Europe Bio-organic Acid Market - Segmented by Application, Product Type, Raw Material, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Europe bio-organic acid market is expected to register a CAGR of 4.8% during the forecast period. Germany dominated the Europe bio-organic acid market in 2017.
Growing Preference for Bio-Organic Acid over its Conventional Counterpart
The demand for organic acids produced from renewable raw materials is growing largely due to the adverse environmental effects of conventional organic acids. Organic acids produced from natural raw material sources can be a potential replacement for synthetic organic acids. Organic acids are one of the key products used to produce a diverse range of intermediates in petrochemical industry. Bio-organic acids can be a potential replacement for petrochemicals in some of the key application areas, such as polymer, food, coatings, and healthcare. Organic acids used for these applications include fumaric acid, acrylic acid, lactic acid, succinic acid and acetic acid, amongst others. Stringent EU regulations over conventional organic acids are boosting the demand for bio-based substitutes for a wide variety of industrial applications.
Petrochemical Applications to Dominate the Market
Bio-renewable organic chemicals, like lactic acid accounted for a significant share in the bio-based chemicals market. There is a large range in market maturity for platform bio-chemicals, ranging from mature markets, like lactic acid to nascent markets, like succinic acid. The strongest growth is expected for secondary chemicals, such as PLA, polyhydroxyalkanoate (PHA) and bio-ethylene, which are used to manufacture bio-based plastics. Increasing regulations on applications of petrochemical-based products are acting as a driver for bio-organic acids market in Europe. Manufacturers are continuously developing new products to meet the changing consumer demand, as well as to sustain in the stringent regulatory framework imposed by EU in the region. Western Europe is the largest market for bio-based petrochemical products in the region from past many years as these countries have strict monitoring over EU regulatory framework implications.
Germany Dominates the Market
Germany has the largest economy in Europe and the fifth largest, by GDP, in the world. Bio-organic acids are one of the major building blocks of the petrochemicals industry, which produce a wide range of intermediates and end-use petrochemical products. The German petrochemical industry is expected to maintain stable growth during the forecast period, with not much major capacity additions. In healthcare industry, Germany is a large and attractive market within the EU with high standards and high spending. The country’s healthcare industry is growing at the rate of 5% per annum, providing more opportunities for healthcare businesses to enter this market and allowing German healthcare industry to infiltrate other countries. All such factors are expected to have a significant impact on the growth of the studied market during the forecast period.
Major Players: BASF SE, BioAmber, Braskem, DSM, and Myriant, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating application and raw material used in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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