Synthetic Tartaric Acid Market: Introduction
Tartaric acid, also known as 2,3-Dihydroxysuccinic acid, is a white crystalline organic compound produced from natural resources naturally or synthetically. Naturally, tartaric acid exists in grapes, tamarinds and bananas, among other citric fruits. However, synthetic tartaric acid can also be produced chemically from maleic anhydrates. Mainly, China dominates the synthetic tartaric acid market in terms of production. There are three kind of stereoisomers of synthetic tartaric acid: L (+) synthetic tartaric acid, D (-) synthetic tartaric acid and meso synthetic tartaric acid. Racemic synthetic tartaric acid i.e. DL-tartaric acid is a synthetically produced mixture of 50% L (+) and 50% D (-) tartaric acid. Synthetic tartaric acid is widely used as an antioxidant, acidifier, stabilizer, flavour enhancer and a sequestering agent. In the Food & Beverage Industry, synthetic tartaric Acid is used as an acidifier, code no. E334, mostly in the wine industry to regulate pH. Synthetic tartaric acid is also used as a taste enhancer in candies, sweets, jams, jellies, ice creams and fruit nectars, among other products. Moreover, it is also used as an antioxidant and emulsifier in the bakery industry.
The global Synthetic tartaric acid market is estimated to reach a value of US$ 531.4 Mn by 2018 end and is projected to reach US$ 804.7 Mn by the end of 2027. The Synthetic tartaric acid market is estimated to expand at a CAGR of 4.8% during the forecast period. The global Synthetic tartaric acid market is expected to create incremental $ opportunity worth US$ 273.3 Mn over the period of 2019-2027.
Increasing Demand from Pharmaceuticals and Construction Industries Will Drive the Synthetic Tartaric Acid Market
Globally, the food & beverage (F & B) industry is witnessing phenomenal growth and is expected to continue to grow during the forecast period. This is mainly due to increasing population, changing dietary habits, growing per capita spending, technological advancements in F & B processing and growing shelf life of food products, among others. Since the past couple of years, the consumption rate of wine has been surging globally and is expected to steadily grow further during the forecast period. During the production of wine, synthetic tartaric acid is used as an acidity regulator and helps to manage pH level of wine. Production of wine to cater to the rising demand across the globe and demand for additives, such as flavor enhancers and acid regulators, among other additives, are expected to increase over the forecast period. Along with this, increasing demand for synthetic tartaric acid as an emulsifier in the bakery industry will also provide impetus to the growth of the market.
In drug formulations, synthetic tartaric acid is used as an excipient for the preparation of effervescent tablets, powder and granulates. Furthermore, efforts are being made by governments and regulatory agencies in developed nations, such as the U.S. and the U.K., to streamline the approval process for excipients, which is also expected to push the growth of the pharmaceutical excipients market, which in turn, is expected to drive the synthetic tartaric acid market during the forecast period. Moreover, within the cement industry, especially in gypsum and plaster applications, synthetic tartaric acid used as used as a retardant to improve the handling of these products. Thus, increasing number of housing & infrastructure projects in developed and developing industries will help to drive the synthetic tartaric acid market.
China and India Pegged to Be High Potential Markets for Synthetic Tartaric Acid
China, the largest market for synthetic tartaric acid, accounts for nearly 28% of the global synthetic tartaric acid consumption owing to the significant growth in wine production and expanding construction and pharmaceutical industries in the country. China is estimated to maintain its dominance in the global synthetic tartaric acid market during the forecast period. Moreover, India and China have witnessed healthy growth in construction and pharmaceutical industries in the recent past. This is anticipated to create opportunities for key manufacturers in the synthetic tartaric acid market.
In developed countries, especially in North America and Europe, consumers are well-aware of the nutritional importance of fruits and beverages. However, stringent regulations implemented by European and Canadian Governments regarding the use of synthetic tartaric acid in wine production, mentioned under Commission Regulation (EC) No 606/2009, Appendix 2 and Canadian General Standards Board Committee on an Organic Agriculture’s CAN/CGSB-32.311 (includes synthetic tartaric acid), will hamper the demand for synthetic tartaric acid in these regions. However, increasing demand for synthetic tartaric acid from non-food applications in Europe and North America will help to drive the synthetic tartaric acid market during the forecast period. Latin and MEA synthetic tartaric acid markets are expected to register steady growth over the forecast period
Synthetic Tartaric Acid Market: Key Players
Some of the players reported in this study on the global synthetic tartaric acid market are Ninghai Organic Chemical factory, Yantai Taroke Bio-engineering Co.Ltd. Australia Tartaric Product Pty Ltd., Industria Chimica Valenzana ICV Spa, PAHI SL, Hangzhou Regin Bio-Tech Co.Ltd, Hangzhou Linan Jinlog Chemicals Co.Ltd, Hangzhou Ruijing Biotechnology Co.Ltd, Changmao Biochemcials Engineering Co.Ltd and Derivados Vinicos SA, among others.
PMR analyzes the global synthetic tartaric acid market in its new publication titled “Synthetic Tartaric Acid Market: Global Industry Analysis 2013-2018 and Forecast 2019-2027”. The study offers detailed analysis and key insights on the synthetic tartaric acid market on the basis of product type, application and region for the historical period 2013–2018 and forecast period 2019–2027. The main aim of the synthetic tartaric acid report is to assess the dynamics in the market and offer key information pertaining to the several segments of the global synthetic tartaric acid market. To offer a better understanding and provide support to stakeholders in decision making and market analysis, this synthetic tartaric acid report comes equipped with the analysis of drivers and restraints that influence the current market scenario and are estimated to impact the global synthetic tartaric acid market over the forecast period. The study provides data for 2018 along with an inclusive market forecast for the period 2019–2027.
Synthetic Tartaric Acid Market Segmentation
To ascertain and comprehend synthetic tartaric acid market opportunities and trends, the global market report has been bifurcated into different sections based on product type, application and region. The global synthetic tartaric acid report begins with a market overview that provides market definitions and taxonomy along with value chain, market dynamics, & pricing analysis pertaining to the synthetic tartaric acid market. Following this, the synthetic tartaric acid market background has been covered, that includes the factors affecting the synthetic tartaric acid market. The macro-economic factors in the synthetic tartaric acid market include the global wine production vs consumption, share of natural vs synthetic tartaric acids, etc. The market background also covers the dynamics that affect the synthetic tartaric acid market. The dynamics section in the report includes drivers and restraints. In the value chain analysis section, the flow of synthetic tartaric acid from raw material manufacturers, manufacturers of synthetic tartaric acid to end-users through various supplier and distributors involved has been listed. The final part of the synthetic tartaric acid market is the forecast factors, which comprise factors that are estimated to impact the global synthetic tartaric acid market.
The sections that follow include the global synthetic tartaric acid market analysis by product type, application and region/country. All the above mentioned sections evaluate the synthetic tartaric acid market on the basis of several factors. Each section in the report discusses the qualitative and quantitative features of the global synthetic tartaric acid market. To give in-depth idea about the revenue opportunities from the application, product type and region/country-wise segments, the report also delivers synthetic tartaric acid market value (US$ Mn) data, growth rates, synthetic tartaric acid market shares and total incremental opportunity indices for each segment over the period of 2019–2027.
In the last section of the synthetic tartaric acid market report, we have included a detailed competition landscape with company market share, in terms of value and performance, to provide report audiences with a dashboard view of key players operating in the global synthetic tartaric acid market along with their business strategies. This would help clients to gauge strategies deployed by key market players in the synthetic tartaric acid market and help them develop efficient strategies accordingly.
For synthetic tartaric acid market data analysis, 2017 has been considered as the base year, 2018 as an estimated year and forecast has been made from 2018–2027. To determine the synthetic tartaric acid market, the global demand for synthetic tartaric acid was assessed and funneled down to different product types w.r.t. region/country. The FMI assessment is based on a multipronged approach that comprises primary and secondary research and triangulation of data obtained therefrom. During the initial phase, product mapping was done, wherein the types of products offered by key players with respect to application were identified. Further, in secondary research work, data available in public domains, such as company annual reports, industry associations, white papers, journals, government sites and publications, among others sources was collected and based on that, a set of data points were built. For the same, a bottom-up approach was used to ascertain market numbers for each product type and a top-down approach was used to counter-validate the market assessment. The forecast presented in the synthetic tartaric acid report estimates the market size (US$ Mn) in 2017 with regard to synthetic tartaric acid and the expected market value (US$ Mn) in the global synthetic tartaric acid market over the forecast period.
We have also scrutinized the different segments of the global synthetic tartaric acid market in terms of basis point share (BPS) to comprehend individual segments’ relative contribution to market growth. This thorough level of information is imperative for identifying several key trends governing the global synthetic tartaric acid market. The report also analyses the global synthetic tartaric acid market based on incremental $ opportunity & the global absolute $ opportunity. This is often overlooked while evaluating the market forecast; however, from a business perspective, it is vital to identify the market attractiveness in terms of three indices, viz. CAGR index, market share index and incremental $ opportunity, to ascertain the high potential resources in the synthetic tartaric acid market. Moreover, the synthetic tartaric acid market attractiveness index is the key to comprehend the key segments in terms of their performance and growth rate in the global synthetic tartaric acid market. This market attractiveness index would also help clients to identify real market opportunities in the global synthetic tartaric acid market.