LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global tartaric acid market predicts a CAGR of around 6% during the period 2018-2022.
The report segments the global tartaric acid market by application (wine, food and beverages, and pharmaceutical) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global tartaric acid market, according to Technavio chemicals and materials researchers:
- Growing construction industry: a major market driver
- Increasing demand from the food and beverages industry: emerging market trend
- The Americas dominated the global tartaric acid market with around 45% share in 2017
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Growing construction industry: a major market driver
Growing construction industry is one of the major factors driving the global tartaric acid market. The global construction industry is estimated to reach approximately USD 10.3 trillion in 2020. APAC has some of the world's leading economies such as Indonesia, China, India, Japan, and the Philippines. Apart from these, Vietnam and Malaysia are considered as potential emerging markets, while Singapore is one of the growing markets in terms of the quality of infrastructure and development. The infrastructure in Europe and North America is of good quality, depicting proper coordination and planning between the public and private players that are anticipating for the development and handling of existing and new construction projects. This assists these regions in attracting external investors to provide aid for the rehabilitation and reconstruction of existing structures.
According to a senior analyst at Technavio for research on specialty chemicals, “The market for tartaric acid is anticipated to grow based on its increasing use to delay the settling of gypsum. It acts as a retardant to delay the setting process in cement and plaster production and an anti-caking agent in gypsum processing. The construction industries in the developing markets are expected to grow at a much faster rate than the advanced economies. This is because of the increasing number of residential projects where the population has been growing rapidly over the past few years.”
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Increasing demand from the food and beverages industry: emerging market trend
The food industry provides a range of products such as animal food, consumer food, food ingredients, food additives, and dietary and nutraceutical supplements. Vendors collaborate for retailing, packaging and distribution, and the sale of these products. The beverages industry provides products such as juice, health drinks, alcoholic drinks, non-alcoholic drinks, and aerated drinks. Manufacturers are concentrating on increasing the production speed and output. Competitive pricing is anticipated to be one of the key factors for the growth of the market during the forecast period. Various product segments of the global beverages market will project growth during the forecast period. These factors will be one of the reasons for the growth of the global tartaric acid.
Global market opportunities
In terms of regional dominance, EMEA led the global tartaric acid market, contributing a market share of approximately 45% in 2017. It was followed by the EMEA region that contributed the second largest share in the market and the APAC region that contributed the least share in the market.
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