New York – Globally, preference for wine has increased significantly in the past couple of years. Apart from traditional links associated with wine consumptions, now consumption of wine has become more common and acceptable. Synthetic tartaric acid plays a vital role in the wine industry, as it acts as a pH regulator. Besides, consumption of synthetic tartaric acid in wine making, its use is also evitable in different other food and beverages application, and even in pharmaceuticals, chemicals, and building and construction industries.
Players in the global synthetic tartaric acid market are making significant efforts in increasing the application of synthetic tartaric acid in various industries. They are also making persistence efforts in merger and acquisition, expansion, collaboration, expansion, and research and development to get a firm hold in the market and compete aggressively with their competitors. Some prominent players mentioned in the report include Hangzhou Linan Jinlog Chemicals Co.Ltd, Yantai Taroke Bio-engineering Co.Ltd., Industria Chimica Valenzana ICV Spa, Australia Tartaric Product Pty Limited., PAHI SL, Changmao Biochemcials Engineering Co.Ltd, Hangzhou Ruijing Biotechnology Co. Limited, Derivados Vinicos SA, and Hangzhou Regin Bio-Tech Co. Limited.
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Revenue analysis of the global synthetic tartaric acid market is given in detail in the report published by Persistence Market Research. Report estimates shows that this market is expected to generate approximately US$ 804.7 Mn by the end of forecast period in 2027. As the estimated CAGR for the market is 4.8%, this market has around US$ 273.3 Mn of incremental opportunity between the period of 2019 and 2027.
Application in Multiple Industries Augmenting Market’s Growth Prospects
Knowing the fact that the demand for synthetic tartaric acid is high in the food and beverages industry, its demand is also rising in the construction and pharmaceutical industries as well. Synthetic tartaric acid is used in pharmaceutical manufacturing, which is overall benefiting the overall market for synthetic tartaric acid. Moreover, increasing streamline of the approval process for drugs containing this acid especially in developed regions such as the U.K. and the U.S. has further augmented use of synthetic tartaric acid in the pharmaceutical industry.
With reference to the growth of synthetic tartaric acid in the building and construction industry, it plays a crucial role as it is used as retardant that helps in improving handling of plaster and gypsum. Synthetic tartaric acid is highly used in the cement industry, attributing to the similar properties as mentioned above. With increasing number of building and construction and housing projects across the globe are creating huge growth opportunity in the global synthetic tartaric acid market.
China Estimated to be the Leading Region for Synthetic Tartaric Acid
Regionally, the demand for synthetic tartaric acid is high in North America and Europe, and with to specific country China is having highest demand for synthetic tartaric acid. But it is estimated that the demand for synthetic tartaric acid is high in China as Europe and North American markets are fairly mature. Moreover, huge investments made in the building and construction industry is the major behind the high demand for synthetic tartaric acid.
The study presented here is based on a report by Persistence Market Research (PMR) titled Synthetic Tartaric Acid Market (Application – Wine, Food & Beverage, Pharmaceuticals, Chemicals, Building & Construction; Product Type – L (+)- Tartaric Acid, D (-)- Tartaric Acid, DL Tartaric Acid) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027”.
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The global synthetic tartaric acid market:
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)