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Glucaric Acid Market Size Forecast to Reach $1.30 Billion by 2026

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Glucaric Acid Market Size Forecast to Reach $1.30 Billion by 2026

May 05
01:04 2021
Glucaric Acid Market Size Forecast to Reach $1.30 Billion by 2026

Glucaric Acid Market
Increasing Consumer Inclination for Bio-Based Products Owing to their Biodegradable and Non-Toxic Nature Along With Enhancing Product Quality Would Propel the Growth of Glucaric Acid Market

Glucaric Acid Market size is forecast to reach $1.30 billion by 2026, after growing at a CAGR of 8.7% during 2021-2026. Increasing consumer inclination for bio-based products owing to their biodegradable and non-toxic nature along with enhancing product quality would propel glucaric acid market growth. Strong demand for quality organic and multifunctional components has led to the addition of advanced ingredients that can support overall growth in the industry.

Glucaric Acid Market Segment Analysis – By Type

Pure glucaric acid held the largest share in the glucaric acid market in 2020. Glucaric acid is produced through a single-step process, i.e., oxidation of glucose. It is because of this reason that the demand for large scale production of glucaric acid has been increasing since the past few years. In addition, glucaric acid is a biodegradable chemical which is eco-friendly. Rising awareness of the potential threats to non-biodegradable chemicals has led to a growing penchant for biodegradable chemicals, which is yet another important factor that is expected to help increase pure glucaric acid market.

Glucaric Acid Market Segment Analysis – By Application

Detergent held the largest share in the glucaric acid market in 2020 and growing at a CAGR of 5.5% during the forecast period. Due to the ban on the use of phosphates, especially in liquid detergents, demand for the glucaric acid in the manufacture of detergent has increased. It is also expected that the increasing demand for biodegradable cleaners will have a positive effect on the market for glucaric acid over the next few years.

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Glucaric Acid Market Segment Analysis – By Geography

Asia-Pacific (APAC) dominated the Glucaric Acid market consisting market share of 42% followed by North America and Europe. Over the next few years, the increasing demand for this product from the detergent and food industries especially in emerging countries such as China and India has fueled market growth. In this area, most of the manufacturing of this product takes place. As compared to European and North American countries, China, India, and Taiwan are considered to possess ample sources of raw materials and cheaper labour. Currently, the manufacturing and other related industries has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.

Glucaric Acid Market Drivers

Advancement in glucaric acid will improve the market growth.

Glucaric acid manufacturing companies are applying proven science to renewable resources, producing an ample and much more cost-effective supply of glucarate and its derivatives. The formation of some polymers using glucaric acid, especially used for the manufacture of nylon, is also a current trend in the market for glucaric acid. In addition, manufacturers are concentrating on developing creative process techniques that can low the amount of waste generated during manufacturing.

R&D inefficient production of glucaric acid can augment the market.

Researchers are using various methods to produce glucaric acid from biomass molecules. In one of the research, glucose electrolysis process are used for efficiently producing glucaric acid through electrochemical production. In the production, nanostructured catalysts for NiFe oxide (NiFeOx) and nitride (NiFeNx), synthesized on three-dimensional Ni foams from NiFe layered double hydroxide nanosheet arrays were used to demonstrate high activity and selectivity against anodic glucose oxidation.

Glucaric Acid Market Challenges

Challenges in production of glucaric acid will restrict market growth.

Although the processing of glucaric acid is a single-step process, the production process requires the use of nitric acid, leading to the creation of waste and hazardous NOx gas. Before being released into the atmosphere, this gas must be treated. Consequently, the large-scale development of glucaric acid is hindered to some degree by the production of NOx, which is expected to hinder the expected growth of the demand for glucaric acid.

Hindrance in commercialization of glucaric acid can hinder the market growth.

Owing to the lack of commercially viable manufacturing methods, the commercialization of glucaric acid has been largely hindered. Traditional processing methods, such as oxidation of nitric acid, suffer from low yields and poor selectivity, raising the cost of production. And, glucaric acid, chemically synthesized, needs thorough purification. A fermentation-based process may produce both low-cost and high-purity glucaric acid.0

Glucaric Acid Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Glucaric Acid market. In 2020 the Glucaric Acid market has been consolidated by the top five players accounting for xx% of the share. Major players in the Glucaric Acid market are Rennovia Inc, Rivertop Renewables, Inc., Kalion Inc, Merck KGaA, Haihang Industry Co., Ltd., and Others.

Key Takeaways

Asia Pacific dominates the glucaric acid market owing to presence of detergent and food industry, especially in emerging countries.

The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.

The other key areas of focus include the various applications in glucaric acid market and their specific segmented revenue.

Related Reports :

A. Organic Acids Market

B. Food Additives Market

For more Chemicals and Materials related reports, please click here

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