PUNE, India, Dec. 4, 2019 /PRNewswire/ -- Research Dive published a report, titled, "Brassylic acid market by Raw Material Type (Paraffin: Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global market of brassylic acid was valued at $5.66 Billion in 2018, and is expected to garner $7.5 Billion by 2026 and grow at a CAGR of 3.7% from 2019 to 2026.
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Key drivers of the Brassylic Acid Industry
Increase in the use of brassylic acid in the manufacturing of perfumes is expected to drive the growth of the market in the near future. On the other hand, increase in the use of renewable sources such as vegetable oil that is low in price and easily obtainable, for the production of brassylic acid is also projected to fuel the growth of brassylic acid industry during the forecast period. However, adverse effects of brassylic acid and availability of substitutes are expected to hinder the growth of global brassylic acid market during the forecast period.
Chemical segment to maintain its dominating position by 2026
By production method, the chemical segment held the largest market share in the brassylic acid market in 2017, contributing around 88% of the total share, and is anticipated to maintain its dominant position during the forecast period. Chemical production method is expected to gain highest market share mainly because of its low cost and easy to follow procedure. On the other hand, the fermentation segment is estimated to grow at the highest CAGR of 3.8% from 2018 to 2026. This is attributed to the numerous factors such as less requirement of skilled labor, low waste generation, and other.
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Fragrances segment to offer lucrative opportunities
Based on application, the fragrances segment held approximately two-fifths of the total market share of the brassylic acid market in 2017, and will uphold its lead position during the forecast period. This is due to its favorable characteristics such as miscibility, low harmful content, and others. Furthermore, this segment is expected to grow at the highest CAGR of 4.0% from 2018 to 2026. The research also analyzes segments including adhesives, plastics, lubricants, other polymers & copolymers.
Europe to rule the market during the forecast period
Based on region, Europe is anticipated to seize major market share, contributing for approximately two-fifths of the total share of the global brassylic acid market in 2017, and will maintain its pole position during the forecast period. This is mainly due to numerous factors such as increase in presence of key players and huge consumer base in this region. On the other hand, Asia Pacific would grow at the highest CAGR of 5.0% from 2018 to 2026. This is because of the high population and changing lifestyle of people, which led to the growth in demand for personal care products in this region.
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Market players holding the major share
- Palmary Chemical
- Nangtong Senos Biotechnology Co. Ltd
- Zibo Guangtong Chemical Co. Ltd
- Shanghai Kaleys Holding Co. Ltd
- Cathay Industrial Biotech
- Beyo Chemical Co. Ltd
- Unisource Chemical Pvt. Ltd
- Larodan AB, Evonik Industries
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