Summary
Bio-organic Acid Market in North America-Segmented by Raw Material, By Product Type, By Application Industry, and Geography-Trends and Forecasts( 2017-2022). The market is segmented into bio-lactic acid, bio-acetic acid, bio-succinic acid, bio-adipic acid, bio-acrylic acid
Description
The bio-organic acid market in North America has been estimated at USD XX. XX billion in 2015 and is projected to reach USD XX. XX billion by 2020, at a CAGR of XX. XX % during the forecast period. Bioorganic acids are produced from the fermentation of microorganism and are used commercially such as catalysts, surfactants, and dyes. They are produced from bio-based raw materials such as corn, maize, sugar, and biomass.
Bio-organic acid can be used for various applications such as petrochemicals, coatings, healthcare, textile, food, and others. Bio-organic acids are extensively used in the healthcare applications, accounting for a share of XX. XX % in 2015. The report is also segmented based on the raw material usage into corn, maize, sugar, biomass and others.
In terms of product types, the market is segmented into bio-lactic acid, bio-acetic acid, bio-succinic acid, bio-adipic acid, bio-acrylic acid, and others. Bio-lactic acid is the fastest growing products in the market growing at a CAGR of XX. XX %. In terms of revenue the acetic acid segment leads the market accounting for a share of XX. XX %.
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Market Dynamics of the Bio-organic Acid Market in North America: Drivers:
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Depleting natural resources Demand from healthcare industry Stringent government regulations
Restraints:
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Shortage of raw material Huge competition from fossil-fuel products
The US is the leading consumer of bio-organic acid in 2015 accounting for a share of XX %. The bioorganic acid market in North America will grow at a high rate during the forecast period owing to the huge demand from the healthcare industry.
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