A carboxylic acid is an organic compound that contains a carboxyl group. Carboxylic acid is used in food & beverages, cosmetics and pharmaceuticals. Carboxylic acid is also used as an active ingredient in a number of drug formulations.The global carboxylic acid market was 12.15 billion USD in 2018 and is forecasted to reach 16.80 billion USD by 2023 with a CAGR of 4.74%
Growth by Region
In 2018, Asia Pacific accounted for major share due to increase in lubricants, food & beverages and consumer goods. North America and Europe have slowed growth due to strict regulations imposed by Environmental Protection Agency (EPA)
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Drivers vs Constraints
The carboxylic acid market is mainly driven by increased consumption of vinyl acetate in F&B and increased demand for cosmetics and personal care. The increasing demand for pharmaceutical products drive the growth of the market. However, the availability of organic and natural substitutes in the animal feed industry will hinder carboxylic acid market. Regulations on the production of petroleum based carboxylic acids will restrain the growth of the market.
Industry Structure and Updates
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Eastman Chemical Company to expand carboxylic acid capacity in US, which will help the company meet the growing demand for the product.
German chemical manufacturer Oxea has expanded its production capacity for carboxylic acid to meet the growing demand
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