The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
PMR’s published market report titled “Synthetic Tartaric Acid Market: Global Industry Analysis 2013-2018 and Forecast 2019-2027” examines the synthetic tartaric acid market and provides insights pertaining to the market. According to PMR analysis, the global demand for synthetic tartaric acid is estimated to be valued at US$ 531.4 Mn by the end of 2018 and is estimated to register 4.8% CAGR over the period of 2019–2027. This report provides an assessment of overall synthetic tartaric acid market and its split on the basis of different product types and applications.
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Synthetic Tartaric Acid Market: Dynamics
Over the recent past, a significant rise in consumption of wines across the globe has been witnessed. In order to cater to this demand and maintain the quality of wines, demand for additives, such as pH regulators, flavor enhancers, to name of few, has been increasing. Synthetic tartaric acid is used as a pH regulator in the wine industry. Thus, due to increasing production of wines across the globe, the demand for synthetic tartaric acid is also expected to increase over the forecast period. Over the years, the bakery segment has evolved in terms of product offerings, which has triggered the demand for various food specialty ingredients. Synthetic tartaric acid is used as an emulsifier in the bakery segment, specifically to maintain product quality and extend shelf life. Thus, any growth in bakery industry will directly impact the synthetic tartaric acid market during the forecast period.
Moreover, in drug formulations, increasing demand for synthetic tartaric acid, as an excipient, for the preparation of effervescent tablets, powder and granulates will be a prominent factor driving the growth of the synthetic tartaric acid market. Furthermore, efforts are being taken by governments and regulatory agencies in developed nations to streamline the approval process for excipients, which will further push the growth of synthetic tartaric acid market. Also, growing use of chemical admixtures globally will fuel the demand for synthetic tartaric acid as a retardant over the forecast period. However, increasing demand for and consumption of bio-based and eco-friendly alternatives in Europe and North America will hamper the growth of synthetic tartaric acid market during the forecast period.
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Synthetic Tartaric Acid Market: Segmentation Analysis
The global synthetic tartaric acid market is estimated to witness healthy growth owing to rising demand from food & beverage, wine, pharmaceuticals and construction industries. Among product types, L (+) synthetic tartaric acid is gaining traction due to its distinctive characteristic properties, as an excipient and emulsifier. Moreover, the low cost of L(+) synthetic tartaric acid gives it competitive edge over D (-) synthetic tartaric acid.
On the basis of application, wine production, followed by pharmaceutical segment, is anticipated to grow at a significant CAGRs of 4.7% and 5.1%, respectively, over the forecast period.
- Tártaros Gonzalo Castelló S.L
- Sagar Chemicals
- American International Chemicals LLC
- Ninghai Organic Chemical Factory
- Yantai Taroke Bio-engineering Co., Ltd
- Hangzhou Bioking Biochemical Engineering Co., Ltd
- Hangzhou Regin Bio-tech Co., Ltd.
- Changmao Biochemical Engineering Company Limited
- Brenn-O-Kem (Pty) Ltd
- Omkar Speciality Chemical Limited
- Shanhong Chemical Co, Ltd
- PAHI, S.L.
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Synthetic Tartaric Acid Market: Regional Market Projections
The China synthetic tartaric acid market is anticipated to hold a dominant share, both in terms of market share and CAGR index, throughout the forecast period. The synthetic tartaric acid market in India is a fragmented market with a number of small players operating in the market. Significant growth in pharmaceutical and wine industries in the region will drive the demand for synthetic tartaric acid as an excipient for drug manufacturing and as a pH regulator in wine production.
India synthetic tartaric acid market is projected to be a high value-volume market over the forecast period. Western Europe and North America are considered to be relatively mature markets for synthetic tartaric acid and thus, are projected to register moderate growth rate during the forecast period. Latin America and GCC countries are also projected to remain lucrative over the forecast period.