Global Tartaric Acid Market: Snapshot
The rapid development of the food and beverages industry has resulted in a high growth of the global tartaric acid market in the next few years. The rising number of application in diverse industries is projected to enhance the market growth in the near future.
According to the market research study by Transparency Market Research, the global market for tartaric acid is projected to reach a value of US$3.16 billion by the end of 2022. The market is likely to register a promising 6.205 CAGR between 2014 and 2022.
Rising Number of Applications to Enhance Market Growth in Near Future
The increasing multiple functionalities across diverse industries and the significant rise in the wine industry are considered as some of the key factors that are projected to enhance the growth of the global tartaric acid market in the near future. In addition to this, the rising research and development activities and the growing focus on technological advancements and innovations are likely to accelerate the market growth in the coming years.
On the flip side, the rising infrastructural challenges in emerging nations and the less availability of raw materials resulting in higher production costs are predicted to hamper the growth of the market in the near future. Moreover, the restricted use of the synthetic tartaric acid in different applications is projected to restrict the market growth in the near future. Nonetheless, the less stringent regulations and the production of tartaric acid through cost-effective methods are likely to support the market growth and generate potential opportunities for market players in the near future.
Europe to Lead Global Tartaric Acid Market in Coming Years
The global tartaric acid market has been categorized on the basis of geography into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. In the last few years, Europe led the global tartaric acid market and is projected to maintain its dominance in the near future. The presence of a large number of leading players is expected to accelerate the growth of the market in the near future. Furthermore, Asia Pacific is projected to register a strong growth rate in the next few years, owing to the increasing consumption of wine and the growing demand from the food and beverages industry. The North America market for tartaric acid is predicted to witness high growth in the near future. The high growth of this region can be attributed to the rising construction and pharmaceutical industries in the coming few years.
The global market for tartaric acid is considered as fragmented in nature with a large number of players operating in it. The rise in the number of players that are expected to enter the market is projected to strengthen the competitive environment of the market in the next few years. The key players are emphasizing on the research and development activities and expansion of the product portfolio so as to enhance their penetration in the coming years. Some of the key players operating in the tartaric acid market across the globe are Derivados Vinicos S.A., Caviro Distillerie S.R.L., American Tartaric Products, Inc., Distillerie Mazzari S.p.A., Changmao Biochemical Engineering Company Ltd., The Tartaric Chemicals Corporation, Giovanni Randi S.p.A., Industria Chimica Valenzana S.p.A., Tarcol S.A., Vinicas, Inc., and Omkar Speciality Chemicals Ltd.
- Tartaric Acid Market – End-user Analysis
- Food & beverages
- Others (Including chemical, leather tanning, metal finishing, etc.)
- Tartaric Acid Market – Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)