Bio-Organic Acid Market Size Insight & Future Assessment For...| MENAFN.COM

Tuesday, 31 January 2023 12:01 GMT

Bio-Organic Acid Market Size Insight & Future Assessment For The Period 2023-2033

(MENAFN- America News Hour)

The market for bio-organic acid is expected to grow at a CAGR of more than 5% during the forecast period. Major factors driving the market studied are stringent regulations over conventional organic acids, growing demand for bio-based polymer in healthcare.
– Shifting focus on eco-friendly products is likely to act as an opportunity.
– Asia-Pacific dominated the market across the globe with the largest consumption in countries such as India, China, etc.

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Key Market Trends
Bio-lactic Acid Segment to Dominate the Market Growth

– Lactic acid (2-hydroxypropanoic acid) is a natural organic acid used in various industries, including food and non-food industries, such as the cosmetic and pharmaceutical industries. It is used in the production of oxygenated chemicals, plant growth regulators and special chemical intermediates. The demand for lactic acid has increased considerably due to its wide range of applications. Presently, lactic acid can be produced either by chemical synthesis or by microbial fermentation.
– Lactic acid is majorly used to produce Poly Lactic Acid (PLA). The market for lactic acid in Europe has depicted stable growth and is expected to portray the same trend over the forecast period. Growing demand for PLA in packaging applications, especially food packaging, is anticipated to drive the demand for lactic acid in the European market.
– A growing number of polymer applications and stringent regulations overuse of conventional plastic products in various end-use applications are anticipated to boost the demand for PLA in the region.
– This, in turn, is anticipated to propel the lactic acid market
Asia-Pacific Region to Dominate the Market Growth
– Though Europe is the largest regional market for global bio-organic acid, Asia-Pacific is also an important market as it represents the fastest-growing regional market.
– The increasing demand from healthcare, food & beverage, and textile industries of countries, like China, India, Thailand, and Korea are, in turn, providing a great opportunity for the bio-organic acid market to continue its fast pace of growth.

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– Moreover, since the product is an intermediate and is bio-degradable in nature, it has been widely accepted by the industries for various purposes, such as polymer resins.
– The large market size, with its huge growth in the Asia-Pacific region, is instrumental in the expansion of the global bio-organic acid market.
Competitive Landscape
The bio-organic acid market is fragmented. Some of the major players include BASF SE, DSM, Mitsubishi Chemical Corporation, Cargill, Incorporated, and GC Innovation America, amongst others.

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Stringent Regulations Over Conventional Organic Acids
4.1.2 Growing Demand for Bio-based Polymer in Healthcare Applications
4.2 Restraints
4.2.1 Higher Production Cost of Bio-based Chemicals
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

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About SDKI:

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.


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