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Bio-Organic Acid Market size is expected to be valued at $22.74 billion by the end of the year 2027 and is set to grow at a CAGR of 5% during the forecast period from 2022-2027. The increasing adoption of bio-organic acid in various industries for chemical synthesis of various products is majorly driving the demand for bio-organic acid market. Bio-organic acid such as succinic acid and gluconic acid is used for various purposes such as solvents, lacquers, dyes, curative agent and in the manufacture of metal, leather and food & beverages. Bio-organic acids are made of bio products such as biomass, molasses, sugar, lignocellulosic and others which is non-renewable and is very eco-friendly. It does not cause any bad effects on the environment and is therefore widely adopted across various end use industries across the globe. This is majorly driving the demand for bio-organic acid market.
COVID-19 impact
Amid the Covid-19 pandemic, the bio-organic acid market was hugely affected owing to the various legal and economic restrictions laid by governments across the world. Due to the various restrictions laid down during the pandemic across the globe, the bio-organic acid market was hugely affected. Any movements including the movement of people and goods were banned fearing the spread of the coronavirus. This hugely impacted the bio-organic acid market, as the sales crashed down due to the exponential decrease in demand. The situation is however set to improve by the year ending 2021 and the bio-organic acid market is expected to grow.
Bio-Organic Acid Market Segment Analysis – By Raw Material
Lignocellulosic Biomass segment held the largest share in the bio-organic acid market in the year 2021. Lignocellulosic are dry plant matters which is also abundantly available in the nature. Lignocellulosic consists of carbohydrate polymers and an aromatic polymer, that gives the products excellent tensile strength. Lignocellulosic is one of the important resources used in bio-products, bioethanol, power and chemical synthesis processes. Lignocellulosic is a mixture of natural polymers based on cellulose, lignin, biomass, hemicellulose and tannins. This is majorly driving the demand for lignocellulosic biomass segment in the bio-organic acid market.
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Bio-Organic Acid Market Segment Analysis – By Product Type
Bio Lactic Acid segment held the largest share in the bio-organic acid market in the year 2021. Bio lactic acid is used in various end use industries for various purposes ranging from food and beverage industry, cosmetics industry and others. The increase in demand from such industries is majorly driving the demand for bio lactic acid segment from the bio-organic acid market. Bio lactic acid is used in treating pigmentation, ageing, dark spots and is therefore majorly used in the cosmetics industry. Gluconic acid is used in production of cosmetics products such as cleansers, ageing creams and others. According to Cosmetics China, the online retail value of sales of cosmetic products was valued at US$27.92 in the year 2019. According to the Korean National Statistical Office, cosmetics online shopping transactions grew by 25% year-on-year to US$10.5 billion in 2019. This will further increase the demand for bio lactic acid segment in the bio-organic acid market.
Bio-Organic Acid Market Segment Analysis – By Application
Textile segment held the largest share in the bio-organic acid market in the year 2021. There has been an increase in the demand and production of woolen fabric from various end use industry, especially post Covid-19. This is contributing to the demand for bio-based organic acid market, as bio-organic acid such as succinic acid is used in dyeing of wool and other textiles. According to American Sheep Industry Association, Defense Logistics Agency (DLA), plans to procure 1.5 million linear yards of wool and wool blend fabrics for use in recruit issue uniforms in the year 2021. According to Korea Customs Services, the export of textile yarns increased by 4% to US$130 thousands in June 2021 from US$125 thousands from May 2021. This will further drive increase the demand for bio-organic acid such as succinic acid for dyeing, therefore driving the demand for bio-organic acid market.
Bio-Organic Acid Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 35% in the bio-organic acid market in the year 2021. The increasing demand for bio-organic acid from end-use industries like healthcare industry, textile industry, food and beverages industry are majorly driving the demand for bio-organic acid market in the region. The major exporters of wool fabric in the world are from Asia Pacific region, namely China, South Korea and Japan. According to International Wool Textile Organization, China accounted for 21.1% of world exports of wool fabric in the year 2019, Japan accounted for 4.1% and South Korea accounted for 2.5%. This is making Asia Pacific region the largest exporter of wool fabric in the world. Furthermore, the increase in chemical synthesis of products used in the healthcare industry is also driving the demand for bio-organic acid in the region. According to India Brand Equity Foundation (IBEF), the pharmaceutical industry in India is estimated to be around US$41 billion by the end of 2021. Additionally, the investments in the pharmaceutical industry in India stood at USS17.5 billion in the year 2020 and the Indian government further announced an incentive scheme in February 2021 which will attract investments of US$2.07 billion into the sector. This will further influence the growth of the bio-organic acid market in the Asia-Pacific region.
Bio-Organic Acid Market Drivers
The growing government regulations over conventional organic acids is driving the demand for bio-organic acid market
The growing industrial compliance toward environmental regulations imposed by regulatory bodies of various countries to curb the use of conventional organic acids is encouraging the use of bio-organic acids. Furthermore, the drawbacks and environmental concerns associated to the conventional organic acids are, thus, encouraging the use of bio-based products such as bio-organic acid and succinic acid is thus increasing the consumer base for these products in several countries. For an instance, US Department of Agriculture has certain regulations related to the use of bio-organic acid, in which it is stated what are safe products that are allowed to be used. In the National list of allowed and prohibited substances list, bio acids, molasses and few other biomasses are one of the ‘allowed’ substances to be used. Such polices and regulations is majorly boosting the growth of the bio-organic acid market.
The Growing Demand for Bio-based Polymer in Healthcare Applications is majorly driving the bio-organic acid market
The increasing use of bio polymers in the healthcare industry in the recent years owing to the properties of bio polymers such as flexibility, durability, high gloss, clarity and tensile strength is one of the major factors driving the demand for bio-organic acid market. Bio-organic acid such as gluconic acid is majorly used in the production of bio-polymers. The increase in the incidence of accidents across the globe is one of the major reasons contributing to the increase in demand for bio polymers which is in turn driving the demand for bio-organic acid. For instance, according to World Health Organization (WHO), almost 1.3 million people die every year across the world due to road accidents. Road traffic crashes cost most countries 3% of their gross domestic product. This will increase the demand for bio polymers, further leading to the increase in demand for bio-organic acid market.
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Bio-Organic Acid Market Challenges
Increasing cost of raw materials used in producing bio-organic acid is restricting the growth of the bio-organic acid market
Bio-organic acid is made produced with various bio-based raw materials such as sugar, corn, biomass, maize and other materials. The price of such raw materials has been increasing at an exponential rate over the years which is majorly restricting the growth of the bio-organic acid market. According to trending economics, the price of sugar increased by 4.83% during the year 2021 as compared to the year 2020. Furthermore, according to trending economics, the price of corn also went up 13.5% during the year 2021 as compared to the year 2020. This is majorly impacting the growth of the bio-organic acid market.
Bio-Organic Acid Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Bio-Organic Acid Market. Major players in the Bio-Organic Acid Market include:
BASF SE
DSM
Mitsubishi Chemical Corporation
Cargill, Incorporated
BioAmber Inc.
Corbion NV
Lygos Inc.
Methanex
Mitsui & Co. Ltd.
Novozymes A/S
Zhejiang Hisun Biomaterials Co. Ltd.
Acquisitions/Technology Launches
On January 23, 2018, Lygos Inc., a biotechnology company of specialty chemicals, announced that LG Technology Ventures, an investment arm of the South Korean conglomerate LG Group, made an investment worth $5 million in Lygos’ bio-based chemical segment.
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Key Takeaways
Asia-Pacific market held the largest share in the bio-organic acid market owing to increase in demand from the textile industry and healthcare industry.
The growing government regulations over conventional organic acids is driving the demand for bio-organic acid market.
The Growing Demand for Bio-based Polymer in healthcare applications is majorly driving the bio-organic acid market.
Amid the Covid-19 pandemic, the bio-organic acid market witnessed slow growth owing to the ongoing covid-19 pandemic.
Related Reports:
A. Organic Acids Market
https://www.industryarc.com/Report/16128/organic-acids-market.html
B. Inorganic Acid Market
https://www.industryarc.com/Report/15902/inorganic-acid-market.html
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