SEATTLE, May 20, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global heptanoic acid market is estimated to be valued at US$ 2,964.25 million in 2021 and is expected to exhibit a CAGR of 5.1% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Heptanoic Acid Market:
Heptanoic acid is largely utilized in flavors and fragrances, which are widely used in industries such as perfumes, soaps, toothpaste, and detergents. It can also be found in men's and women's perfumes. Hence, growth of the fragrance industry is propelling the consumption of heptanoic acid. For instance, according to the data published by the Ministry of Micro, Small and Medium Enterprises, a branch of the Government of India, in June 2019, the growth rate of the fragrance industry in India was approximately 11% in 2019. However, it is expected to grow exponentially in the upcoming years due to rising personal care brand awareness, increasing disposable income, growing demand for fragrance as well as perfumes among the middle class population.
Heptanoic Acid is used in cosmetics for anti-aging, skin conditioning, and moisturizing. It helps to remove wrinkles by regenerating the collagen content of the skin which results in softening the appearance of fine lines and blemishes or dark spots on the face. n-Heptanoic Acid also helps to protect skin from dryness due to exposure to sunlight. n-Heptanoic Acid is used as a preservative in cosmetic formulations such as moisturizers, toners, and lotions. It acts by preventing the growth of bacteria that can cause infections or spoilage by entering into any chemical reaction with oxygen to form effective bactericides. According to a report published by Centre for the Promotion of Imports from developing countries (CBI) in December 2018, the demand for the anti-aging and anti-wrinkle products are increasing in the market due to rising human concerns related to there skin. According to the data published on the official website of European countries on February 2022, In 2021, more than one fifth (20.8 %) of the EU population was aged 65 and over The ageing European population is majorly driving the demand for anti-ageing cosmetics, especially when combined with the perceived consumer demand for products that may help them feel and look healthy and young.
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Key Market Takeaways:
The global heptanoic acid market is expected to exhibit a CAGR of 5.1% over the forecast period (2022-2030). The global heptanoic acid market is expected to witness tremendous growth in the upcoming years. The increasing demand for heptanoic acid from several end-use industries such as automotive, food & beverages, aerospace, cosmetics & personal care, chemicals, pharmaceuticals, etc., is expected to drive the market growth during the forecast period.
Among Application, pharmaceutical ingredient segment accounted for the 25.1% share in 2021. Heptanoic acid is used as an organic building block for the synthesis of a variety of chemical compounds. It is involved in the esterification of steroids and used in the preparation of active pharmaceutical ingredients such as trenbolone enanthate, testosterone enanthate, drostanolone enanthate, and methenolone enanthate.
Major players operating in the global heptanoic acid market include Acme synthetic chemicals, Akshay Chemicals, Alfa Aesar,Arkema, Cayman Chemical, 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., Tokyo Chemical Industries Co., Ltd, VWR International, LLC, and Wujiang New Sunlion Chemical Co., Ltd.
Mergers and acquisitions, strategic collaborations, new product launch, and business expansions are the key strategies adopted by key players to retain their market share. For instance, in October 2021, Merck KGaA, a German multinational science and technology company, announced a collaboration with Bio-valley (Beijing) Technology Co., LTD (Bio-valley), a pharmaceutical company involved in drug development businesses. The collaboration will establish technical talent training programs for China's biopharmaceutical industry.
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Global Heptanoic Acid Market, By Grade:
- Industrial Grade
- Pharmaceutical Grade
- Food Grade
Global Heptanoic Acid Market, By Application:
- Flavors & Fragrance
- Chemical Synthesis
- Pharmaceutical Ingredient
- Others (Corrosion Inhibition etc.)
Global Heptanoic Acid Market, By Region:
- North America
- By Country:
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Coherent Market Insights
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