Global Shift in consumer preference towards bio-based products coupled with depleting fossil fuel reserves is expected to be key driving factor for glucaric acid market growth over the next seven years. Glucaric acid, a bio-based sugar derivative, holds great potential as a building block chemical in the manufacture of detergents, fibers and coatings. Single step production from inexpensive and abundant glucose availability is expected to increase glucaric acid demand over the forecast period. New product applications and advancements in manufacturing technologies are touted to be the other factors that are expected to drive the market over the forecast period. Environmental concerns over petrochemicals use are expected to increase glucaric acid demand over the forecast period. Fluctuations in crude oil supply & demand coupled with reduction in the number of operating refineries is anticipated to negatively influence the petrochemical market.
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Favorable environmental norms & regulations regarding green energy usage has led to industry’s shift towards bio-based chemicals which in turn in expected to propel glucaric acid market. Flourishing electronics industry in countries such as Japan, China and South Korea is expected to stimulate coatings demand in Asia Pacific region which in turn is expected to drive the glucaric acid market over the forecast period. Increasing detergents and fibers demand is expected to increase glucaric acid market in Asia Pacific region .High cost associated with glucaric acid production is expected to act as a challenge for market participants.
Asia Pacific region is anticipated witness higer growth rates owing to large scale availability of sugar. Countries such as China, India and Malaysia are expected to be the key consumer markets for glucaric acid. Rapid industrialization and urbanization in Asia Pacific is expected to increase glucaric acid demand particularly in countries such as China, India and Malaysia. Increasing shift towards greener alternatives is anticipated to propel glucaric acid market in North America and Europe. Sufficient availability of glucose and economic instability are expected to be major challenges expected to affect the demand in the European market over the forecast period.
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