Global Brassylic Acid Market Projected to Surpass $90.4 Million and Grow at 4.2% CAGR During the 2022-2030 Forecast Timeframe [238-Pages] | Research Dive
Brassylic acid market expected to grow due to its rising applications in different fields. Powder sub-segment expected to be dominant due to its demand by perfume manufacturers. Market in Europe region expected to witness more growth opportunities.
NEW YORK, June 28, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Brassylic Acid Market by Form (Flakes, Powder, and Diluted), Application (Polymers, Adhesives, Lubricants, Fragrance, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
According to the report, the global brassylic acid market is estimated to garner a revenue of $90.4 million by 2030, growing at a CAGR of 4.2% during the forecast period 2022-2030.
Dynamics of the Brassylic Acid Market
Drivers: Rising applications of brassylic acid in different fields like fragrance, nylon manufacturing, and automobile industries is the major factors anticipated to drive the growth of the global brassylic acid market during the forecast years. In addition, the important characteristics of brassylic acid like high solubility in water, strength, high resistance, etc. are also expected to boost the market growth by 2030.
Opportunities: Shifting preferences from polycyclic acid to brassylic acid for perfume manufacturing is the major factor predicted to create abundant growth opportunities for the global brassylic acid market during the forecast period. Moreover, brassylic acid is also used as lubricants and adhesives for machine joints for smooth functioning. And with the growing expansion of the automobile industry, the global brassylic acid market is also projected to witness immense growth opportunities by 2030.
Restraints: Sky-rocketing cost of brassylic acid is the prime factor anticipated to hinder the market growth.
Covid-19 Impact on the Brassylic Acid Market
The covid-19 pandemic has had an adverse effect on the global brassylic acid market due to strict lockdowns and import-export restrictions. The growing cases of covid-19 infections and its severe symptoms along with stringent social distancing norms made governments to shut down various perfume, cosmetics, and automobile industries across the globe. This greatly reduced the demand for brassylic acid, thus hampering the market revenue.
Connect with an Expert Analyst to Get Post COVID-19 Impact on Brassylic Acid Market
Segments of the Brassylic Acid Market
The report has fragmented the market into a few segments based on form, application, and regional analysis.
- By form, the powder sub-segment is estimated to have a dominating market share and gather a revenue of $59.3 million during the analysis timeframe due to the growing demand for powdered brassylic acid for the manufacturing of perfumes, lubricants, and nylon. The powdered form can be easily stored anywhere and transported from place to place without much hassles. Also, the powder form doesn't spoil easily, thus bolstering the sub-segment's growth by 2030.
- By application, the polymers sub-segment of the global brassylic acid market is anticipated to have a significant growth rate and generate a revenue of $21.4 million by 2030 due to the extensive utilization of brassylic acid in the polymer industry, especially for manufacturing nylon. Moreover, brassylic acid provides excellent resistance and abrasion to nylon and makes it highly soluble in water. These factors are also expected to propel the sub-segment's growth during the analysis years.
- By region, the brassylic acid market in the Europe region is predicted to have a dominant market share and surpass $35.4 million during the 2022-2030 timeframe due to the presence of well-established fragrance industries in countries like Spain and France. Moreover, the high concentration of automobile industries in countries like the UK and Germany is projected to further augment the market's growth in the Europe region.
Key Brassylic Acid Market Players
Some key brassylic acid market players are
1. Zibo Guangtong Chemical Co., Ltd
2. Larodan Ab
3. Palmary Chemical
4. Beyo Chemical Co., Ltd
5. Unisource Chemicals Pvt. Ltd
6. Shanghai Kaleys Holding Co., Ltd.
7. Nantong Senos Biotechnology Co., Ltd.
8. Cathay Industrial Biotech
9. Evonik Industries
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in September 2021, ABITEC Corporation, an ABF ingredients company, announced its partnership with Larodan AB, a Swedish manufacturer of high-purity research grade lipids and brassylic acid market player, to strengthen its market presence with Larodan's advanced technologies and innovative breakthroughs.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments. Grab the Full Report here -$2999 (Read-Only)
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
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