North America Bio-organic Acid market is expected to register a CAGR of 5.3% during the forecast period. United States dominated the North America bio-organic acid market in 2017.
Preference for Bio-organic Acid over its Conventional Counterparts
The demand for organic acids produced from renewable raw materials is growing largely due to the adverse environmental effects of conventional organic acids. Environmental Protection Agency (EPA) has implemented strict regulations that limit the usage of harmful chemicals that emits VOCs. Organic acids produced from natural raw material sources can be a potential replacement for synthetic acids. Organic acids are one of the key products used to produce a diverse range of intermediates in petrochemical ind healthcare. Organic acids used for these applications include fumaric acid, acrylic acid, lactic acid, succinic acid, and acetic acid, among others.
Petrochemical Application 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. Replacing petrochemical carbon sources is of interest to environmental conscious suppliers and consumers. Increasing regulations on applications of petrochemical-based products are acting as a driver for bio-organic acids market in North America. Manufacturers are continuously developing new products to meet the changing consumer demand, as well as to sustain in the stringent regulatory framework imposed by USDA in the region.
United States Dominates the Market
Organic food is one of the fastest growing segments of American agriculture. The organic sector evolved from scattered initiatives into a strong national movement with common goals, while maintaining strong regional market that provide organic promotion, education and increase the capacity of the organic sector. The U.S. Department of Agriculture (USDA) reported a significant increase in the number of certified organic operations. According to a new data, among the 31,160 certified organic operations across the globe, United States have 21,781 of these operations. All such factors are expected to have a significant impact on the growth of the studied market during the forecast period.
Notable Developments
Major Players: BASF SE, NatureWorks LLC, Braskem, Novozymes, and Dairen Chemicals, among others.
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