ORGANIC ACIDS MARKET ANALYSIS

The global organic acids market size is expected to witness potential gains in the future and register a significant CAGR of 5.6% over the forecast period (2019 - 2027).

Market Overview

An organic acid is an organic compound with acidic properties. Organic acids play major role in rhizosphere acidification and mineral weathering. These type of acids are used as solvents, substrates, weak acids, or in a catalytic amount as a Bronsted acid source. Some of the important organic acids include, lactic acid, acetic acid, formic acid (methanoic acid), citric acid, oxalic acid, butyric acid, lauric acid, malic acid, tartaric acid, and erucic acid. Organic acids react with bases to produce salts and water; with carbonates to produce salts, water, and carbon dioxide; and with metals to produce salts and hydrogen.

Market Dynamics

Organic acids such as lactic acid is produced by fermentation process of several microorganisms (lactic acid bacteria) and is used in the food and beverages industry. Lactic acid is approved as a food additive in the EU, U.S., Australia, and New Zealand. Lactic acid is found in koumiss, laban, yogurt, kefir, some cottage cheeses, and beers. Therefore, increasing use of lactic acid in the food and beverages industry is expected to boost growth of the global organic acids market over the forecast period. Organic acids also find application in the petrochemicals, pharmaceuticals, oil and gas, textile, and adhesives industries. Formic acid is used for oil and gas well stimulation treatments.    

However, several synthetic organic acids are produced using nonrenewable sources, which adversely impacts the environment. This in turn is expected to hinder the market growth.

Increasing research and development activities focused on the production of organic acids from bio-based sources is expected to offer lucrative growth opportunities for the market players.

Market Outlook

The global organic acids market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific is expected to hold dominant position in the market, owing to increasing production and use of organic acids from various sectors such as food and beverages, dairy, and agriculture. Moreover, growing food and beverages industry in economies of India and China is also expected to positively impact the market share of Asia Pacific. The market in Middle East and Europe is majorly driven by growing oil and gas sector. Increasing production of bio-based organic acids is expected to boost the market growth in North America

Key Players

Key players operating in the glovbal organic acids market include, BioAmber, Genomatica, DSM Cargill, and The Dow Chemical Company.