Capric Acid Market Is Expanding At A 4% CAGR Between 2015 and 2023 | TMR

Capric acid, also known as decanoic acid, is a medium-chain saturated fatty acid. It is used in several end-user industries due to its wide range of chemical properties. Capric acid is manufactured by wet fractionation of palm kernel oil. Coconut oil is also used in the manufacture of capric acid. Capric acid is used in multiple end-user industries such as food & beverage, industrial chemicals, personal care, pharmaceutical, and others. Capric acid acts as an emulsifier and emollient. It is used in the manufacture of creams and lotions in the personal care industry. Capric acid is also used in the manufacture of artificial flavors in the food & beverage industry. Capric acid acts as an antimicrobial agent. As a result, it is used in commercial food handling.

It is primarily used in breweries, wineries, and meat processing plants. Capric acid is also used in textile treatment and manufacture of dyes. Additionally, capric acid is used in the pharmaceuticals industry. It is also useful in the manufacture of synthetic rubber. Capric acid is used as a plasticizer in the manufacture of range of plastics. In addition, it is well-known for manufacturing lubricating grease. Application of capric acid in the personal care industry is likely to boost the capric acid market in the next eight years. Additionally, the usage of capric acid in food & beverage, industrial chemicals, and personal care end-user segments is expected to increase demand for capric acid during the forecast period.

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Personal care was the largest end-user segment of the capric acid market, accounting for more than 35% share in 2014. Personal care is also projected to be the fastest developing end-user segment, expanding at a CAGR of nearly 4% between 2015 and 2023. Food & beverage was also one of the largest end-user segments of the capric acid market in 2014, and is expected to expand at a decent pace during the forecast period.

Asia Pacific held the largest share of the market for capric acid in 2014. Growth in the region is ascribed to rising demand from personal care and food & beverage industries. In terms of volume, Asia Pacific accounted for more than 40% share of the global capric acid market in 2014. Personal care is anticipated to be the fastest-growing end-user segment of the capric acid market during the forecast period. Demand for capric acid in the region is estimated to be primarily driven by increase in consumption of capric acid in India, China, and countries in ASEAN. Growth in personal care and food & beverage industries is projected to drive demand for capric acid in Asia Pacific in the next few years. The capric acid market in Latin America and the Middle East & Africa is projected to expand considerably in the next eight years, primarily due to growth in food & beverage and personal care end-user industries. The capric acid market in Europe and North America is projected to witness accountable growth due to recovery from economic slowdown.

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The global capric acid market is predominantly driven by increasing demand from personal care and food & beverage end-user industries. However, factors such as fluctuation in raw material prices and availability of application-specific substitutes are projected to hinder growth of the capric acid market in the next few years. Identification of new source of raw material is expected to act as an opportunity for the capric acid market in the next eight years. Key players 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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