Tartaric Acid Market Key Growth Factors and Industry Analysis | New Research By 2022
Asia Pacific has a large number of producers of synthetic tartaric acid with China accounting for large synthetic tartaric acid production capacity. Some key players in the global tartaric acid market include Caviro Distilleries S.R.L., American Tartaric Products Inc., and Omkar Specialty Chemicals Ltd among others.According to the report, the global tartaric acid market stood at US$1.85 bn in 2013 and is expected to be worth US$3.16 bn by 2022 at a CAGR of 6.2% between 2014 and 2022.
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Food and Beverage End-use Segment held Significant Share in Market in Recent Past
By end user, the global tartaric acid market is segmented into wine, food and beverage, pharmaceutical, construction, and others (leather tanning, metal finishing). As of 2013, the report identifies food and beverage as the leading end-user of tartaric acid. The food and beverage industry alone accounted for almost 25% of the volume of tartaric acid produced in the same year. In 2013, the wine industry was another significant end user of tartaric acid.
However, the construction sector stood as the leading end-user of tartaric acid in the Middle East and Africa in 2013, reveals the report. Going forward, the pharmaceuticals industry is expected to display the fastest growth rate.
The global tartaric acid market is divided in terms of geography into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Europe retained its lead position in 2013 accounting for more than 30% of the global market. Asia Pacific is expected to be the fastest growing regional market for tartaric acid. This is attributed to increasing consumption of wine, rapidly growing construction industry, and perpetual demand in food and beverages industry.
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North America is expected to display above average growth rate during the forecast period led by the recovery of the construction industry and robust growth in wine and pharmaceutical industries. The wine and food and beverage industries are anticipated to display robust demand for tartaric acid in Latin America. The high growth of the construction sector in Brazil is expected to be the key end user of tartaric acid in the initial years of the forecast period.
Booming Construction Sector Bodes Well for Market
The wine and construction industries in the Middle East and Africa emerged as the top drivers of tartaric acid in the region. The high growth of the construction sector in the GCC region and increasing demand for wine produced in South Africa are boosting the tartaric acid market in this region.
Rising wine consumption in Asia Pacific and Latin America with increasing purchasing power is the central force behind the growth of the tartaric acid market globally. Wine and alcoholic beverages are increasingly becoming an integral part of luxury goods market in these regions. The increasing demand for tartaric acid as an organic excipient in the pharmaceutical industry is also leading to a surging growth of this market.
The market, however, faces challenges in the form of seasonal availability of raw materials. This factor largely hampers the natural tartaric acid market.
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