Bio-Based Organic Acids Market Size and forecast to 2028.
The global bio-based organic acids market size was valued at 8.72 billion in 2021 and is expected to reach 12.69 billion by 2028, at a CAGR of 5.5% during the forecast period 2022 to 2028. Organic acids are organic molecules with acidic properties that are used to make a variety of goods, including polymers, food, pharmaceuticals, cosmetics, coatings, and other materials. Organic acid, which is made from renewable raw materials and is environmentally beneficial, is a primary building material in the petrochemical industry and is used to make a variety of end-use petrochemical products. Bio-Organic Acid has preservation-based properties that aid in disease resistance.
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Stringent regulations imposed on traditional organic acid producers by regulatory agencies in many countries also drive the demand for organic acid manufactured from renewable raw materials. Bio-based organic acid replacements are both environmentally benign and cost-effective when compared to chemical products. However, one of the primary problems impeding the worldwide market for bio-based organic acids is growing worries over the usage of wheat and corn for the manufacturing of bio-based organic acids rather than as food goods. Organic acid made from renewable raw resources has the potential to completely replace the synthetic organic acid business. Organic acids are a key component of the petrochemicals industry, which produces a broad range of intermediates and end-use petrochemicals. Polymers, food, coatings, lubricating oils, medicines, cosmetics, solvents, diesel fuel oxygenates, and other uses are among the expected applications for bio-based organic acids. Fumaric acid, lactic acid, acrylic acid, acetic acid, succinic acid, and other organic acids are among the organic acids employed in the aforementioned applications.
The global bio-based organic acids market segmentation:
1) By Product: Formic Acid, Citric Acid, Lactic Acid, Ascorbic Acid, Fumaric Acid, Gluconic Acid, Acetic Acid and Succinic Acid.
2) By Raw Material: Corn, Maze, Sugar and Biomass.
3) By Application: Petrochemicals, Polymers, Pharmaceuticals, Dyes, Coatings, Food Products and Others.
Europe is the largest industry for bio-organic acids in the world. This can be ascribed to the shifting focus of numerous industries toward bio-based products as a result of the government's strict rules encouraging the usage of environmentally friendly products. Increasing demand for bio-organic goods in the pharmaceuticals, food and beverage, and textile industries of rising countries, particularly India, China, Thailand, and South Korea, is likely to drive market expansion in the APAC region during the forecast period.
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Some of the major key players in the Bio-Based Organic Acids Market are Abengoa, BASF SE, BioAmber Inc, Cargill, Corbion NV, Dow Chemicals, Methanex
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