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| Market size in 2024 | US$ 567.8 million |
Forecast Market size by | US$ N/A |
|---|
The "Global 2-hydroxypropionic Acid Market" size was valued at US$ 567.8 million in 2024 and is projected to reach US$ 787.4 million by 2030, at a CAGR of 5.6% during the forecast period 2024-2030.
The "United States 2-hydroxypropionic Acid Market" size was valued at US$ 156.7 million in 2024 and is projected to reach US$ 212.3 million by 2030, at a CAGR of 5.2% during the forecast period 2024-2030.
2-Hydroxypropionic acid, also known as lactic acid, is an organic acid with the chemical formula C₃H₆O₃. It consists of a hydroxy group (-OH) and a carboxyl group (-COOH) attached to a propyl chain. Lactic acid is widely used in the food industry as a preservative, in the production of biodegradable plastics, and in various pharmaceutical applications. It is also a byproduct of anaerobic metabolism in muscles during intense exercise.
The global 2-hydroxypropionic Acid market is experiencing moderate growth, driven by food industry demand and increasing biodegradable polymer applications. In 2023, total production reached 350,000 metric tons, with food and beverage preservation accounting for 45% of demand. The polymer-grade segment is the fastest-growing at 6.8% annually. The market saw a 15% increase in demand for natural fermentation-derived acid in 2023, reflecting clean label trends. Food-grade acid dominates with a 55% market share, while industrial applications are growing at 6% annually. Asia Pacific leads with a 40% market share and is also the fastest-growing region at 6.5% CAGR. The industry is focusing on developing sustainable production methods, with a 20% growth in R&D investments for bio-based processes.
Report Overview
Lactic acid has a systematic name that is 2-hydroxypropionic acid, which is widely existed in nature. Lactic acid is formed when glucose is broken down for energy in the absence of sufficient oxygen.
2-hydroxypropionic Acid Market provides a deep insight into the global 2-hydroxypropionic Acid market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.
The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global 2-hydroxypropionic Acid Market, 2-hydroxypropionic Acid Market introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.
In a word, 2-hydroxypropionic Acid Market is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the 2-hydroxypropionic Acid market in any manner.
Global 2-hydroxypropionic Acid Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
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Geographic Segmentation
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| Report Attributes | Report Details |
|---|---|
| Report Title | Global 2-hydroxypropionic Acid Market Research Report 2024(Status and Outlook) |
| Market size in 2024 | US$ 567.8 million |
| Forecast Market size by | US$ N/A |
| Historical Year | 2018 to 2022 (Data from 2010 can be provided as per availability) |
| Base Year | 2023 |
| Forecast Year | 2031 |
| Number of Pages | 125 Pages |
| Customization Available | Yes, the report can be customized as per your need. |
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