Aspartic Acid Market Analysis By Application And Segment Forecasts To 2022
The Global Aspartic Acid Market is expected to reach USD 101.0 million by 2022, according to a new study by Grand View Research, Inc. Increasing aspartame demand in the form of artificial sweetener from food & beverages industry is expected to remain a key driving factor for the global market. Shift in trend towards convenience food & beverage consumption globally is also expected to have a positive influence on the market growth over the forecast period. High cost of major raw materials such as fumaric acid is expected to remain a key challenge for market participants.
Polyaspartic acid was the largest application segment and accounted for 22.6% of total market volume in 2014. Increasing demand for polyaspartic acid in the form of biodegradable polymer for replacing polyacrylic acid from major end-use industries such as agriculture, water treatment systems and petrochemical industry is expected to drive this segment. Polyaspartic acid was closely followed by aspartame which emerged as the second largest application segment for aspartic acid. Medical is expected to witness the highest growth of 6.2% from 2015 to 2022.
Further key findings from the study suggest:
Global aspartic acid market demand was 39.3 kilo tons in 2014 and is expected to reach 60.6 kilo tons by 2022, growing at a CAGR of 5.6% from 2015 to 2022.
North America emerged as the largest regional market and accounted for 39.0% of total market volume in 2014. Presence of sophisticated healthcare infrastructure in the U.S. coupled with increasing artificial sweetener on account of growing consumer awareness is expected to drive the regional market over the forecast period.
Asia Pacific is anticipated to register the highest growth rate of 7.3% from 2015 to 2022. China was the leading aspartic acid consumer in Asia Pacific. Increasing sweeteners demand from carbonated beverages particularly in India and China is expected to drive the regional market over the forecast period.
The global aspartic acid market is highly fragmented with large number of small companies dominating the market. However, there is a presence of some large multinational corporations. Some of the major companies operating in the global market include Hugestone Enterprise Co., Ltd.