HOME Top Market Reports Organic Acids Market by Type (Acetic Acid, Citric Acid, Formic Acid, Lactic Acid, Propionic Acid, Fumaric Acid & Others), Source (Biomass, Molasses, Starch & Chemical synthesis), Application (Industrial, Food & Feed), & by Region - Global Trend & Forecast to 2021

Organic Acids Market by Type (Acetic Acid, Citric Acid, Formic Acid, Lactic Acid, Propionic Acid, Fumaric Acid & Others), Source (Biomass, Molasses, Starch & Chemical synthesis), Application (Industrial, Food & Feed), & by Region - Global Trend & Forecast to 2021

By: marketsandmarkets.com
Publishing Date: May 2016
Report Code: FB 4344

 

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The organic acids market was valued at USD 6.55 Billion in 2015, and is projected to reach 9.29 Billion by 2021, at a CAGR of 6.0% from 2016 to 2021. With the growing industrial sectors across the globe, especially in the Asia-Pacific countries, and available resources for raw materials & equipment are likely to drive the organic acids market in the Asian countries. The organic acids market is segmented on the basis of type into acetic, citric, formic, lactic, propionic, fumaric, gluconic, and other acids. The market is also segmented based on the source, application, and region.

The years considered for the study are:

  • Base Year – 2015
  • Estimated Year – 2016
  • Projected Year – 2021
  • Forecast Period – 2016 to 2021

Objectives of the study include:

  • To define, segment, and project the global organic acids market size on the basis of type, source, application, and region
  • To understand the structure of the organic acids market by identifying its various subsegments
  • To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To project the size of the organic acids market, in terms of value (USD million) and volume (tons), on the basis of type of organic acids

This report includes estimations of market sizes for value (USD million) and volume (tons). Both, top-down and bottom-up approaches have been used to estimate and validate the size of the global organic acids market and to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market share in respective regions has been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and were verified through primary sources. The figure below shows the breakdown of profiles of industry experts who participated in the primary discussions.

Organic Acids Market

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem:

Key participants in the supply chain of organic acids are raw material suppliers, government bodies, distributors, and end users such as industries, consumers, and researchers. The major key players in organic acids market that are profiled in the report include Cargill, Incorporated (U.S.), BASF SE (Germany), the Dow Chemical Company (U.S.), Tate & Lyle Plc (U.K.), E.I. du Pont de Nemours and Company (U.S.), Eastman Chemical Company (U.S.), Archer Daniels Midland Company (U.S.), Myriant Corporation (U.S.), Calanese Corporation (U.S.), and Henan Jindan Lactic Acid Technology Co. Ltd (China).

Target Audience:

This report is targeted at the existing players in the industry, which include:

  • Food manufacturers
  • Pharmaceutical industry
  • Animal nutrition, personal care & packaging industries
  • Distributors of organic acids
  • Organic acid manufacturers
  • Regulatory authorities

“The study answers several questions for stakeholders, primarily which market segments to focus on in next two to five years for prioritizing efforts and investments.”

Scope of the Report

On the basis of Type, the organic acids market is segmented as follows:              

  • Acetic acid
  • Citric acid
  • Formic acid
  • Lactic acid
  • Propionic acid
  • Gluconic acid
  • Fumaric acid
  • Other acids (malic, tartaric, succinic, butyric, and acrylic acids)

On the basis of Source, the organic acids market is segmented as follows:

  • Biomass
  • Molasses
  • Starch
  • Chemical synthesis

On the basis of Application, the organic acids market is segmented as follows:

  • Industrial
  • Food
  • Feed

On the basis of Region, the organic acids market is segmented as follows:

  • North America
  • Europe
  • Asia-Pacific
  • RoW (South Korea, Indonesia, and Oceanic countries)

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs.

The following customization options are available for the report:

Product Analysis

  • Broader & further fragmented segmentation and country-wise analysis for any organic acids mentioned in the report

Company Information

  • Detailed analysis and profiling of additional market players (Up to five)

Quantitative Information

  • Quantitative analysis for segments such as source, application, and method of production



Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
                    1.3.1.1 Organic Acids Market, By Type
                    1.3.1.2 Organic Acids Market, By Source
                    1.3.1.3 Organic Acids Market, By Application
                    1.3.1.4 Organic Acids Market, By Region
           1.3.2 Years Considered for the Study
    1.4 Currency Considered
    1.5 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                               2.1.2.2.1 Breakdown of Primaries
    2.2 Factor Analysis
           2.2.1 Introduction
           2.2.2 Demand-Side Analysis
                    2.2.2.1 Rising Population
                               2.2.2.1.1 Increase in Middle-Class Population, 2009–2030
                    2.2.2.2 Developing Economies, GDP (PPP), 2013
           2.2.3 Supply-Side Analysis
                    2.2.3.1 Global Molasses Production, 2012/13
                    2.2.3.2 Research & Development on Organic Acids
                               2.2.3.2.1 Micro-Encapsulation
    2.3 Market Size Estimation
    2.4 Market Breakdown & Data Triangulation
    2.5 Research Assumptions
           2.5.1 Assumptions
           2.5.2 Limitations

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 33)
    4.1 at tractive Opportunities in the Organic Acids Market
    4.2 Organic Acids Market, By Source
    4.3 Organic Acids Market, By Industrial Application
    4.4 Asia-Pacific Citric Acid Market, By Country
    4.5 Life Cycle Analysis, By Region

5 Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Organic Acids Market, By Type
           5.2.2 Organic Acids Market, By Source
           5.2.3 Organic Acids Market, By Region
           5.2.4 Organic Acids Market, By Application
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Wide Areas of Application
                               5.3.1.1.1 Growing Food & Beverage Industry
                               5.3.1.1.2 Significant Functionalities Across Various Industries
                    5.3.1.2 R&D and Technological Innovations
                               5.3.1.2.1 Micro-Encapsulation
           5.3.2 Restraints
                    5.3.2.1 Raw Material Availability and Infrastructure & Technological Barriers
                               5.3.2.1.1 High Cost and Poor Supply Chain
           5.3.3 Opportunities
                    5.3.3.1 Production of Organic Acids From Renewable Resources
                    5.3.3.2 Leniency in Regulatory Policy for Organic Acids
           5.3.4 Challenges
                    5.3.4.1 Infrastructural Challenges in Developing Countries
                    5.3.4.2 Challenges Posed By Cheap Organic Acids Producing Companies

6 Industry Trends (Page No. - 43)
    6.1 Introduction
    6.2 Supply Chain Analysis
    6.3 Porter’s Five Forces Analysis
           6.3.1 Intensity of Competitive Rivalry
           6.3.2 Bargaining Power of Buyers
           6.3.3 Bargaining Power of Suppliers
           6.3.4 Threat of Substitutes
           6.3.5 Threat of New Entrants

7 Organic Acids Market, By Type (Page No. - 48)
    7.1 Introduction
    7.2 Acetic Acid
    7.3 Citric Acid
    7.4 Formic Acid
    7.5 Lactic Acid
    7.6 Propionic Acid
    7.7 Ascorbic Acid
    7.8 Gluconic Acid
    7.9 Fumaric Acid
    7.10 Other Acids

8 Organic Acids Market, By Source (Page No. - 60)
    8.1 Introduction
    8.2 Biomass
    8.3 Molasses
    8.4 Starch
    8.5 Chemical Synthesis

9 Organic Acids Market, By Application (Page No. - 63)
    9.1 Introduction
    9.2 Food
    9.3 Feed
    9.4 Industrial

10 Organic Acids Market, By Region (Page No. - 66)
     10.1 Introduction
     10.2 North America
             10.2.1 U.S.
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 Germany
             10.3.2 France
             10.3.3 U.K.
             10.3.4 Other European Countries
     10.4 Asia-Pacific
             10.4.1 China
             10.4.2 India
             10.4.3 Japan
             10.4.4 Rest of Asia-Pacific
     10.5 Rest of the World
             10.5.1 Brazil
             10.5.2 Others in RoW

11 Competitive Landscape (Page No. - 103)
     11.1 Overview
     11.2 Competitive Situation & Trends
             11.2.1 Acquisitions
             11.2.2 Expansions & Investments
             11.2.3 New Product Launches
             11.2.4 Agreements/Joint Ventures/Collaborations

12 Company Profiles (Page No. - 107)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     12.1 Introduction
     12.2 BASF SE
     12.3 Cargill, Inc.
     12.4 The DOW Chemical Company
     12.5 E. I. Du Pont De Nemours and Company
     12.6 Tate & Lyle PLC
     12.7 Eastman Chemical Company
     12.8 Myriant Corporation
     12.9 Calanese Corporation
     12.10 Henan Jindan Lactic Acid Technology Co. Ltd
     12.11 Archer Daniels Midland Company

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 130)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports


List of Tables (104 Tables)

Table 1 Middle-Class Population Increase Projection
Table 2 Functions of Few Organic Acids
Table 3 Organic Acids Market Size, By Type, 2014-2021 (USD Million)
Table 4 Organic Acids Market Size, By Type, 2014-2021 (Tons)
Table 5 Acetic Acid Market Size, By Region, 2014-2021 (USD Million)
Table 6 Acetic Acid Market Size, By Region, 2014-2021 (Tons)
Table 7 Citric Acid Market Size, By Region, 2014-2021 (USD Million)
Table 8 Citric Acid Market Size, By Region, 2014-2021 (Tons)
Table 9 Formic Acid Market Size, By Region, 2014-2021 (USD Million)
Table 10 Formic Acid Market Size, By Region, 2014-2021 (Tons)
Table 11 Lactic Acid Market Size, By Region, 2014-2021 (USD Million)
Table 12 Lactic Acid Market Size, By Region, 2014-2021 (Tons)
Table 13 Propionic Acid Market Size, By Region, 2014-2021 (USD Million)
Table 14 Propionic Acid Market Size, By Region, 2014-2021 (Tons)
Table 15 Ascorbic Acid Market Size, By Region, 2014-2021 (USD Million)
Table 16 Ascorbic Acid Market Size, By Region, 2014-2021 (Tons)
Table 17 Gluconic Acid Market Size, By Region, 2014-2021 (USD Million)
Table 18 Gluconic Acid Market Size, By Region, 2014-2021 (Tons)
Table 19 Fumaric Acid Market Size, By Region, 2014-2021 (USD Million)
Table 20 Fumaric Acid Market Size, By Region, 2014-2021 (Tons)
Table 21 Other Acids Market Size, By Region, 2014-2021 (USD Million)
Table 22 Other Acids Market Size, By Region, 2014-2021 (Tons)
Table 23 Organic Acids Market Size, By Source, 2014-2021 (USD Million)
Table 24 Organic Acids Market Size, By Source, 2014-2021 (Tons)
Table 25 Organic Acids Market Size, By Application, 2014–2021 (USD Million)
Table 26 Organic Acids Market Size, By Application, 2014–2021 (Tons)
Table 27 Organic Acids Market Size, By Region, 2014-2021 (USD Million)
Table 28 Organic Acids Market Size, By Region, 2014-2021 (Tonnes)
Table 29 North America: Acetic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 30 North America: Acetic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 31 North America: Citric Acid Market Size, By Country, 2014-2021 (USD Million)
Table 32 North America: Citric Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 33 North America: Formic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 34 North America: Formic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 35 North America: Lactic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 36 North America: Lactic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 37 North America: Propionic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 38 North America: Propionic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 39 North America: Ascorbic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 40 North America: Ascorbic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 41 North America: Gluconic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 42 North America: Gluconic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 43 North America: Fumaric Acid Market Size, By Country, 2014-2021 (USD Million)
Table 44 North America: Fumaric Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 45 North America: Other Acids Market Size, By Country, 2014-2021 (USD Million)
Table 46 North America: Other Acids Market Size, By Country, 2014-2021 (Tonnes)
Table 47 Europe: Acetic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 48 Europe: Acetic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 49 Europe: Citric Acid Market Size, By Country, 2014-2021 (USD Million)
Table 50 Europe: Citric Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 51 Europe: Formic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 52 Europe: Formic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 53 Europe: Lactic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 54 Europe: Lactic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 55 Europe: Propionic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 56 Europe: Propionic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 57 Europe: Ascorbic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 58 Europe: Ascorbic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 59 Europe: Gluconic Acid Market Size, By Country, 2014-2021 (USD Million)
Table 60 Europe: Gluconic Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 61 Europe: Fumaric Acid Market Size, By Country, 2014-2021 (USD Million)
Table 62 Europe: Fumaric Acid Market Size, By Country, 2014-2021 (Tonnes)
Table 63 Europe: Other Acids Market Size, By Country, 2014-2021 (USD Million)
Table 64 Europe: Other Acids Market Size, By Country, 2014-2021 (Tonnes)
Table 65 Asia-Pacific: Acetic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 66 Asia-Pacific: Acetic Acid Market Size, By Country, 2014–2021 (Tons)
Table 67 Asia-Pacific: Citric Acid Market Size, By Country, 2014–2021 (USD Million)
Table 68 Asia-Pacific: Citric Acid Market Size, By Country, 2014–2021 (Tons)
Table 69 Asia-Pacific: Formic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 70 Asia-Pacific: Formic Acid Market Size, By Country, 2014–2021 (Tons)
Table 71 Asia-Pacific: Lactic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 72 Asia-Pacific: Lactic Acid Market Size, By Country, 2014–2021 (Tons)
Table 73 Asia-Pacific: Propionic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 74 Asia-Pacific: Propionic Acid Market Size, By Country, 2014–2021 (Tons)
Table 75 Asia-Pacific: Ascorbic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 76 Asia-Pacific: Ascorbic Acid Market Size, By Country, 2014–2021 (Tons)
Table 77 Asia-Pacific: Gluconic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 78 Asia-Pacific: Gluconic Acid Market Size, By Country, 2014–2021 (Tons)
Table 79 Asia-Pacific: Fumaric Acid Market Size, By Country, 2014–2021 (USD Million)
Table 80 Asia-Pacific: Fumaric Acid Market Size, By Country, 2014–2021 (Tons)
Table 81 Asia-Pacific: Other Acids Market Size, By Country, 2014–2021 (USD Million)
Table 82 Asia-Pacific: Other Acids Market Size, By Country, 2014–2021 (Tons)
Table 83 RoW: Acetic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 84 RoW: Acetic Acid Market Size, By Country, 2014–2021 (Tons)
Table 85 RoW: Citric Acid Market Size, By Country, 2014–2021 (USD Million)
Table 86 RoW: Citric Acid Market Size, By Country, 2014–2021 (Tons)
Table 87 RoW: Formic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 88 RoW: Formic Acid Market Size, By Country, 2014–2021 (Tons)
Table 89 RoW: Lactic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 90 RoW: Lactic Acid Market Size, By Country, 2014–2021 (Tons)
Table 91 RoW: Propionic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 92 RoW: Propionic Acid Market Size, By Country, 2014–2021 (Tons)
Table 93 RoW: Ascorbic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 94 RoW: Ascorbic Acid Market Size, By Country, 2014–2021 (Tons)
Table 95 RoW: Gluconic Acid Market Size, By Country, 2014–2021 (USD Million)
Table 96 RoW: Gluconic Acid Market Size, By Country, 2014–2021 (Tons)
Table 97 RoW: Fumaric Acid Market Size, By Country, 2014–2021 (USD Million)
Table 98 RoW: Fumaric Acid Market Size, By Country, 2014–2021 (Tons)
Table 99 RoW: Other Acids Market Size, By Country, 2014–2021 (USD Million)
Table 100 RoW: Other Acids Market Size, By Country, 2014–2021 (Tons)
Table 101 Acquisitions, 2012–2015
Table 102 Expansions, 2012–2015
Table 103 New Product Launches, 2012–2015
Table 104 Agreements/Joint Ventures/Collaborations, 2012–2015


List of Figures (38 Figures)

Figure 1 Research Design
Figure 2 Global Population is Projected to Reach ~9.5 Billion By 2050
Figure 3 Organic Acids Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Organic Acids Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 North America and Asia-Pacific are Projected to Be the Fastest-Growing Markets for the Global Organic Acids Market From 2016 to 2021
Figure 7 Organic Acids Market Snapshot, By Application, 2016 vs 2021 (USD Million)
Figure 8 Organic Acids Market Snapshot, By Source, 2016 vs 2021 (USD Million)
Figure 9 Key Players Adopted Expansions & Investments as the Key Strategies From 2012 to 2015
Figure 10 Increase in Areas of Application is Expected to Drive Growth in the Organic Acids Market From 2016 to 2021
Figure 11 Biomass Segment is Projected to Grow at Highest CAGR (2016-2021)
Figure 12 Industrial Segment is Projected to Be the Largest Segment Throughout the Forecast Period
Figure 13 China Accounted for Largest Share in the Asia-Pacific Citric Acid Market, 2016 to 2021
Figure 14 Asia-Pacific is Expected to Be in the High Growth Phase in the Coming Years
Figure 15 Wide Areas of Applications & Functionalities Drive the Growth of the Organic Acids Market
Figure 16 Supply Chain Analysis of the Organic Acids Industry
Figure 17 Porter’s Five Forces Analysis – Organic Acids Market
Figure 18 Regional Snapshot: Asia-Pacific Held the Largest Share for Organic Acids
Figure 19 North America Organic Acids Market Snapshot: U.S. Accounting for the Largest Share
Figure 20 European Organic Acids Market: Germany Accounting for the Largest Share
Figure 21 Asia-Pacific Organic Acids Market Snapshot
Figure 22 Expansions and Investments Were Preferred By Key Playersin the Last Five Years
Figure 23 Strengthening Market Presence Through Agreements & Expansions Between 2012 and 2015
Figure 24 Expansions and Investments: the Key Strategies, 2012–2015
Figure 25 Geographical Revenue Mix of Leading Market Players, 2015
Figure 26 BASF SE: Company Snapshot
Figure 27 BASF SE: SWOT Analysis
Figure 28 Cargill, Inc.: Business Overview
Figure 29 Cargill: SWOT Analysis
Figure 30 The DOW Chemical Company Snapshot
Figure 31 The DOW Chemical Company: SWOT Analysis
Figure 32 E.I. Du Pont De Nemours & Co: Business Overview
Figure 33 E.I. Du Pont De Nemours & Co: SWOT Analysis
Figure 34 Tate & Lyle: Company Snapshot
Figure 35 Tate & Lyle: SWOT Analysis
Figure 36 Eastman Chemical Company Snapshot
Figure 37 Calanese Corporation: Company Snapshot
Figure 38 Archer Daniels Midland Company Snapshot

The organic acids market size is projected to reach USD 9.29 Billion by 2021, at a CAGR of around 6.0% from 2016 to 2021. The market is driven by its wide areas of application and R&D investments and technological innovations such as micro-encapsulation. The significant growth of the F&B industry and organic acids’ functionalities across various industries have also been driving the global organic acids market.

The organic acids market, based on type, is segmented into acetic, citric, formic, lactic, propionic, fumaric, gluconic, and other acids. The citric acid and lactic acid are the fastest-growing organic acids because of their growing end-user applications and widespread applications. The lactic acid is used in cultured dairy products such as acidulants, flavoring agents, and preservatives; for deliming of hides in leather processing; textile dyeing for the production of biodegradable polymers; in the production of plastics, solvents, inks, and lacquers; and as calcium lactate in pharmaceuticals.

The organic acids market, based on source, is segmented into biomass, molasses, starch, and chemical synthesis. The molasses segment was the largest segment in 2015, and the biomass segment is projected to grow at the highest CAGR from 2016 to 2021. The organic acids market, by application, is further segmented into industrial, food, and feed, in which the industrial segment dominated the market with the maximum share in 2015. Because of the rapidly growing F&B sector and compatibility of organic acids with the physio-chemical characteristics of food, the market in the food segment is projected to grow at a highest CAGR from 2016 to 2021, followed by the feed sector.

Organic Acids Market

The organic acids market was dominated by the Asia-Pacific region in 2015. The growing industrial sectors and available resources for raw materials & equipment are likely to drive the organic acids market in Asian countries such as China, India, South Korea, Malaysia, and Indonesia. North America is projected to be the fastest-growing region for the organic acids market for the next five years because of the increasing trading activities. The U.S. is the largest producer for corn, which is a major source of raw material for organic acids. The active U.S. players include Cargill, Incorporated, the Dow Chemical Company, E.I. du Pont de Nemours and Company, Eastman Chemical Company, Archer Daniels Midland Company, Myriant Corporation, and Calanese Corporation.

The inadequate availability of raw materials and infrastructure & technological barriers have been restraining the global organic acids market. The high cost of production, especially in the Asian countries, and poor supply chain are the major challenges. However, these constraints can be overcome with acquisitions, expansions, and partnerships with the companies in these regions.

One of the major players of the organic acids market, BASF SE (Germany), expanded the formic acid operations to the North and South American regions in March 2016. The company also signed a joint venture agreement with Avantium (The Netherlands) for the marketing and distribution of carboxylic acids in November 2015. In May 2016, Eastman Chemical Company (U.S.) signed a joint venture agreement with Solvay S.A. (Belgium) to sell its interest in the cellulose acetate flake joint venture named ‘Primester’. In December 2014, Myriant Corporation (U.S.) signed an agreement with UPC (Taiwan) and Soljitz Corporation (Taiwan) to promote bio-succinic acid-based plasticizers.

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