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Organic Rankine Cycle Market Forecasts to 2032 – Global Analysis By Working Fluid (Hydrocarbons, Refrigerants, Siloxanes and Other Working Fluids), System Type, Capacity, Application, End User and By Geography

Published Jun 06, 2025
Length 200 Pages
SKU # SMR20071168

Description

According to Stratistics MRC, the Global Ascorbic Acid Market is accounted for $1.71 billion in 2025 and is expected to reach $2.79 billion by 2032 growing at a CAGR of 7.2% during the forecast period. A water-soluble vitamin that is vital to human health is ascorbic acid, also referred to as vitamin C. As a potent antioxidant, it shields cells from harm brought on by free radicals. It is essential for wound healing, collagen synthesis, and the preservation of strong bones, cartilage, and skin. Ascorbic acid must be obtained through diet or supplements because humans are unable to make it naturally. Ascorbic acid, which is present in fruits and vegetables such as bell peppers, oranges, and strawberries, is essential for overall health since it boosts iron absorption and immune system performance.

According to CXOs, the introduction of a new production process for ascorbic acid is expected to close down the demand and supply gap, as every year the demand for food-grade ascorbic acid rises by ~5%.

Market Dynamics:

Driver:

Growth in functional foods and beverages

Ascorbic acid is a common ingredient because of its immune-boosting and antioxidant qualities, and consumers are looking for goods that provide health advantages beyond basic nutrition. Because of its well-established health benefits, ascorbic acid is frequently used to fortify beverages, snacks, and supplements. Vitamin C is very necessary for functional beverages to increase their attractiveness and effectiveness, particularly in the immunity and wellness categories. Manufacturers are adding more ascorbic acid to product formulations as a result of consumers' increased emphasis on prevention and health. Consequently, one of the main factors propelling the expansion of the worldwide ascorbic acid market is the trend towards functional foods and beverages.

Restraint:

Raw material price volatility

Regular changes in the cost of essential inputs, such as sorbitol and maize, interfere with budgeting and supply chain planning. These ambiguities have the potential to lower profit margins and deter investment in expanding production. Small and mid-sized businesses are particularly at risk since they frequently can't keep up with unexpected expense rises. Long-term agreements and client relationships may also be impacted by inconsistent pricing. In general, market stability is compromised and growth is slowed by volatility.

Opportunity:

Rising demand in emerging economies

Increased use of vitamin C in medications and nutritional supplements is a result of growing urbanisation and better healthcare facilities. The demand for fortified foods and beverages is being driven by growing middle-class populations that are growing more health conscious. Growing food processing industries in nations like Brazil, China, and India also lead to a rise in the use of ascorbic acid as an antioxidant and preservative. Government programs that raise knowledge of nutrition also help the market expand. All things considered, these elements contribute to the high and ongoing need for ascorbic acid in emerging nations.

Threat:

Counterfeit and substandard products

Products that are subpar and counterfeit frequently fall short of safety and effectiveness requirements, endangering consumer health and perhaps resulting in legal repercussions. Because of price undercutting caused by their dissemination, it is more difficult for legitimate firms to engage in fair competition. In response, regulatory agencies might impose more stringent guidelines, raising the cost of compliance for respectable businesses. The reputation of reliable providers' brands is also harmed by the existence of counterfeit goods. In the end, this hinders market expansion generally and deters investment in new product development.

Covid-19 Impact

The Covid-19 pandemic significantly impacted the ascorbic acid market by driving increased demand due to its immune-boosting properties. Consumers and healthcare sectors prioritized vitamin C for prevention and recovery, boosting sales. However, supply chain disruptions and raw material shortages initially hindered production and distribution. As the market adapted, manufacturers scaled up output to meet rising demand. Overall, the pandemic accelerated awareness and consumption of ascorbic acid, positively influencing market growth despite early challenges.

The synthetic segment is expected to be the largest during the forecast period

The synthetic segment is expected to account for the largest market share during the forecast period, due to its cost-effective and scalable production process. It enables mass manufacturing to meet growing demand across industries like food, pharmaceuticals, and cosmetics. Synthetic ascorbic acid ensures consistent purity and stability, making it preferable for industrial applications. It also supports longer shelf life and better formulation compatibility in processed products. Additionally, ongoing innovations in synthetic production methods help lower costs, further boosting market adoption.

The blister packs segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the blister packs segment is predicted to witness the highest growth rate by enhancing product stability and extending shelf life through effective protection from moisture and air. These packs offer convenient, single-dose packaging, increasing consumer preference for vitamins and supplements, especially in the pharmaceutical and nutraceutical sectors. Blister packaging also ensures accurate dosing and tamper resistance, boosting consumer confidence in ascorbic acid products. Its cost-effective and scalable nature appeals to manufacturers looking to improve packaging efficiency. Moreover, the visually appealing presentation of blister packs helps drive retail sales, further supporting market growth.

Region with largest share:

During the forecast period, the Asia Pacific region is expected to hold the largest market share due to rising population, urbanization, and expanding pharmaceutical and food processing industries. Increasing consumer awareness about health benefits and preventive healthcare is driving higher consumption. China and India are major contributors due to their large-scale production capabilities and growing domestic demand. The market is characterized by cost-effective manufacturing and expanding exports. Additionally, government initiatives promoting nutrition and wellness further stimulate growth, making Asia Pacific one of the fastest-growing regions in the global Ascorbic Acid market.

Region with highest CAGR:

Over the forecast period, the North America region is anticipated to exhibit the highest CAGR by increasing demand from the food and beverage sector, especially for its antioxidant properties and role as a vitamin supplement. Rising health consciousness and the expanding nutraceutical industry contribute to market growth. Key players focus on innovation and sustainable production methods to meet stringent regulations. The pharmaceutical and cosmetic industries also bolster demand. With well-established supply chains and advanced manufacturing facilities, North America maintains a steady market trajectory, supported by consumer preference for natural and fortified products.

Key players in the market

Some of the key players profiled in the Ascorbic Acid Market include BASF, CSPC Weisheng Pharmaceutical, Honson Pharmatech Group, Microvi Biotech Inc., MEDISCA, Reckon Organics Pvt. Ltd., DSM Nutritional Products, Anhui Minmetals Development Co., Ltd., Northeast Pharmaceutical Group Co., Ltd., Hebei Welcome Pharmaceutical Co., Ltd., Zhejiang NHU Co., Ltd., Wuhan NHU Co., Ltd., FINE USA, Inc., Zhejian Medicine Co., Ltd., Shijiazhuang No.4 Pharmaceutical Co., Ltd., Wuhan Zhongxin Biological Pharmaceutical Co., Ltd., Hangzhou Hestar Biotech Co., Ltd. and Zhucheng Tongda Chemical Co., Ltd.

Key Developments:

In November 2024, BASF partnered with Acies Bio to develop sustainable fermentation technologies for producing fatty alcohols, essential in personal and home care products. This collaboration aims to utilize Acies Bio’s OneCarbonBio platform for efficient conversion of renewable methanol into chemical raw materials.

In January 2024, CSPC Innovation Pharmaceutical Co., Ltd. agreed to acquire CSPC Baike Biopharmaceutical Co., Ltd. from CSPC Weisheng Pharmaceutical and other CSPC entities for CNY 9.8 billion. This deal was aimed at consolidating CSPC’s innovative drug pipeline and strengthening its core business, including health food and functional raw materials, which are closely tied to the ascorbic acid market

Sources Covered:
• Synthetic
• Natural

Forms Covered:
• Powder
• Granules
• Tablets
• Capsules
• Liquid
• Injectable
• Coated
• Other Forms

Grades Covered:
• Food Grade
• Pharmaceutical Grade
• Feed Grade
• Cosmetic Grade
• Industrial Grade
• Other Grades

Distribution Channels Covered:
• Direct Sales (B2B)
• Retail Pharmacies
• Health & Wellness Stores
• Online Retailers
• Supermarkets

Manufacturing Processes Covered:
• Two-step fermentation process
• One-step fermentation process
• Chemical synthesis
• Enzymatic biosynthesis

Packagings Covered:
• Bulk Packaging
• Sachets
• Blister Packs
• Bottles
• Droppers
• Pouches
• Other Packagings

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements



• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

200 Pages
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Organic Rankine Cycle Market, By Working Fluid
5.1 Introduction
5.2 Hydrocarbons
5.3 Refrigerants
5.4 Siloxanes
5.5 Other Working Fluids
6 Global Organic Rankine Cycle Market, By System Type
6.1 Introduction
6.2 Modular ORC Systems
6.3 Custom-built ORC Systems
7 Global Organic Rankine Cycle Market, By Capacity
7.1 Introduction
7.2 Small Scale (up to 100 kW)
7.3 Medium Scale (100 kW – 1 MW)
7.4 Large Scale (Above 1 MW)
8 Global Organic Rankine Cycle Market, By Application
8.1 Introduction
8.2 Waste Heat Recovery
8.3 Geothermal Power Generation
8.4 Biomass Power Generation
8.5 Solar Thermal Power Generation
8.6 Marine and Transportation
8.7 Other Applications
9 Global Organic Rankine Cycle Market, By End User
9.1 Introduction
9.2 Power Generation
9.3 Oil & Gas
9.4 Chemical & Petrochemical
9.5 Food & Beverage
9.6 Automotive
9.7 Manufacturing
9.8 Other End Users
10 Global Organic Rankine Cycle Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Mitsubishi Heavy Industries
12.2 Ormat Technologies Inc.
12.3 Exergy International Srl
12.4 Enogia S.A.S.
12.5 ORCAN Energy AG
12.6 Kaishan USA
12.7 Triogen Limited
12.8 Climeon AB
12.9 ElectraTherm, Inc.
12.10 Baker Hughes Company
12.11 Atlas Copco AB
12.12 Alfa Laval AB
12.13 Siemens Energy AG
12.14 General Electric Company
12.15 Kawasaki Heavy Industries Ltd.
12.16 IHI Corporation
12.17 Dyckerhoff
List of Tables
Table 1 Global Organic Rankine Cycle Market Outlook, By Region (2024-2032) ($MN)
Table 2 Global Organic Rankine Cycle Market Outlook, By Working Fluid (2024-2032) ($MN)
Table 3 Global Organic Rankine Cycle Market Outlook, By Hydrocarbons (2024-2032) ($MN)
Table 4 Global Organic Rankine Cycle Market Outlook, By Refrigerants (2024-2032) ($MN)
Table 5 Global Organic Rankine Cycle Market Outlook, By Siloxanes (2024-2032) ($MN)
Table 6 Global Organic Rankine Cycle Market Outlook, By Other Working Fluids (2024-2032) ($MN)
Table 7 Global Organic Rankine Cycle Market Outlook, By System Type (2024-2032) ($MN)
Table 8 Global Organic Rankine Cycle Market Outlook, By Modular ORC Systems (2024-2032) ($MN)
Table 9 Global Organic Rankine Cycle Market Outlook, By Custom-built ORC Systems (2024-2032) ($MN)
Table 10 Global Organic Rankine Cycle Market Outlook, By Capacity (2024-2032) ($MN)
Table 11 Global Organic Rankine Cycle Market Outlook, By Small Scale (up to 100 kW) (2024-2032) ($MN)
Table 12 Global Organic Rankine Cycle Market Outlook, By Medium Scale (100 kW – 1 MW) (2024-2032) ($MN)
Table 13 Global Organic Rankine Cycle Market Outlook, By Large Scale (Above 1 MW) (2024-2032) ($MN)
Table 14 Global Organic Rankine Cycle Market Outlook, By Application (2024-2032) ($MN)
Table 15 Global Organic Rankine Cycle Market Outlook, By Waste Heat Recovery (2024-2032) ($MN)
Table 16 Global Organic Rankine Cycle Market Outlook, By Geothermal Power Generation (2024-2032) ($MN)
Table 17 Global Organic Rankine Cycle Market Outlook, By Biomass Power Generation (2024-2032) ($MN)
Table 18 Global Organic Rankine Cycle Market Outlook, By Solar Thermal Power Generation (2024-2032) ($MN)
Table 19 Global Organic Rankine Cycle Market Outlook, By Marine and Transportation (2024-2032) ($MN)
Table 20 Global Organic Rankine Cycle Market Outlook, By Other Applications (2024-2032) ($MN)
Table 21 Global Organic Rankine Cycle Market Outlook, By End User (2024-2032) ($MN)
Table 22 Global Organic Rankine Cycle Market Outlook, By Power Generation (2024-2032) ($MN)
Table 23 Global Organic Rankine Cycle Market Outlook, By Oil & Gas (2024-2032) ($MN)
Table 24 Global Organic Rankine Cycle Market Outlook, By Chemical & Petrochemical (2024-2032) ($MN)
Table 25 Global Organic Rankine Cycle Market Outlook, By Food & Beverage (2024-2032) ($MN)
Table 26 Global Organic Rankine Cycle Market Outlook, By Automotive (2024-2032) ($MN)
Table 27 Global Organic Rankine Cycle Market Outlook, By Manufacturing (2024-2032) ($MN)
Table 28 Global Organic Rankine Cycle Market Outlook, By Other End Users (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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