- Isoprenol Application in Agrochemicals to Account for 40% of Global Isoprenol Demand by 2031
- Fact.MR's latest study discusses factors affecting the isoprenol market growth. It divulges exclusive information about existing opportunities across various segments in terms of application. Besides this, the report profiles leading isoprenol producers and examines the effect of their growth strategies on the global market.
NEW YORK, Nov. 16, 2021 /PRNewswire/ -- As per the newly released data by Fact.MR, the global isoprenol market is estimated to surpass a valuation of US$ 200 Mn by 2021. The overall market is poised to expand at 6.5% CAGR between 2021 and 2031, reaching a valuation of around US$ 375 Mn by the end of the assessment period.
Isoprenol is also known as 3-methyl-3-butene-1-ol, it's a hemiterpene alcohol. It is a light yellow to colorless liquid. The global demand for isoprenol is increasing in response to surging application in agrochemicals, biofuels, and pharmaceuticals sectors.
The isopentenol such as isoprenol and prenol are carving their niche as preferred biofuels because of their higher energy density and better combustion efficiency as compared to ethanol. Increasing funds are being allocated by governments and other private organizations to encourage biofuel production.
For instance, in June 2020, four Berkeley Lab projects were allocated US$ 1 Mn by the Department of Energy's (DOE's) technology commercialization fund (TCF) to further collaborative research with industry partners on biofuels, bioproducts, energy microgrid technology and renewable energy technology.
The project aimed at the cost effective production of promising biologically derived aviation biofuel precursor, isoprenol, from sustainable lignocellulosic biomass using state-of-art technologies. Surging investment in biofuel production will therefore aid the expansion of the market.
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Isoprenol also is increasingly utilized as an active pharmaceutical ingredient due to its excellent physical and chemical properties such as high-water absorption and long-term stability. This will in turn continue to boost the sales of isoprenol during the assessment period.
According to Fact.MR, agrochemicals will emerge as the primary application for isoprenol during the forecast period. Isoprenol is increasingly used in the agricultural industry for manufacturing insecticides, fungicides, and other agrochemicals as a result of its ecofriendly nature. Application of isoprenol in flavors & fragrances segment was dominating the market share in 2019.
Regionally, North America is anticipated to register the fastest growth, accounting for around two fifth share in the global isoprene market over the assessment period. Growth in the region is attributable to the increasing adoption of isoprenol in agrichemical and pharmaceutical industries.
"The rising need for novel and eco-friendly sources of biofuels with excellent physical and chemical properties is encouraging manufacturers to seek new means of producing isopentenol from substrates such as renewable sugar. As a result, microorganisms such as cerevisiae and Escherichia coli are being employed for high-specificity production of next generation biofuels like isoprenol," says a Fact.MR analyst
Key Takeaways from Isoprenol Market Survey
North America is projected to account for around 40% share in the global isoprenol market during the assessment period.
With increasing adoption of isoprenol in the pharmaceutical industry, the Europe market is anticipated to hold around 35% share by 2031.
Asia is expected to cover nearly 25% market share as a result of expanding scope of isoprenol in agricultural and pharmaceutical industries.
In terms of application, isoprenol for agrochemicals segment is expected to account for around 40% market share through 2031.
Growing demand for ecofriendly agrochemicals such as pesticides and insecticides is boosting the demand for isoprenol.
Key players operating in the isoprenol market are focusing on increasing their production capacity. They are introducing novel techniques for the production of isopreol, besides leveraging a wide range of strategies such as mergers, partnerships, expansions and collaborations.
In June 2021, Kuraray Co. Ltd. announced that it will increase the prices of isoprene chemical derivative products by 10-30% from July 1, 2021. The decision came in response to the increasing production costs including equipment maintenance and updates in production, as well as raw material and transportation costs.
Some of the prominent players operating in the isoprenol market profiled by Fact.MR are:
Kuraray Co. Ltd.
Spectrum Chemical Manufacturing Corp.
Tokyo Chemical Industry Co. Ltd.
Toronto Research Chemicals Inc.
Haihang Industry Co. Ltd.
Sure Chemical Co. Ltd.
More Insights on the Global Isoprenol Sales Outlook
Fact.MR provides an unbiased analysis of isoprenol market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for isoprenol with a detailed segmentation on the basis of:
Isoprenol for Agrochemicals
Isoprenol for Pharmaceuticals
Isoprenol for Flavors & Fragrances
Isoprenol for Polymers
Middle East & Africa
Key Questions Covered in the Isoprenol Market Outlook Report
The market study also highlights projected sales growth for isoprenol market between 2021 and 2031
Isoprenol market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Isoprenol market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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