Ocean View, DE -- (SBWIRE) -- 04/01/2020 -- As per the latest research report, Carboxylic acid market was exceeded USD 13 billion in 2015 and is forecast to cross the USD 20 billion mark by 2024. Evolving demographics and lifestyle patterns fostering the demand for packed food and beverages will drive global carboxylic acid market outlook. With increasing global GDP and shortage of time in dual income families, the demand for packaged food is surmounting.

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In such a scenario, acetic acid (the simplest form of carboxylic acid) which is used to produce vinyl esters that are used for coating of food packaging materials, are gaining wide acceptance. Acetic acid segment dominates carboxylic acid industry landscape, accounting to more than 40% of the overall revenue. Exclusive applications across the food & beverages sector will fuel product demand in the coming years.

VAM (vinyl acetate monomer) is experiencing high demand from food & beverage applications as well as packing & storage industry which will supplement the compound's consumption. In 2015, carboxylic acid market from VAM segment accounted for over USD 7.4 billion and is poised to witness a healthy growth through 2024.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. BASF
2. Dow
3. Celanese
4. LyondellBasell
5. Eastman Chemical Company
6. Thirumalai Chemicals Ltd
7. Alfa Aesar
8. Perstorp Group
9. Oxea
10. FINETECH INDUSTRY LIMITED
11. VanDeMark Chemical Inc
12. ASHOK ALCO CHEM LTD
13. Shenyang Zhangming Chemical Co., Ltd.
14. VVF Group

Butyric, valeric and stearic acid, are extensively utilized for fragrance as well as microbial prevention applications. Skin care, hair care products, perfumes & deodorants and beauty products comprise of the maximum share of the personal care products. Shifting focus towards enhancing aesthetics, growing beauty consciousness and body care awareness will boost the adoption of cosmetics and personal care products.

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Positive outlook from cosmetics and personal care industry will expediate the expansion of carboxylic acid market. In 2015, stearic acid industry accounted for revenue generation of over USD 3.5 billion owing to large-scale utilization in manufacturing of consumer goods such as detergents, soaps, detergents, etc. Stearic acid is also used in industrial production of lubricants, softening, release agents, and various other products. Expanding soap and detergent business is likely to expand product demand.

Growth Drivers:

Growing automotive industry in Asia Pacific
Increasing waterborne coatings demand in Europe
Animal feed application is gaining major traction and witnessing steady gains owing to increasing consumption of animal products such as wool, milk, leather, meat, etc. To prevent salmonella bacteria (typically live in animal and human intestine) infestations in food products, formic and propionic acid are used.

The demand for carboxylic acid products as growth promoters in the animal feed additives is gradually increasing and is poised to favor carboxylic acid business landscape. Moreover, strict regulations against utilization of antibiotic growth promoters may have a beneficial impact on the product demand in the future.

The regional segmentation covers:

o Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
o North America Region (U.S., Canada, Mexico)
o South America Region (Argentina, Brazil, Columbia, Rest of South America)
o Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
o The Middle East & Africa Region (UAE, Saudi Arabia, Nigeria, South Africa, Egypt, Rest of MEA)

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Moreover, strict regulations against use of petro-based carboxylic acids owing to their massive carbon footprints, may result in declining product demand in future. In 2015, Asia Pacific carboxylic acid market held more than 45% of the overall share with revenue exceeding USD 6.5 billion and is forecast to be register a notable growth rate up to 2024.

Main Features of the Global Market Research Report:

The report delivers the market valuation as well as the projected growth rate of the market spanning all years till 2025.

-The report also describes the major drivers of the market by considering as well as taking calculated risks, in tandem with identifying and testing new strategies.

-The research report endorses a detailed industry chain analysis. Also, it covers the production process of the market, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the market.

-The report provides detailed knowledge about the competitive scenario of the global market and also discusses the numerous marketing strategies adopted by companies to stay ahead in the competition.

-The report analyses the various market segments and also provides their contribution to the development of the global industry.

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