The Brassylic Acid Market Anticipated to Generate a Revenue of $90.4 Million in 2030 at a CAGR of 4.2% from 2022 to 2030 TimeframeDownload Sample Reports Overview
The brassylic acid market is estimated to be valued at $90.4 million by 2030, surging from $61.3million in 2021, at a noteworthy CAGR of 4.2%.
Impact Analysis of COVID-19 on the Brassylic Acid Market
The corona virus outbreak has slowed the expansion of the brassylic acid market. Because brassylic acid is mostly utilized in scent and perfumes, the market's growth was impeded during the pandemic years by lower demand for cosmetic products, especially fragrances. Many businesses, such as cosmetics and chemical industries, were totally shut down because of the government's rigorous lockdown and export & import restrictions during the pandemic. As a result, demand for brassylic acid fell, significantly impacting the growth of the brassylic acid market during the pandemic period.
Brassylic Acid Market Analysis
The increasing application of brassylic acid in various fields such as polymer manufacture is likely to fuel market expansion in the forecast time period. Brassylic acid is a 13-carbon dicarboxylic acid found in both plant and animal tissues. It has typical carboxyl group chemistry, which is beneficial in many commercial applications. Because dicarboxylic acid molecules include two carboxyl groups, it can produce two types of salts. It is a white crystalline substance with a melting point of 130°C and is just marginally soluble in water. Plasticizer for polymers, biodegradable solvents, lubricants, and perfumeries are all made with it. It is used to make engineering polymers like nylon-1313 as an intermediate. Brassylic acid is commonly utilized in the manufacture of nylon and adhesives because it is a diacid that imparts extensive chemical qualities to polymers such as strength, abrasion, and resistance. Such factors will almost certainly boost market expansion in the next years.
Brassylic acid's negative effects on human skin, such as irritations, elevated feeling, and allergy, are projected to limit market expansion in the next years. Apart from that, the availability of numerous substitutes of brassylic acid, such as nylon musk, is anticipated to limit the future growth of the brassylic acid market.
Rapidly growing industries like lubricant, adhesives, and polymers and increasing demand for brassylic acid for product manufacturing are expected to provide brassylic acid market share growth in the forecast time period. Brassylic acid has found major use in chemical industries for manufacturing of polymer, especially nylon. Such factors are anticipated to generate huge market revenue in the predicted time span.
Brassylic Acid Market, Segmentation
The brassylic acid market is segmented based on type, application, and region.
Type segment has been divided into flakes, powder, and diluted. Among these, the powder sub-segment is predicted to have the fastest growing market share in the global market and register an increase in revenue from $39.6 million in 2021 to $59.3 million in 2030, at a CAGR of 4.4%. The sub-segment growth is attributed to rising use of powder form of brassylic acid in the manufacturing of products like fragrances, polymers, adhesives, and lubricants. Brassylic acid offers many characteristics such as strength, abrasion, and resistance which makes it perfect for using in chemical industries. Also, powder form of brassylic acid can be easily stored and transported anywhere.
Application segment of the market is divided into polymers, adhesives, lubricants, fragrance, and others. The fragrance sub-segment of the market is projected to have the highest shares and reach $29.0 million by 2030 in a timeframe of 2022-2030. Brassylic acid is majorly used in fragrance industry for manufacturing perfumes and fragrances. Brassylic acid is used for manufacturing musk in fragrance industry due to is high water solubility property.
The Asia-Pacific brassylic acid market is anticipated to grow at a CAGR of 5.1%, by generating a revenue of $17.9 million during the review period. The regional growth is attributed to growing number industrial sectors like cosmetics, automobile, and chemical industries across the world. Brassylic acid is in huge demand as it has various applications like manufacturing adhesives and lubricants for machineries in industries. Thus, rising industrial sector in the region has also accelerated the demand for brassylic acid which has positively impacted the brassylic acid market size growth.
Key Players in the Brassylic Acid Market
The companies involved in the brassylic acid market are
- Cathay Industrial Biotech
- Palmary Chemical
- Unisource Chemicals Pvt. Ltd.
- Zibo Guangtong Chemical Co., Ltd.
- Beyo Chemical Co., Ltd
- Larodan Ab
- Evonik Industries
- Nantong Senos Biotechnology Co., Ltd.
- Shanghai Kaleys Holding Co., Ltd.