Carboxylic acids are organic compounds containing carboxyl groups. Carboxylic acids are used in food and beverages, cosmetics and medicines. Carboxylic acids are also used as active ingredients in many pharmaceutical preparations. The global carboxylic acid market was USD 12.15 billion in 2018 and is expected to reach USD 16.80 billion by 2023, with a compound annual growth rate of 4.74%
In 2018, due to the increase in lubricants, food and beverages, and consumer products, the Asia-Pacific region accounted for the main share. Due to strict regulations of the Environmental Protection Agency (EPA), growth in North America and Europe has slowed
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The carboxylic acid market is mainly driven by increased consumption of vinyl acetate in catering and increased demand for cosmetics and personal care. The growing demand for pharmaceutical products is driving market growth. However, the availability of organic and natural alternatives in the animal feed industry will hinder the carboxylic acid market. Regulations for the production of petroleum-based carboxylic acids will inhibit market growth.
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Eastman Chemical Company's expansion of carboxylic acid production capacity in the United States will help the company meet the growing demand for this product.
German chemical manufacturer Oxea expands its carboxylic acid production capacity to meet growing demand
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