demand for animal products such as leather, meat, wool, and milk etc. Carboxylic acid based products help to avoid the infection of salmonella in poultry farms, which will influence carboxylic acid industry share over the coming years.
Acetic acid collected a revenue of USD 5.5 billion in 2015 and will dominate the overall carboxylic acid market, by exhibiting an annual growth rate of more than 5.5% over the coming timeframe. Acetic acid is a main ingredient in the production of food preservatives such as vinegar, which will further propel the growth of this segment.
North America carboxylic acid market generated a revenue of USD 2 billion in 2015 and will register substantial annual growth rate over 2016 to 2024. Deployment of strict rules and regulations by REACH about the usage of carboxylic acid will lower the manufacturing of the product across this region.
The key participants in carboxylic acid market are Celanese Corporation, BASF SE, Jiangsu Sopo (Group) Co., Ltd, Dow Chemical Company, LyondellBasell Industries, Alfa Aesar, Eastman Chemical Company, Perstorp Holding, and OXEA.
Author Name : Sunil Hebbalkar