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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