Capric Acid Market By Analysis of Major Industry Segments 2015 - 2023
Posted: Nov 15, 2017
Transparency Market Research (www.transparencymarketresearch.com) has released a new market report titled "Capric Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the global capric acid market was valued at US$1.21 bn in 2014 and is anticipated to reach US$1.86 bn by 2023, expanding at a CAGR of 5.0% between 2015 and 2023.
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Capric acid, also known as decanoic acid, is a saturated fatty acid and has a wide range of applications across several end-user industries. It is used in the manufacture of esters that are required in the production of scents and perfumes. Capric acid is used in the food and beverage industry due to its antimicrobial properties. It is primarily used in breweries, wineries, and meat processing plants. Capric acid is also used in the manufacture of artificial flavors. It finds applications in the personal care industry as well thanks to its attributes of an emulsifier and emollient. It quickly penetrates the surface of skin and provides a lightweight and non-greasy layer of lubrication. Uses of capric acid are seen in the pharmaceuticals industry as well. Furthermore, it is useful in the manufacture of synthetic rubber. Capric acid is employed as a plasticizer in the manufacture of wide range of plastics. It is also widely used for manufacturing lubricating grease. Besides this, the textile industry consumes capric acid for textile treatment and dye manufacturing. Thus, a wide range of applications of capric acid in multiple end-user industries is anticipated to boost the capric acid market during the forecast period.
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Personal care was the largest end-user segment in the capric acid market, accounting for around 35% share in 2014. Capric acid is used as an emulsifier and emollient in the manufacture of creams and body lotions. It also acts as a natural antimicrobial agent. Capric acid helps thicken cosmetic formulations and renders lubricating properties. This, in turn, aids solutions in spreading easily, thus providing a smooth after-touch. Food and beverage is also one of the major end-user segments of the capric acid market. Besides this, pharmaceutical and industrial chemicals segments are anticipated to account for a significantly high share of the capric acid market in the near future. Increased usage of personal care products across the globe is fueling the demand for capric acid. Currently, a surge in the usage of capric acid in food and beverage, pharmaceutical, and industrial chemicals industries is likely to augment the global demand for capric acid during the forecast period.
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Key players operating in the capric acid market include Chemical Associates, Oleocomm Global SDN BHD, KLK OLEO, P&G Chemicals, IOI Oleochemicals, Ecogreen Oleochemicals, HENAN EASTAR CHEMICALS CO., LTD., Temix Oleo Srl, VVF L.L.C., and PT Bakrie Sumatera Plantations Tbk.
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