The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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PMR’s published market report titled “Synthetic Tartaric Acid Market: Global Industry Analysis 2013-2018 and Forecast 2019-2027” examines the synthetic tartaric acid market and provides insights pertaining to the market. According to PMR analysis, the global demand for synthetic tartaric acid is estimated to be valued at US$ 531.4 Mn by the end of 2018 and is estimated to register 4.8% CAGR over the period of 2019–2027. This report provides an assessment of overall synthetic tartaric acid market and its split on the basis of different product types and applications.
Synthetic Tartaric Acid Market: Dynamics
Over the recent past, a significant rise in consumption of wines across the globe has been witnessed. In order to cater to this demand and maintain the quality of wines, demand for additives, such as pH regulators, flavor enhancers, to name of few, has been increasing. Synthetic tartaric acid is used as a pH regulator in the wine industry. Thus, due to increasing production of wines across the globe, the demand for synthetic tartaric acid is also expected to increase over the forecast period. Over the years, the bakery segment has evolved in terms of product offerings, which has triggered the demand for various food specialty ingredients. Synthetic tartaric acid is used as an emulsifier in the bakery segment, specifically to maintain product quality and extend shelf life. Thus, any growth in bakery industry will directly impact the synthetic tartaric acid market during the forecast period.
Moreover, in drug formulations, increasing demand for synthetic tartaric acid, as an excipient, for the preparation of effervescent tablets, powder and granulates will be a prominent factor driving the growth of the synthetic tartaric acid market. Furthermore, efforts are being taken by governments and regulatory agencies in developed nations to streamline the approval process for excipients, which will further push the growth of synthetic tartaric acid market. Also, growing use of chemical admixtures globally will fuel the demand for synthetic tartaric acid as a retardant over the forecast period. However, increasing demand for and consumption of bio-based and eco-friendly alternatives in Europe and North America will hamper the growth of synthetic tartaric acid market during the forecast period.
Synthetic Tartaric Acid Market: Segmentation Analysis
The global synthetic tartaric acid market is estimated to witness healthy growth owing to rising demand from food & beverage, wine, pharmaceuticals and construction industries. Among product types, L (+) synthetic tartaric acid is gaining traction due to its distinctive characteristic properties, as an excipient and emulsifier. Moreover, the low cost of L(+) synthetic tartaric acid gives it competitive edge over D (-) synthetic tartaric acid.
On the basis of application, wine production, followed by pharmaceutical segment, is anticipated to grow at a significant CAGRs of 4.7% and 5.1%, respectively, over the forecast period.
Synthetic Tartaric Acid Market: Regional Market Projections
The China synthetic tartaric acid market is anticipated to hold a dominant share, both in terms of market share and CAGR index, throughout the forecast period. The synthetic tartaric acid market in India is a fragmented market with a number of small players operating in the market. Significant growth in pharmaceutical and wine industries in the region will drive the demand for synthetic tartaric acid as an excipient for drug manufacturing and as a pH regulator in wine production. India synthetic tartaric acid market is projected to be a high value-volume market over the forecast period. Western Europe and North America are considered to be relatively mature markets for synthetic tartaric acid and thus, are projected to register moderate growth rate during the forecast period. Latin America and GCC countries are also projected to remain lucrative over the forecast period.
Synthetic Tartaric Acid Market: Competitive Landscape
- Tártaros Gonzalo Castelló 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.