New York, USA, May 25, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global brassylic acid market is envisioned to generate a revenue of $90.4 million and grow at a CAGR of 4.2% over the estimated timeframe from 2022 to 2030.
As per our analysts, the growing application of brassylic acid for the synthesis of perfumes is predicted to bolster the growth of the brassylic acid market during the analysis period. Moreover, the rapid expansion of automobiles and other industries is expected to fortify the growth of the market over the forecast timeframe. However, the high cost of the brassylic acid may hinder the growth of the market throughout the estimated period.
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Segments of the Brassylic Acid Market
The report has divided the market into segments based on form, application, region, and many more.
Form: Powder Sub-Segment to be Most Lucrative
The powder sub-segment is expected to generate a revenue of $59.3 million during the analysis timeframe. This is majorly due to the growing demand for powdered brassylic acid for the manufacturing of nylon, fragrance, and lubricants. In addition, the increasing use of powdered brassylic acid for easy storage, transportation, and preparing brassylic acid solutions of different dilutions, is predicted to bolster the growth of the market sub-segment over the forecast period.
Application: Polymers Sub-Segment to be Most Productive
The polymers sub-segment is predicted to garner a revenue of $21.4 million over the forecast period. This is mainly due to the increasing use of brassylic acid in the polymer industry, especially to manufacture nylon. Furthermore, the growing use of brassylic acid in chemical and polymer industries due to its chemical and physical properties, such as resistance, and absorption is expected to augment the growth of the market during the estimated period.
Region: Europe Region to Have Huge Growth Opportunities
The Europe region of the brassylic acid market is expected to generate a revenue of $35.4 million over the analysis timeframe. This is mainly because of the presence of renowned fragrance industries in the countries of this region. Moreover, the strong existence of automobile industries in this region is predicted to drive the regional growth of the market throughout the estimated period.
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Covid-19 Impact on the Brassylic Acid Market
The rise of the Covid-19 pandemic has had a negative impact on the brassylic acid market. The tremendously increasing number of cases has caused deadly symptoms among people worldwide, such as respiratory diseases. Due to this, the government of many nations has declared complete lockdown which has badly affected industries such as fragrance and perfume, automobile, chemical, and many more. This led to a decrease in the demand for brassylic acid and declined the growth of the market during the pandemic period.
Key Players of the Brassylic Acid Market
The major players of the brassylic acid market include
- Beyo Chemical Co.
- Ltd, Evonik Industries
- Unisource Chemicals Pvt. Ltd.
- Larodan Ab
- Zibo Guangdong Chemical Co., Ltd.
- Nantong Senos Biotechnology Co., Ltd.
- Palmary Chemical
- Shanghai Kaley's Holding Co., Ltd.
- Cathay Industrial Biotech.
These players are broadly working on the development of new business strategies such as product development, partnerships and collaboration, and mergers and acquisitions to gain a leading position in the global industry.
For instance, in July 2021, Evonik Industries, a stock-listed German specialty chemicals company, acquired Infinitec Activos, a well-established technology-driven company. With this acquisition, Evonik aimed to expand its system solution portfolio by developing the novel active delivery systems for natural –based active cosmetic ingredient applications.
Further, the report also summarizes other crucial aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.
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