A report by Transparency Market Research states that growing consumption of vinyl acetate in food and beverages sectors is the major factor that is propelling the growth of global carboxylic acids market from 2015 to 2023. The report also states that the market is expected to witness a consistent growth in the projected tenure. This consistency is projected to boost the market with 4.9% CAGR during the tenure.
As per the experts at Transparency Market Research, the global carboxylic acids market, is witnessing this pace of growth due to availability of several opportunities that market players can capture and acquire lion’s share in the global carboxylic acids market.
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Serious Competitive Landscape Makes the Entry of New Players Difficult
Looking at the amount of opportunities several new players are also entering the market. However, their establishment doesn’t seem to be an easy one. This is because of the high degree of competition that is already prevalent in the global carboxylic acids market. Moreover, the market has predominantly fragmented landscape, i.e the dynamics of the carboxylic acids market is dominated by several prominent players. This also adds up to the challenge for the new players to enter and establish themselves in the market. Nevertheless, the players are adopting strategies such as mergers, partnerships, and collaborations.
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With the help of these strategies, the new comers can gain the resources that can provide them firm grounds for their successful future in the global carboxylic acids market.
Extensive Application in Drugs Developments Propels the Growth
Carboxylic acids are widely used in drug development by pharmaceutical companies. Since, there is a major demand for new drugs to cater to the growing epidemic of bacteria, viruses, and other infection, the demand for carboxylic acid in pharmaceutical sector shall also rise. As the result, the global carboxylic acids market is projected to grow with an exponential rate in the forecast period of 2015 to 2023. Additionally, constant research and developments in the healthcare sector to develop new products for better health of the patients also propels the growth of global carboxylic acids market in the projected duration of 2015 to 2023.
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Consumer Goods to Emerge as the Largest Segment in Terms of Volume
In terms of volume, the global carboxylic acids market is segmented into textile, leather, chemicals, and consumer goods. Among these segments, the consumer good segment is projected to emerge as the largest segment during the projected duration. This prominence of the segment is the result of growth in the demand for carboxylic acids in several consumables like food and beverages. This application is the major factor for the growth of the consumer goods segments in the global carboxylic acids market from 2015 to 2023.
North America is Expected to be the Most Beneficial Region
The number of pharmaceutical companies is growing with a rapid pace. This is the reason the demand for carboxylic acids is growing in substantial growth in U.S. and Canada. With these developments North America is projected to dominate the global carboxylic acids market from 2015 to 2023.a