New York, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global brassylic acid market. According to the report, the global market is projected to surpass $90.4 million and grow with a CAGR of 4.2% in the estimated period, 2022–2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Brassylic acid Market
The outbreak of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global brassylic acid market. The implementation of lockdown restrictions greatly impacted various businesses including the fragrance & perfume, automobile, cosmetic, and chemical industries. As brassylic acid is greatly used in these industries, the demand for brassylic acid dropped significantly. This greatly hindered the growth of the global market during the pandemic.
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Factors Impacting the Brassylic acid Market Growth
The key factor boosting the growth of the global brassylic acid market is a significant rise in the use of brassylic acid in the production of perfumes. In addition, the increasing use of brassylic acid in adhesives and lubricants, which are used in machineries of various industries, such as petroleum and oil & gas, is expected to open door to lucrative opportunities for the growth of the market. However, the high cost of brassylic acid is anticipated to deter the market’s growth.
The report segments the global brassylic acid market into form, application, and region.
Powder Sub-Segment to Grab a Foremost Share of the Market
The powder sub-segment of the form segment is foreseen to grow massively by garnering $59.3 million in the forecast period. This growth is mainly owed to the increasing use of powdered brassylic acid in the production of fragrances, lubricants, and nylon, as it is easy to store and transport.
Polymers Sub-Segment to Grow Remarkably
The polymers sub-segment of the application segment is expected to hit $21.4 million in the forecast period. This is primarily due to the growing demand for brassylic acid in the polymer industries, mainly for the production of nylon.
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Europe Region to Perceive Maximum Growth
The report analyzes the global brassylic acid market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Europe market is projected to hit $35.4 million in the estimated period. This growth is mostly due to the existence of leading fragrance manufacturing industries in the nations such as Spain and France in this region. Moreover, the presence of automobile industries in this region that use adhesives and lubricants in several machineries is expected to fuel the regional market growth.
Top Players of the Global Market
The report states some of the foremost players operating in the global brassylic acid market including
- Palmary Chemical
- Unisource Chemicals Pvt. Ltd.
- Beyo Chemical Co., Ltd
- Zibo Guangtong Chemical Co., Ltd.
- Evonik Industries
- Larodan Ab
- Nantong Senos Biotechnology Co., Ltd
- Shanghai Kaleys Holding Co., Ltd.
- Biotech
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in February 2020, Evonik Industries, a company engaged in the manufacture of specialty chemical products, closed the acquisition of PeroxyChem, a U.S. company, for US$640 million after the responsible law court in Washington D.C. dismissed the complaint filed by the Federal Trade Commission (FTC) to hold back the acquisition.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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More about Brassylic Acid Market:
- Here’s All You Need to Know about Brassylic Acid
- The Significance of Brassylic Acid in the Fragrance Industry
- Company Acquisition and Strategic Partnerships by Market Players such as Evonik Industries and Others to Foster the Growth of the Global Brassylic Acid Market
