Global Carboxylic Acid Market 2017-2021
About Carboxylic Acid
Carboxylic acids are organic compounds consisting of a carbonyl and hydroxyl groups attached to the carbon. The suffix '-oic acid' is used to name the organic acids derived from carboxylic acids. Ethanoic acid is the most widely used carboxylic acid. It is commonly known as acetic acid (vinegar). Carboxylic acids such as the ones mentioned above cater to a wide range of industries, including paints and coatings, manufacture of polymers, agrochemicals, cosmetics, and synthetic lubricants.
Technavio’s analysts forecast the global carboxylic acid market to grow at a CAGR of 5.52% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global carboxylic acid market for 2017-2021. To calculate the market size, the report considers the sales of acetic acid, citric acid, propionic acid, stearic acid.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Carboxylic Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global carboxylic acid market: BASF, Celanese Corporation, Eastman Chemical Company, Perstorp Holdings, and The Dow Chemical Company.
Other Prominent Vendors in the market are: Alfa Aesar (Thermo Fisher Scientific), Ashok Alco – chem, BASF-YPC, Finetech Industry, Jiangsu Sopo Group, LyondellBasell Industries, OXEA, and Shenyang Zhangming Chemical.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is simplified process to convert carboxylic acids into boronic acids. Researchers have identified a method to simplify the conversion process of carboxylic acids into boronic acids. To convert a carboxylic acid to a boron compound, the carboxylic acid is first converted into redox-active N-hydroxyphthalimide ester. On further processing, using a nickel catalyst, decarboxylative borylation is induced.”
According to the report, one driver in the market is increased industrial use of carboxylic acids. Growing consumer needs across industries, such as consumer goods, animal feed, food and beverage, pharmaceutical, and cosmetics are primarily driving the market for carboxylic acids. Carboxylic acids are the key ingredients used in the manufacture of soaps, detergents, and shampoos. It is also used in the manufacture of cleansing agents through the process of saponification. One of the most crucial industrial applications of carboxylic acids is the manufacture of greases and plastics.
Further, the report states that one challenge in the market is rising environmental and health concerns. Acetic acid is toxic to plants, animals, and other aquatic organisms. It also increases the environmental risks associated with acetic acid. Stearic acid is known to cause liver complications and cancers. Direct exposure of the acid is also known to cause skin irritation and inflammation. Therefore, the user must be extremely cautious and careful while handling these acids. Although carboxylic acids are biodegradable and are potentially not bio-accumulative, they are still known to pose significant risks to aquatic organisms, such as fish, daphnia, and algae.
BASF, Celanese Corporation, Eastman Chemical Company, Perstorp Holdings, and The Dow Chemical Company.