According to the report published by Fior Markets, the global organic acids market is expected to grow from $21.50 billion to $39.80 billion by 2027, with a CAGR of 8% through 2027. The food and beverage industry accounts for the largest market share, but organic acids have different applications in various sectors, such as textile fibres and leather tanning.
Asia-Pacific region dominates the market with highest market share owing to increasing demand and use of organic acids in the various industries, which includes food & beverages industry, cosmetics industry, pharmaceuticals industry and animal industry. Asia-Pacific is followed by North America and Europe as the second and third largest market respectively for Organic Acids. Asia-Pacific is also expected to grow at the highest growth rate in the future due to increasing consumption in major economies like China and India.
Some of the key players in this market are Dow Dupont, LyondellBasell Industries N.V., Zhengzhou Best Cooperation, Celanese Corporation, Corbion, Cargill, Aryan International, Novus, BASF, Tate & Lyle, Eastman Chemical Company, and Myriant Corporation.
The type segment is divided into acetic acid, formic acid, fumaric acid, lactic acid, citric acid, propionic acid, gluconic acid, and other acids. Citric acid is most widely used as a preservative and acidulate in the food and beverages industry. By the type of applications, this market is segmented into food & beverages, pharmaceuticals, personal care products, and animal feed.
The food and beverages industry accounts for the largest market share owing to the demand of organic acids to increase the shelf life and maintain the quality due to the preservative properties of the organic acids. The pharmaceutical industry is anticipated to grow at a high rate owing to the increasing use of organic acids as a dialysis solution and for controlled drug delivery system. Apart from these applications, organic acids have several applications in various industries such as adhesives & sealants, paints & coatings, textiles, consumer goods, feed, and many more. Other organic acids, such as formic acid, have applications also in oil-drilling, de-icing, leather tanning, etc.
In 2019 April, DowDuPont the world’s largest chemical conglomerate demerged into three companies. Dow is dedicated to commodity chemical production, DuPont to speciality chemical production, and Corteva to manufacture agricultural chemicals.
The organic acids, together with preservatives, surfactants, and alkanes components of chemical preparations used during leather tanning are classified as irritating or harmful to the environment.
