The global glucaric acid market is projected to grow at a CAGR of 8.13% during the forecast period (2020-2025).
- Glucaric acid, which is formed by oxidizing glucose, has been recognized by the US Department of Energy as one of the most important building blocks chemicals that can be converted into several high values, bio-based chemicals. This factor is expected to propel the growth of the global glucaric acid market over the forecast period.
- The companies involved in the production of glucaric acid are applying proven science to renewable resources, are creating an abundant and far more economical supply of glucarate and its derivatives. Glucaric acid finds potential applications in food, pharmaceuticals and polymer industries which has resulted in robust growth in the glucaric acid market during the forecast period.
Key Market Trends
Increasing Usage as Phosphate Replacer in Detergents to Drive Glucaric Acid Market Growth
Detergent is one of the major applications of glucaric acid as a replacement for phosphates. Glucaric acid is the ideal cleansing agent. It serves as a builder that captures magnesium and calcium found in hard water and then prevents them from foaming soap scum. Since phosphate is now banned from dishwasher detergents and glucaric acid is being prominently used as a substitute in the industry. This is expected to boost the growth of the glucaric acid market over the forecast period. The use of glucaric acid is increasing in laundry and household cleaning. Glucaric acid is also regarded as ecofriendly as the raw materials used in the production of this product are renewable.
Asia-Pacific Holds a Significant Market Share
Asia-Pacific has witnessed a major share of the glucaric acid market in 2018 owing to the easy availability of raw materials and cheap labor in comparison to North America and Europe. Thus, major players including Haihang Industry Co Ltd and Alfa Chemistry have established manufacturing facilities in emerging economies of Asia-Pacific such as India, China, and Taiwan. North America accounted for a significant share of market share as the United States was the pioneer in the introduction of the acid. Glucaric acid is a renewable product. Hence, its usage is supported by governing bodies such as Environmental Protection Agency (EPA). This is augmenting the demand for glucaric acid in the global market during the forecast period.
Some of the major key players in the glucaric acid market, globally includes Shanghai Meicheng Chemical Co. Ltd., Haihang Indutry Co Ltd, Kalion Inc., Merck KGaA, Cayman Chemical, Alfa Chemistry, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support