Published Date : 31 Dec 19 | Views: 95 | Industry : Chemical & Material
Ever
Developing Pharmaceutical & Chemical Industry is Expected to Foster the
Growth of Type Segment
The
type segment is divided into acetic acid, citric acid, formic acid, ascorbic
acid, lactic acid, malic acid, fumaric acid, propionic acid, and others. High
demand for Formic acid and acetic acid in pharmaceutical and chemical
industries along with its largescale application in skin care products is
fostering the growth of the market. Fumeric and melic acids are largely used in
the treatment of animals and are also used as an alternative to antibiotics in
animal health. This is likely to foster the growth of the type segment.
The
application segment is bifurcated into Food & Beverage, Industrial &
Chemical, Pharmaceuticals, Animal Feed & Nutrition, Agriculture, and
Cosmetics & Personal Care.
High
Demand for Preservatives in Asia-Pacific to Drive the Market Growth
The
region of the Asia-Pacific held a significant share of the market due to its
increasing usage in beverages and preservatives. China exports a significant
portion of the manufactured products to international markets. The region has
low operational costs along with competitive product pricing, which is expected
to drive the growth of the market.
New
Product Launch – Key Players Principal Strategy
Some
of the key manufacturers functioning in the market are Myriant corporation
(U.S.), the Dow Chemical Company (U.S.), Archer Daniels Midland Company (U.S.),
E.I. du Pont de Nemours and Company (U.S.), Tate & Lyle PLC (U.K.), BASF SE
(Germany), BioAmber Inc. (Canada), Henan Jindan Lacti Acid Technology Co.,
Eastman Chemical Company (U.S.), Cargill, and Corbion (The Netherlands).
Manufacturers are keen to develop novel organic acids to cater to requirements.
For instance, BASF launched two new products Luvipur® and Lutropur® for
applications in cleaning formulations.
High
Demand for Bio-based Products to Boost the Growth of the Organic Acids
Market
A major factor supporting the growth of the market is the high demand for bio-based Organic Acids for enhancing food products and regulating the acidic content. Largescale application of Organic Acids as preservatives, antioxidants, and flavor enhancers are likely to foster the growth of the market. Increasing demand for convenience food and the popularity of beverages rich in anti-oxidants for promoting health and fitness are responsible for driving the growth of the market.