Extensive Usage of Isoprenol in Agrochemical & Pharmaceutical Industry to Push Sales: Fact.MR
NEW YORK, May 19, 2021 /PRNewswire/ -- The global isoprenol market is projected to grow at an impressive pace at around 6.5% CAGR though 2031, estimates Fact.MR. The market will gain traction through 2031 due to the advancements in manufacturing sector coupled with the increasing application of isoprenol in agrochemical & pharmaceutical industry. Rise in application in fragrance & flavors and pharmaceutical industry is expected to raise the revenue of isoprenol manufacturers in the upcoming decade.
According to Fact.MR, growing research & development activities by manufacturers for sustainable usage of isoprenol will aid in industry growth over the coming years. Extensive usage of isoprenol in the development of insecticides, production of pesticides and building block of aromatic ingredients is accelerating the growth of isoprenol market. The ever expanding agrochemical and pharmaceutical industry in countries such as United States, Germany, India and China is propelling the growth of isoprenol market.
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Increasing funding by regulatory bodies such as the Department of Energy and others, for the research projects on isoprenol within agrochemical & biopharmaceutical sector is bolstering the market growth. For instance, recently a leading manufacturing company Yokohama rubber received the funding from Department of Energy for conducting a joint research for the production of synthetic rubber. The company developed the world's first technology for efficiently producing isoprene from a biomass, reducing the dependency on petroleum.
Hence, increased application in agrichemicals, pharmaceutical and other key sectors will offer plethora of opportunities to the isoprenol manufacturers in the upcoming decade. On the back of these factors, the global isoprenol market is expected to reach a valuation of US$ 300 million by 2031.
"Rise in application of isoprenol in diverse sectors and growing research & development activities for the use of isoprene in pharmaceutical sector will provide lucrative opportunities for the isoprenol suppliers over the coming years," says a Fact.MR analyst.
Key Takeaways
- Increasing application of isoprenol in agrochemicals and fragrances & flavor segments is spurring the sales
- India's isoprenol market is expected to be highly progressive backed by the advanced pharmaceutical and agriculture industries
- China is expected to lead the East Asia isoprene market throughout the forecast period
- Germany is likely to exhibit hegemony through 2031 on the back of rising application of isoprenol in pharmaceutical & agriculture sector
- United States is expected to lead the sales of isoprenol in North America owing to the rising demand from agrochemical & pharmaceutical industries
Competitive Landscape
Prominent manufacturers profiled by Fact.MR operating in isoprenol market include BASF SE, Kuraray Co. Ltd., Amyris Inc., Spectrum Chemical Manufacturing Corp., Tokyo Chemical Industry Co. Ltd., Toronto Research Chemicals Inc., Haihang Industry Co. Ltd., and Sure Chemical Co. Ltd. among others. With the market being competitive, key players are focusing on developing new strategies such as diversifying their products in order to attract more consumers, conduct research & development activities for developing new projects associated with isoprene to maintain the competitive edge in the industry.
For instance, in June 2020, Berkley Lab Energy received a funding of US$ 1 million for its two projects from the Department of Energy's technology commercialization fund to conduct a research on producing new aviation biofuel precursor from cellulosic biomass. In this project, team from Novozymes and Joint BioEnergy Institute will combine their state-of-the-art technologies to produce biologically derived aviation biofuel precursor, isoprenol, from sustainable lignocellulose biomass.
Also, recently Gevo Inc., a leading renewable fuels and chemical manufacturer announced a breakthrough in the development of renewable isoprene that transforms low-cost commercially available renewable alcohol into renewable isoprene that would replace natural & petroleum based chemical equivalents reducing the carbon emission at the same price.
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More Valuable Insights on Isoprenol market
In its latest market research study, Fact.MR provides an incisive coverage on the global isoprenol market from the forecast period of 2021 to 2031. The study delivers detailed insights on the major trends and challenges affecting the isoprenol market growth through 2021 and beyond. To understand the market potential and scope, the market is classified on the basis of applications (agrochemicals, pharmaceuticals, flavors & fragrances, polymers and others) across key geographies such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
Key Questions Covered in the Report
- What will be the growth outlook of isoprenol market for the forecast period?
- What are the strategies adopted by isoprenol market players?
- Which are the companies leading isoprenol market?
- What are the key challenges faced by isoprenol manufacturers?
- Why is China a hotspot for isoprenol manufacturers?
- What is the impact of Covid-19 on isoprenol market?
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