by The global glucaric acid market, which was valued at USD 1.1 billion in 2021, is poised for substantial growth, with projections estimating a Compound Annual Growth Rate (CAGR) of 9.6 percent during the forecast period. The markets expansion is primarily fueled by the increasing environmental awareness among the general public and the growing demand for sustainable products. Additionally, the rising utilization of glucaric acid as a phosphate replacement in detergents is contributing significantly to market growth, owing to its effectiveness in trapping pollutants in hard water and preventing soap scum formation.
One of the driving factors behind this growth is the surging preference for liquid detergents in laundry, dishwashing, and housecleaning, further boosting the market expansion. Furthermore, the use of glucaric acid in the production of nylon and other polymers, with approximately 8 billion pounds of nylon being manufactured globally each year, is another significant growth stimulant.
Companies involved in glucaric acid production are embracing renewable resources and advanced scientific techniques to ensure a more abundant and cost-effective supply of glucarate and its derivatives. The versatility of glucaric acid in various industries, including food, pharmaceuticals, and polymers, has contributed to its robust growth throughout the projection period.
The rising consumer preference for bio-based products, known for their biodegradable and non-toxic qualities, is further propelling the glucaric acid markets expansion. Government initiatives promoting safe ingredients and organic and bio-based goods have led to substantial investments in research and development, driving technological innovations in the industry. For instance, Rivertop Renewables developed an oxidation platform for glucaric acid production, guaranteeing high product yields and reduced contamination, thereby adhering to stringent control regulations set by organizations such as the EPA, EU, and FDA.
Impact of COVID-19 on the Glucaric Acid Market
The global glucaric acid market, like many other industries, faced challenges during the COVID-19 pandemic. Precautionary lockdowns and restrictions disrupted production and supply chain operations. Additionally, the pandemic prompted consumers to reduce non-essential expenditures, impacting demand for glucaric acid. However, as regulatory authorities gradually ease restrictions, the glucaric acid industry is expected to recover in the coming years.
Market Drivers
- Growing Demand for Eco-Friendly Cleaning Agents: The market for glucaric acid is driven by its use in detergents to reduce magnesium and calcium buildup in hard water, as well as its role as a phosphate alternative in cleaning agents. The shift toward biodegradable products has accelerated market growth.
- Health Benefits Awareness: Glucaric acids health benefits, including its use in food products as a health supplement to enhance metabolism and reduce the risk of cancer, are contributing to market expansion.
Market Restraints
- Production Challenges: While glucaric acid can be produced in a single step, the use of nitric acid in the production process generates waste and dangerous NOx gas, hindering large-scale development. Economically viable manufacturing processes and purification methods remain challenges.
Segment Overview
- Pure Glucaric Acid Dominates: Pure glucaric acid, produced through the oxidation of glucose, is expected to dominate the market, driven by its biodegradability and environmental safety.
- Detergent Application Leading: Detergent application is set to dominate the market due to the ban on phosphates in detergents, with glucaric acid serving as an effective alternative.
Regional Landscape
- Asia Pacific Takes the Lead: Asia Pacific is expected to hold the largest market share, driven by increasing manufacturing activities, particularly in countries like China and India, which have lower labor costs and abundant raw materials.
- North America Sees Growth: North America, led by the United States, is witnessing growth due to governmental support and increased use of natural products in various industries.
Competitive Landscape
Several key players in the Glucaric Acid Market include AK Scientific Inc., Alfa Chemistry, Carbosynth Ltd, Cayman Chemical Company, CHEMOS GmbH & Co. KG, Kalion Inc., Merck KGaA, and The Archer-Daniels-Midland Company. Notably, Kalion, Inc. has made significant advancements in producing high-purity, low-cost glucaric acid, aligning with the markets growing demand for sustainable solutions.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/glucaric-acid-market
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This press release first seen on Brilad
COMTEX_442430656/2840/2023-10-25T09:54:56
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.