Home Speciality Chemicals Carboxylic Acid Market Forecast Analysis, 2031

Carboxylic Acid Market

Carboxylic Acid Market Size, Share & Trends Analysis Report By Product (Acetic Acid, Ascorbic Acid, Azelaic Acid, Formic Acid, Valeric Acid, Citric Acid, Stearic Acid, Caproic Acid, Benzoic Acid, Others), By End-Use (Food and Beverages, Aromas, Animal Feed, Building and Construction, Pharmaceuticals, Agrochemicals, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRSC55936DR
Study Period 2020-2032 CAGR 6.8%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 17.1 billion
Forecast Year 2032 Forecast Year Market Size USD 30.8 billion
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

The global carboxylic acid market size was valued at USD 17.1 billion in 2022 and is projected to reach USD 30.8 billion by 2031, registering a CAGR of 6.8% during the forecast period (2023-2031). The growing demand for natural preservatives and additives for sour taste in food and beverages drives the growth of carboxylic acid.

Carboxylic acids are an organic compound class with a carboxyl group (-COOH). A carbonyl group (C=O) and a hydroxyl group (-OH) are attached to the same carbon atom in this functional group. A carboxylic acid has the general formula R-COOH, where R represents an organic group. Over time, the market share of carboxylic acids is anticipated to increase. The increased demand for carboxylic acids as essential ingredients in feed formulations has resulted from the increased demand for animal feed.

Furthermore, the use of carboxylic Acid in the food and beverage industries has increased significantly due to its properties as a food preservative, flavoring agent, and pH regulator. Furthermore, the global expansion of the pharmaceutical sector offers promising prospects for using carboxylic acids in drug synthesis and formulation. Carboxylic Acid's affordability and availability in various industries are impacted by fluctuating costs and raw materials used in its production. Because of their corrosive nature and sensitivity to environmental conditions, carboxylic acids pose significant storage and transportation challenges.

Highlights

  • Acetic Acid is a significant revenue generator in the market by product.
  • Food and beverages influenced the market by end-use.
  • North America dominates the global market.

Market Dynamics

Market Drivers:

Growing End-User Industries

The rising demand for carboxylic acids is closely related to the growth of various end-use industries that rely heavily on these organic compounds. Carboxylic acids are essential in producing a wide range of chemicals and assisting in developing pharmaceuticals, food and beverages, cosmetics, textiles, and other products. Many carboxylic acid derivatives are required to produce soft drinks, vinegar, cheese, vegetable oils, and other food products. For example, Acetic Acid is a crucial carboxylic acid used in the pharmaceutical industry to synthesize various drugs. Acetic acid derivatives such as acetaminophen are commonly produced in pharmaceutical manufacturing processes. The pharmaceutical sector's growth, population growth, increasing healthcare needs, and medical treatment advancements significantly impact the demand for carboxylic acids. According to the UN Population Division, the world's population will reach 9.7 billion by 2050 and 10.3 billion by 2100. 

As a result, as these industries continue to evolve and expand, the carboxylic acids market trends present opportunities for chemical manufacturers and suppliers. Carboxylic acids' strategic positioning as essential components in various value chains contributes to their market resilience and potential for continuous development.

Market Restraints:

Stringent Environment Regulations

Manufacturers of carboxylic acids face challenges due to environmental regulations and sustainability concerns. Compliance with stringent environmental standards necessitates investments in cleaner manufacturing processes and waste management, which may raise operational costs. Many carboxylic acids, such as acetic acid, have traditionally been manufactured using petrochemical processes. Methanol, a critical raw material derived from fossil fuels, is frequently used to produce acetic Acid. Governments and regulatory bodies enforce stricter emissions standards and advocate eliminating petrochemical-based processes. According to a European Commission report, regulations in the European Union, such as the Industrial Emissions Directive (IED), aim to control and reduce the environmental impact of industrial activities. This includes the chemical manufacturing sector, which produces carboxylic acids. Adherence to such directives necessitates the use of cleaner technologies and processes, which has an impact on production costs.

Furthermore, regions worldwide have implemented regulations governing chemical registration, evaluation, authorization, and restriction (REACH). Perfluorinated carboxylic acids (PFCAs) are prohibited from selling after February 23, 2023. This is because Annex XVII of Regulation (EC) No. 1907/2006 on the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) has been amended. To comply with REACH regulations, manufacturers must assess and manage the risks associated with using chemicals that influence carboxylic acid production and use.

Market Opportunity:

Rising Demand for Bio-Based Carboxylic Acids

The growing consumer preference for environmentally friendly and bio-based products presents a significant opportunity for the carboxylic acid market. Manufacturers can profit from the ever-increasing demand for bio-based carboxylic acids from renewable feedstocks. Carboxylic acids derived from plants are becoming more popular than their synthetic counterparts. This is due to increased environmental awareness and a desire for more sustainable methods. Bio-based carboxylic acids have a lower carbon footprint, use fewer fossil fuels, and help to promote a circular economy by utilizing renewable resources. They can also be used to make renewable biofuels and chemicals. 

Additionally, shifting to bio-based carboxylic acids addresses environmental concerns while positioning manufacturers to meet the rising demand for sustainable products. This transition can boost market competitiveness, foster brand loyalty among environmentally conscious consumers, and open doors to new markets where bio-based products are becoming increasingly valuable. Leading carboxylic acid companies are investing in research and development to improve the production of bio-based carboxylic acids. Partnerships are formed with biotechnology companies and academic institutions to investigate innovative fermentation processes and the sustainable sourcing of raw materials. Manufacturers can tap into a growing market segment and contribute to the global shift toward a bioeconomy by embracing bio-based alternatives.

Regional Analysis

North America Dominates the Global Market

global carboxylic acid market analysis is conducted in North America, Europe, Asia-Pacific, Middle East Africa, and Latin America.

North America is the most significant global carboxylic acid market shareholder and is estimated to grow at a CAGR of 6.9% over the forecast period. The growing demand for carboxylic acids in the food and beverage, pharmaceutical, and chemical industries is expected to drive regional market growth. Furthermore, esters of carboxylic acids are used in creating fragrances due to their potent scent, which is expected to increase demand in the area. The United States is a significant player in the carboxylic acid market in North America. Acetic Acid, a prominent carboxylic acid, is widely produced in the region. Companies such as Celanese Corporation and Eastman Chemical Company operate major acetic acid production facilities in the United States. Acetic Acid has various products, including polymers, textiles, and coatings. The region's acetic acid demand reflects the volatile nature of the North American carboxylic acid market.

Additionally, the largest regional market for bio-based platform chemicals is North America. North America's pharmaceutical and food industries drive carboxylic acid demand. The region's commitment to sustainable practices and the use of bio-based products has an additional impact on market dynamics. Furthermore, the agriculture sector's reliance on agrochemicals, such as carboxylic acids, for crop protection and enhancement contributes to market growth overall.

Asia-Pacific is anticipated to exhibit a CAGR of 7.0% over the forecast period. According to carboxylic acid market insights, the Asia-Pacific Carboxylic acid Market is expected to grow at the fastest CAGR in the forecast period due to rapid industrialization. The growing use of carboxylic acid derivatives as additives and preservatives in the expanding food and beverage industry is expected to drive growth in the regional market. Furthermore, the use of carboxylic acids, specifically butyric, propionic, and citric, in producing feed nutritional acidifiers for the animal feed industry will likely aid in the growth of the regional market.

Furthermore, China's carboxylic acid market had the highest market share, while India's carboxylic acid market was the fastest growing in the Asia-Pacific region. China is the world's largest acetic acid producer, accounting for nearly 60% of global capacity. China is also the world's leading acetic acid exporter, with over $819.22 million worth of the compound exported in 2021. Companies with a significant presence in China, such as BASF SE and Eastman Chemical Company, highlight the importance of the Chinese market in producing and consuming carboxylic acids.

Moreover, urbanization and rising disposable income increase demand for consumer goods. Personal care products, cosmetics, and soaps contain carboxylic acids such as stearic and benzoic acids. The region's growing consumer base drives demand for these products, influencing the carboxylic acid market.

The European carboxylic acid market has a moderate market share due to the widespread use of carboxylic acid derivatives in producing cosmetics, personal care items, and colors. Germany contributes the most because it has the largest market in the region for cosmetics and personal care items, followed by France and the United Kingdom. Furthermore, the German carboxylic acid market had the largest market share, while the UK carboxylic acid market was the fastest growing in Europe. Germany was the world's third-largest exporter of carboxylic acids in 2021, with USD 612 million in exports.

In addition, the cosmetics and personal care industry is estimated to add at least 29 billion Euros to the European economy annually. Cosmetic product manufacturing contributes 11 billion Euros directly and 18 billion Euros indirectly through the supply chain. This rising demand for cosmetics in the region is expected to propel the regional market.

Report Scope

Report Metric Details
Segmentations
By Product
  1. Acetic Acid
  2. Ascorbic Acid
  3. Azelaic Acid
  4. Formic Acid
  5. Valeric Acid
  6. Citric Acid
  7. Stearic Acid
  8. Caproic Acid
  9. Benzoic Acid
  10. Others
By End-Use
  1. Food and Beverages
  2. Aromas
  3. Animal Feed
  4. Building and Construction
  5. Pharmaceuticals
  6. Agrochemicals
  7. Others
Company Profiles BASF SE Eastman Chemical Company Dow Jiangsu SOPO (Group) Co. Ltd FINETECH INDUSTRY LIMITED Celanese Corporation Perstorp Alfa Aesar LyondellBasell Industries Holdings B.V. OXEA GmbH Snowco industrial Co. Ltd Blue Marble Biomaterials Hydrite Chemical  Pacific Oleochemicals Sdn Bh
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global carboxylic acid market is segmented based on product, end-use, and region.

The market is further segmented by product into Acetic Acid, Ascorbic Acid, Azelaic Acid, Formic Acid, Valeric Acid, Citric Acid, Stearic Acid, Caproic Acid, and Benzoic Acid.

Acetic Acid is a significant revenue generator in the market.

Acetic Acid

The acetic acid segment dominated the market. Acetic Acid is a crucial carboxylic acid with the molecular formula CH3COOH. It is widely used in industry and is critical for vinyl acetate monomer and polyester fibers. It is used as a preservative and flavor enhancer in the food industry. Acetic Acid is also used in pharmaceuticals, textiles, and various chemical processes.

Ascorbic Acid

Ascorbic Acid, or Vitamin C, is a nutrient humans require. In addition to its nutritional role, it is used as an antioxidant in the food and pharmaceutical industries. It reduces agents in processes such as producing specific polymers and pharmaceuticals.

The market can be further bifurcated by end-use into Food and Beverages, Aromas, Animal Feed, Pharmaceuticals, and Agrochemicals.

Food and beverages influenced the market.

Food and Beverages

The food and beverage industry generated the most revenue due to its increasing use in various products such as flavorings, preservatives, and colorants. Carboxylic acids are used for multiple purposes in the Food and beverage industry. For example, citric Acid acts as a natural acidulant and flavor enhancer in beverages and food products. Benzoic Acid is a common food preservative that prevents microbial growth and extends shelf life. Carboxylic acids help improve the acidity, flavor profile, and preservation of various food and beverage products.

Pharmaceuticals

Carboxylic acids are used in the pharmaceutical industry for drug synthesis and formulation. Acetylsalicylic Acid, derived from acetic Acid, is widely used as a pain reliever. Ascorbic Acid (Vitamin C) has nutritional and pharmaceutical applications. Carboxylic acids are required to manufacture pharmaceuticals with various applications, such as anti-inflammatory drugs and antibiotics.

Market Size By Product

Recent Developments

  • December 2023- BASF will provide butanediol and polytetrahydrofuran with carbon footprints significantly lower than the global market average.
  • October 2023- Eastman and ICONS|ICS announced the release of a novel monomaterial cosmetic compact. Eastman CristalTM One Renew, a RIC1 resin with 100% certified recycled content, is used entirely in the mono-material compact. The absence of traditional metal hinges and pins improves the compact's recyclability, while its refillable design allows consumers to replenish their cosmetic products quickly.
  • December 2023- Jiangsu SOPO Chemical announced plans to invest in an integrated vinyl acetate and EVA project.

Top Key Players

BASF SE Eastman Chemical Company Dow Jiangsu SOPO (Group) Co. Ltd FINETECH INDUSTRY LIMITED Celanese Corporation Perstorp Alfa Aesar LyondellBasell Industries Holdings B.V. OXEA GmbH Snowco industrial Co. Ltd Blue Marble Biomaterials Hydrite Chemical  Pacific Oleochemicals Sdn Bh Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Carboxylic Acid Market?
The global Carboxylic Acid Market growing at a CAGR of 6.8% from (2023–2031).
Growing End-User Industries are the major growth factors of the Carboxylic Acid Market
Rising demand for bio-Based carboxylic acids is one of the key opportunities in Carboxylic Acid Market.
The acetic acid segment is the leading segment for the market during forecast period.
BASF SE, Eastman Chemical Company, Dow, Jiangsu SOPO (Group) Co. Ltd, FINETECH INDUSTRY LIMITED, Celanese Corporation, Perstorp, Alfa Aesar, LyondellBasell Industries Holdings B.V., OXEA GmbH, Snowco industrial Co. Ltd, Blue Marble Biomaterials, Hydrite Chemical, and Pacific Oleochemicals Sdn Bhd.are the prominent players in the Carboxylic Acid Market


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