LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global carboxylic acids market report. This research report also lists eight other prominent vendors that are expected to impact the market during the forecast period.
The global carboxylic acids market is driven by many factors such as the growth of the global vinyl acetate monomer (VAM) market. The demand for VAMs is growing mainly due to the rising demand for polymer products manufactured using VAM. In 2016, APAC accounted for the largest share of the global carboxylic acids market both in terms of production and consumption. The growing use of carboxylic acids as animal feed and food preservative is also one of the major factors contributing to the market growth.
Competitive vendor landscape
According to the report, the global carboxylic acids market is highly fragmented in terms of product types and its scope for use in a wide range of applications. There are many vendors in the market because of which the key vendors, accounted for less than 25% of the total market share in 2016.
“With an annual production of more than 150,000 MT, BASF accounted for a market share of 3 5.71% by volume in the global propionic acid market. There is no inadequacy in the production of carboxylic acids globally as many vendors are producing at least one type of carboxylic acid,” says Hitesh Bhatia, a lead specialty chemicals research analyst from Technavio.
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Top five carboxylic acids market vendors
BASF offers 2-ethylhexanoic acid, formic acid, mandelic acid, and propionic acid. With the establishment of a production unit in Nanjing, the company has become a major supplier to China, India, and Taiwan. Apart from the UK, Germany is the largest consumer of propionic acid produced by BASF.
Celanese Corporation is a global technology and specialty materials company. It is one of the largest producers of acetyl products that are the major intermediate chemicals used in many industries. It is also the largest producer of high-performance polymers.
Eastman Chemical Company
Eastman Chemical Company is a specialty chemicals company. It manufactures and markets chemicals, plastics, and fibers. It offers, adhesives, coatings, and specialty plastics products. It is one of the major suppliers of cellulose acetate fibers and polyethylene terephthalate (PET) polymers for the packaging industry.
Perstorp Holdings is controlled by French Equity fund partners since 2005. The company has a diversified product portfolio serving segments, such as construction, engineering, agriculture products, and others. It reported annual revenue of SEK2,834 million (USD 323.07 million) in 2016.
The Dow Chemical Company
The Dow Chemical Company offers solutions for clean water, increased agricultural productivity, and clean energy generation and conservation. Its portfolio includes specialty chemicals, advanced materials, and agro-sciences.
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