Albany, NY -- (SBWIRE) -- 05/28/2015 -- The global market for carboxylic acid is expected to grow at a steady pace over the next six years. Some of the major factors driving this market include the growth of the global food and beverage industry and the growing demand for carboxylic acid in the pharmaceutical industry. Acetic acid is widely used as vinegar in food applications, and sodium salts of some carboxylic acids are used as food preservatives. The growing demand for packaged food due to the changing lifestyle of consumers is acting as one the major boosting forces for the global market. Carboxylic acid is used for manufacturing soaps in the consumer goods industry and is also widely used in cosmetics and specialty plasticizers for cosmetic packaging. Carboxylic acids are organic acids which are widely used in various end-use industries such as consumer goods, food and beverage, pharmaceuticals, and chemicals. The rapid industrialization, primarily in the emerging economies, is one of the major factors driving the demand for carboxylic acid at the global level.

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Finding new applications for various carboxylic acids holds immense opportunities for the market players. Germany based OXEA is the leading producer of carboxylic acids in the world. Due to continued growth in demand for carboxylic acid, the company is constantly increasing its capacity. In 2011, it built a new unit for production in Oberhausen which augmented their carboxylic acids' production capacity by 20%. OXEA is increasing its capacity, primarily due to new applications of carboxylic acids such as their use as energy efficient lubricant esters in refrigerators and air conditioners. OXEA is building another carboxylic acid plant which is expected to start in the first quarter of 2013. The constant capacity addition is expected to help the company increase its lead in the global carboxylic acid market in the near future.

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