Global Caproic Acid Market: Introduction
Caproic acid is a short chain fatty acid used in manufacture of lubricants, surfactants, plasticizers among, others. Caproic acid is a white crystalline solid or oily colorless liquid with a characteristic odor. The other names for caproic acid is hexanoic acid. Caproic acid is used as a synthetic lubricant and refrigeration lubricant in production of metal working fluids to enhance rust resistance, cutting capabilities and grinding capabilities of fluids; in production of specialty soaps; as a chain terminator in production of polyester plasticizer among, others. Caproic acid is widely used in lotions, conditioners and creams in personal care industry. Caproic acid is intensely toxic and harmful and causes mild skin irritation when exposed in large quantities to the skin. In surfactants, caproic acid finds applications in shower gels, laundry detergents, liquid soaps and fabric softeners. Caproic acid degrades in the environment as it has the property of biodegradability.
Global Caproic Acid Market: Dynamics
Global caproic acid market size is expected to be positively influenced by the rising food and beverage industry. Rising synthetic and refrigeration lubricants demand for metal working fluids will drive the global caproic acid market growth. Global caproic acid market is observing growth owing to the increasing surfactant based industries like the textiles, soaps and detergents, personal care and cosmetics, oil & gas among, others.
Population demographics and lifestyle dynamics will continue to drive the personal care and cosmetics demand, which in turn will propel the pharmaceutical industry. In addition, the growing demand of fatty acids as growth inhibitors in the animal-feed additives industry is anticipated to boost the global caproic acid market during the forecast period.
Owing to the wide-area flexibility in feedstock availability and consumption of fatty acids in the emerging economies, the caproic acid market is witnessing growth. Their extensive and effective use in manufacturing lubricant additives and fire resistant hydraulic fluids is creating opportunities for global caproic acid market.
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The use of sustainable chemicals has increased owing to the concerns regarding the effect of petrochemicals on the environment. A shift towards bio-based raw materials is observed owing to the trend to decrease carbon footprint and to reduce complete dependence on petrochemicals. The prohibition on variable cost parameters and key raw ingredients is expected to rise. The increasing cost of production and extensive research and development programs to meet the quality of products is a major constraint for the caproic acid market. As well as, the adoption of stringent regulatory guidelines is anticipated to hamper the prospective growth of caproic acid market.
Global Caproic Acid Market: Segmentation
On the basis of type, the global caproic acid market can be segmented into:
- 98% caproic acid
- 99% caproic acid
On the basis of application, the global caproic acid market can be segmented into:
- Lubricants and lubricants additives
- Food additives
- Flavoring agent
On the basis of End-users, the global caproic acid market can be segmented into:
- Personal care & cosmetics
- Food and beverages
Global Caproic Acid Market: Region-wise Outlook
The global caproic acid market is segmented into Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The growth of polymer processing industries in North America and Europe is anticipated to steer the growth of caproic acid market. Asia-Pacific is projected to dominate the caproic acid market owing to the increasing demand for personal care products. India and China are anticipated to be the prominent consumer of caproic acid in the Asia-pacific region owing to the presence of established end-user industries in the countries of these emerging economy.
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Global Caproic Acid Market: Key Players
Some of the key players identified across the value chain of the global caproic acid market are P&G Chemicals, Emery Oleochemicals, KLK OLEO, Ecogreen Oleochemicals, Pacific Oleochemicals Sdn Bhd, Oleon NV, Ecogreen Oleochemicals, Timur OleoChemicals, Mosselman s.a, among others.