PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515406
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515406
The Synthetic Tartaric Acid Market size was valued at USD 897.45 million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
Synthetic tartaric acid, also referred to as 2, 3-Dihydroxysuccinic acid, is a white crystalline compound that can be produced artificially or derived from natural sources. It occurs naturally in grapes, tamarinds, bananas, and various citrus fruits. This chemical is utilized as an additive in specific food items like baby formula, confectionery, preserves, and fruit beverages. Industries such as agriculture, food production, cosmetics, and detergents make use of synthetic tartaric acid. It serves as a preservative or antioxidant in food products and is included in certain medications and toothpaste formulations. The demand for both organic and synthetic tartaric acid is substantial due to its antibacterial, anti-caries, and anti-plaque properties, making it a key ingredient in oral care products like toothpaste, mouthwashes, lozenges, chewing gums, and dental floss. Consequently, there is a significant global demand for synthetic tartaric acid.
Synthetic Tartaric Acid Market- Market Dynamics
Increasing Demand from the Pharmaceuticals and Construction industries is expected to drive market growth
Synthetic tartaric acid plays a crucial role in the pharmaceutical industry by aiding in the quick dissolution and absorption of active ingredients in effervescent tablets. The market share of synthetic tartaric acid is expected to reach around 60% in 2022, as per the chemical economic handbook. Additionally, in the construction sector, it is utilized as a retardant in cement and concrete admixtures. The market may witness growth opportunities due to rapid urbanization and infrastructure development in emerging economies. Nevertheless, fluctuations in raw material prices could hinder market growth.
Synthetic Tartaric Acid Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on Product segmentation, L (+) - Tartaric Acid was predicted to show maximum market share in the year 2023
Based on Type segmentation, Grapes & sun-dried raisins were the leading type in 2023
Based on Application segmentation, Food & beverages was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Synthetic Tartaric Acid Market is segmented based on Product, Type, Application, and Region.
The market is categorized into three groups according to the Product: L (+) - Tartaric Acid, D (-) - Tartaric Acid, and DL Tartaric Acid. L (+) - Tartaric Acid holds the majority share in the market. The L(+)-form is the naturally existing form discovered in grapes and other fruits, but it can also be artificially synthesized. This particular enantiomer is extensively utilized in numerous industries such as pharmaceuticals, food and beverages, construction, and cosmetics due to its advantageous properties.
The market is segmented into three groups according to Type: Grapes & sun-dried raisins, Maleic anhydride, and others. Grapes & sun-dried raisins are the dominant force in the market. Grapes and sun-dried raisins have a notable indirect impact on the synthetic tartaric acid market, mainly because of their inherent tartaric acid levels. Tartaric acid, a crucial element naturally present in grapes, is especially concentrated in the skins and seeds.
The market is categorized into three segments according to its application: Food & beverages, Pharmaceuticals, Cosmetics & personal care products, and others. Food & beverages hold the majority share in the market. Synthetic tartaric acid plays a vital role in the food and beverage industry, serving as an acidulant, flavor enhancer, and stabilizer. Its exceptional properties greatly contribute to improving the flavor, texture, and shelf-life of a wide range of food and beverage products.
Synthetic Tartaric Acid Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The Asia Pacific region dominates the market primarily due to the increasing environmental concerns, government incentives, and technological advancements. There is a significant push in the Asia-Pacific region for sustainable manufacturing practices, driven by growing environmental awareness. Companies in this region are adopting greener technologies to minimize the environmental impact of chemical production, such as synthetic tartaric acid. A study conducted by China's Ministry of Ecology and Environment in 2018 revealed that only 10% of China's groundwater stations reported "good" or "excellent" water quality. To promote green technologies and sustainable industrial practices, governments across the Asia-Pacific region are offering incentives. The region also witnesses increased government funding for research and development in sustainable chemical production, which fosters innovation. Europe holds the second-largest region for market growth, primarily due to its research and development efforts.
The competitive landscape of the synthetic tartaric acid market is marked by fierce competition among key players who are dedicated to strengthening their market presence through strategies such as product innovation, mergers and acquisitions, partnerships, and increasing production capacities. Significant investments in research and development are being made to innovate and enhance production processes. There is a strong emphasis on expanding global reach through strategic partnerships and distribution networks. Companies are focusing on R&D to create new and improved synthetic tartaric acid formulations tailored to the specific requirements of different industries. High-purity products and sustainable manufacturing processes are top priorities. To meet the rising demand, major players are expanding their production capacities by establishing new manufacturing facilities and upgrading existing ones to boost production efficiency and output.
The price of Tartaric Acid in the US market experienced a decline during June due to various factors including a rise in supply, reduced demand, and a stronger USD. A significant contributing factor to this decrease is the global increase in Tartaric Acid production, with China, the leading producer, boosting its output in 2023, thereby expanding the worldwide supply of the product.
GLOBAL SYNTHETIC TARTARIC ACID MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Tartaros Gonzalo Castello S.L
Sagar Chemicals
American International Chemicals LLC
Ninghai Organic Chemical Factory
Yantai Taroke Bio-engineering Co., Ltd
Hangzhou Bioking Biochemical Engineering Co., Ltd
Hangzhou Regin Bio-tech Co., Ltd.
Changmao Biochemical Engineering Company Limited
Brenn-O-Kem (Pty) Ltd
Omkar Speciality Chemical Limited
Shanhong Chemical Co, Ltd
PAHI, S.L.
Others