New York, July 18, 2023 (GLOBE NEWSWIRE) -- The global heptanoic acid market size is slated to expand at ~5% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 5 billion by the end of 2033, up from a revenue of ~USD 3 billion in the year 2022.The main growth factor for the market is the expansion of the processing industry. Manufacturers widely use heptanoic acid in their manufacturing processes owing to its great benefits of heptanoic acid. Therefore, the manufacturing boom is expected to drive market growth over the evaluation period.
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According to recent estimates, manufacturing in the United States generated approximately USD 6 trillion in 2022. Heptanoic acid, also called enanthic acid, is a natural acid found in essential oils such as: It is also found in foods such as violet leaf oil, coconut oil, apples, feijoa seeds, strawberry jam, clove buds, ginger, tea, sour cherries, grapes, and rice bran. Contributing to the odor of some rancid oils are C7 straight-chain fatty acids. It is used in the production of esters for the fragrance industry and as an additive in tobacco. It acts as a plant metabolite. Heptanoic acid is a medium-chain fatty acid and a straight-chain saturated fatty acid.
Heptanoic Acid Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The automotive segment to garner the highest growth
- Market in North America to grow at a highest rate
Expansion of the Beauty Industry across the Globe to Fuel Market Growth
The ability of heptanoic acid to synthesize natural and bio-based skin-conditioning and viscosity-adjusting ingredients makes it an effective ingredient in cosmetic and personal care products. The attention is expected to expand the beauty industry and boost sales of heptanoic acid. According to recent research, the beauty industry revenue is expected to reach USD 720 billion by 2025. Additionally, the global beauty industry spending in 2020 was USD 490 billion. Hence, this is anticipated to boost the growth of the heptanoic acid market notably over the forecast period. Heptanoic acid exhibits excellent corrosion properties at various temperatures. It is also used as an industrial lubricant owing to its low volatility at high temperatures and low viscosity at low temperatures. The various benefits offered by heptanoic acid make it the preferred choice in the manufacturing sector. Therefore, the number of manufacturing companies is projected to increase, creating lucrative opportunities in the coming years. According to a recent report, the number of US manufacturing companies will reach 638,590 in the year 2022.
Global Heptanoic Acid Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Automobile Demand to Drive Market Growth in the Asia Pacific Region
The heptanoic acid market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The primary growth driver for the market is the increasing demand for automobiles in the region. According to calculations by the Organization of International Automobile Manufacturers (OICA), new car sales and registrations in the Asia-Pacific region will increase by 42,663,736 in the year 2021, up from 40,322,544 in the year 2020. A car, or automobile, is a motor vehicle with wheels. Most definitions of a motor vehicle describe it as primarily driving on the road, carrying one to eight people, having four wheels, and primarily carrying people. The automobile was invented in 1886 when German inventor Karl Benz patented Benz's Motorwagen. The automotive industry includes all companies and activities involved in manufacturing automobiles, including most components such as engines and bodies but excluding tires, batteries, and fuel. Moreover, increasing consumption of chemicals and cosmetics in this region is another factor expected to drive the growth of the heptanoic acid market. Asia-Pacific's China ranks as the second largest cosmetics market, accounting for nearly 17% of the global cosmetics industry in 2021.
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Increased Automotive Industry Expansion to Influence Market Growth in North America
The heptanoic acid market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. The auto and parts industry in the United States generated approximately USD 1.5 trillion in revenue by 2021. The automobile industry contributes 3% of America's GDP. Increased acceptance of rental cars and used cars may hinder market participants. Demand for commercial vehicles is being heavily controlled by growth in logistics and delivery services coupled with growing vehicle fleets from major e-commerce players like Amazon. The development of engine technology has made great strides, which has led to higher emissions standards around the world. These factors are likely to boost the growth of the automotive market in this region. Hence, this is expected to drive market growth in the North American region.
Heptanoic Acid Segmentation by End Users
- Automotive
- Aerospace
- Food & Beverage
- Cosmetics & Personal Care
- Pharmaceuticals
- Chemicals
- Others
Amongst these seven segments, the automotive segment is anticipated to hold the largest share over the forecast period. The most important growth factor for this segment is the increasing demand and production of automobiles due to the increasing world population. The International Automobile Organization has released data showing that in 2021, the world's total car production was 80,145,988, up from 77,711,725 in 2020. Total sales in 2021 reached 82,684,788 units, up from 78,774,320 in the year 2020. A major contribution of the automotive industry to technological progress was the introduction of serial production. It is a process of accuracy, standardization, compatibility, synchronization, and continuity. Mass production was an American innovation. The United States, with its large population, high standard of living, and long distances, was the birthplace of this technology, which was partially explored in the 19th century. It was emphasized in its general description of standardization and interoperability as "the American manufacturing system."
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Heptanoic Acid Segmentation by Grade
- Pharmaceutical Grade
- Food Grade
- Industrial Grade
Amongst these three segments, the pharmaceutical grade segment is anticipated to hold a significant share over the forecast period. The growth of this segment is mainly attributed to the growing demand for heptanoic acid in the pharmaceutical industry. The revenue of the pharmaceutical industry is also growing at quite a notable rate. For instance, total pharmaceutical sales in the year 2021 were noted to be close to USD 1.5 trillion. Hence, this is also expected to drive the growth of this segment over the forecast period. The pharmaceutical industry discovers, develops, manufactures, and markets drugs or medicinal products that are used as medicines to be administered to patients for the purpose of treatment, vaccination, or alleviation of symptoms. Pharmaceutical companies may deal in generic or branded drugs and medical devices. Heptanoic acid is especially useful in industries that require natural acids, such as, food and beverage and the pharmaceutical industries.
Heptanoic Acid Segmentation by Application
- Lubricants
- Flavors & Fragrances
- Cosmetic Applications
- Anti-corrosion Applications
- Chemical Intermediates
- Pharmaceutical Ingredients
- Others
Few of the well-known market leaders in the heptanoic acid market that are profiled by Research Nester are Wujiang New Sunlion Chemical Co., Ltd., Handanshi Kenzcheng Chemical Co., Ltd, Intellichemie Industries, Jinan Chenghui Shuangda Chemical Co., Ltd, Kalpasutra Chemical Pvt. Ltd., Merck KGaA, National Analytical Corporation, Neuchatel Chemie Specialties, OQ Chemical GmbH, Parchem Fine & Specialty Chemicals, Spectrum Chemical, Synerzine, Inc., and other key market players.
Recent Development in the Heptanoic Acid Market
- ARKEMA announced its latest product launch at In-Cosmetics in Paris, unveiling a portfolio of world-class technologies that meet the highest standards of stability, purity and safety.
- OQ Chemicals GmbH has announced a new ester base oil, Oxlube L7-NPG, specifically developed to improve the performance and efficiency of electric vehicles (EVs).
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