Global aspartic acid demand was 35.6 kilo tons in 2012. Increasing biodegradable products demand owing to depleting fossil fuel reserves is expected to remain a key driving factor for global aspartic acid market for the next seven years. Aspartic acid is used in the synthesis for manufacturing polyaspartic acid. Polyaspartic acid applications include water treatment systems, agriculture and forestry, petroleum exploitation and detergents.
Increasing polyaspartic acid demand from end-use industries is expected to augment global aspartic acid market growth. Polyaspartic acid and its derivative such as sodium salt of polyaspartic acid is also used in applications such as pharmaceuticals, paints, pigments, oilfield chemicals and inorganic chemicals. Increasing sweeteners demand from growing food & beverages industry is expected to augment aspartic acid market over the forecast period.
Aspartic acid is used in the manufacturing of non-saccharide sweetener commonly known as aspartame. Aspartame is widely used in bakery products, beverages, cereals, fruit-based products and syrups. Shift in trend towards packaged food & beverages are expected to uplift aspartame demand and in turn, augment aspartic market growth. Growing pharmaceutical industry owing to rising medical standards and expenditure in emerging economies of Asia Pacific and Central & South America is expected to remain a key factor for global aspartic acid market growth.
Aspartic acid finds wide application in medicine industries and is expected to significantly global market growth. Increasing demand for feed supplements owing to increasing health consciousness among consumers is expected to drive aspartic acid over the forecast period. Aspartic used with different minerals in feed supplements which includes magnesium aspartate, potassium aspartate and calcium aspartate.
Aspartic acid is a non-essential amino acid and is directly incorporated into proteins. It is usually found in animals and plants, especially in sugarcane and sugar beets. Aspartic acid can be manufactured through enzymatic conversion, chemical synthesis, protein extraction and fermentation. Currently, aspartic acid is produced through reaction of aspartic acid with ammonia catalyzed by an aspartase enzyme. Complex manufacturing process coupled high raw material cost in the form of fumaric acid is expected to hinder global aspartic industry participant’s growth.
Stringent government regulation regarding aspartame usage in food & beverage industry is expected to obstruct further global market growth. Investment in research for developing aspartic acid production through direct fermentation route using sugar substrates is expected to provide lucrative opportunities to industry participants owing to its cost-competitiveness over conventional enzymatic conversion process.
Polyaspartic acid was the leading application segment for aspartic acid market over the past few years. Polyaspartic acid and its derivatives such as sodium salt of polyaspartic acid are used in myriad industrial applications such as water treatment, petroleum exploitation and agriculture & forestry.
Sodium salt of polyaspartic acid has excellent dispersion and scale inhibition properties which are used in industrial water, reverse osmosis water, boiler water, oil recycled water and water with high hardness & high alkalinity. Polyaspartic acid is also used as a fertilizer in agriculture. Adding urea to polyaspartic acid can improve fertilizer efficiency and reduce fertilizer dosage.
Following polyaspartic acid, aspartame was the second largest application segment for aspartic acid market. Aspartame is an artificial sweetener which has numerous applications in food & beverages industry. The high consumption of carbonated soft drinks in developing regions including APAC is driving the demand sweeteners which in turn favors the market growth. Aspartame is majorly used in fruit based products, bakery products, beverages, and syrups among others. Medicine is one of the crucial application segment projected to grow in over forecast period. Medical practitioners consider aspartic acid as one of the prominent treating element to treat humans in numerous aspects considering resistance to fatigueless, treating depression and other diseases and health issues.
Medicine application is expected to be the fastest growing application over the forecast period. Improved medical facilities coupled with biodegradable ingredients are expected to drive aspartic acid market growth for this segment.
North America was the leading regional market in terms of demand in 2014 and is expected to continue its dominance over the forecast period. Increasing convenience food demand is expected to drive aspartic acid market growth in this region. Increasing ready-to-drink beverages popularity in countries such as U.S. and Canada is expected to fuel regional market growth.
Europe was the second largest market for aspartic acid and is expected to witness steady growth rates over the forecast period owing to growing food & beverage industry. Aspartame is widely used in European food & beverage industry, which in turn is expected to remain a key driving factor for market growth in this region.
Population outburst coupled with increasing per capita disposable income is expected to fuel Asia Pacific’s aspartic acid market growth. Shift in trend towards packaged food & beverages in the region are expected to drive regional market growth.
Global aspartic acid market is highly fragmented and includes few multinational players and numerous smalscale industry participants. Key players operating in the global aspartic acid market include Royal DSM, Ajinomoto Co. Inc., Evonik Industries, Flexible Solutions Inc, Yantai Hengyuan Bioengineering Co. Ltd., Iris Biotech GmbH, Prinova Inc, Changzhou Yabang Chemical Co. Ltd, Anaspec Inc., Nanjing Libang Chemical Co. Ltd. and Kyowa Hakko Kogyo Co. Other market players include Changmao Biochemical Engineering Co. Ltd., Beijing FortuneStar S&T Development Co. Ltd., Tocris Bioscience Co., Tokyo Chemical Industry Co. Ltd., Dongying Leadbond Chemical Co., Taiyuan Qiaoyou Chemical, Langen Suzhou Co. Ltd. and Anhui Huaheng Biotechnology Co.
b. The global aspartic acid market size was estimated at USD 86.75 million in 2019 and is expected to reach USD 91.26 million in 2020.
b. The global aspartic acid market is expected to grow at a compound annual growth rate of 5.2% from 2019 to 2022 to reach USD 101.00 million by 2022.
b. North America dominated the aspartic acid market with a share of 41.01% in 2019. This is attributable to presence of sophisticated healthcare infrastructure in the U.S. coupled with increasing artificial sweetener on account of growing consumer awareness.
b. Some key players operating in the aspartic acid market Ajinomoto Co. Inc, Royal DSM, Flexible Solutions Inc., Iris Biotech GmbH, Prinova Inc Evonik Industries, Anaspec Inc, Changzhou Yabang Chemical Co. Ltd, Yantai Hengyuan Bioengineering Co. Ltd., Kyowa Hakko Kogyo Co and Nanjing Libang Chemical Co. Ltd.
b. Key factors that are driving the market growth increasing demand of aspartic acid as artificial sweetener from food & beverages industry.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.