April 23, 2018
WELLESLEY, Mass., April 23, 2018–There are more than 20 types of carboxylic acids and their use in a variety of industries, from animal feed and pharmaceuticals to food and personal care, is helping to drive global growth, according to a report by BCC Research. Specialty uses include biotechnology research, paint and coatings.
The industry is expected to see a compound annual growth rate (CAGR) of 3.7% through 2022, when it could be worth $18.6 billion, according to the report Carboxylic Acids: Applications and Global Markets to 2022.
Major players in the carboxylic acids market include BASF, The Dow Chemical Co., LyondellBasell Industries, Thermo Fisher Scientific, Kao Chemicals Europe, Eastman Chemical Co., Celanese Corp., EuroChem and The Perstorp Group.
“A rapid increase in applications of carboxylic acids over the past several years is driving this market around the world,” said Gordon Nameni, BCC Research senior editor. “They are widely used in animal feed, food and beverage, and the pharmaceutical industries. Additional specialty uses include chemical intermediates for drugs and other chemicals, biotechnology research, paints and coatings, rubber, automobiles and cosmetics.”
After Regulatory Hurdles, Acids Could See Expanded Uses in North America
Production of formic acid, one of the key 11 carboxylic acids, stopped in the United States due to regulations, but the U.S. Environmental Protection Agency recently approved it as an active ingredient in pesticides, the report notes. This action has opened growth opportunities for new manufacturers in the region and the petrochemical industry, supported by the shale gas boom, is advancing the segment’s capacity and investment.
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Carboxylic Acids: Applications and Global Markets to 2022( CHM088A )
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