The Heptanoic Acid Market is expected to grow at a steady rate of around 4% owing to the increasing demand from the pharmaceutical industry.
According to a new report published by UnivDatos Markets Insights, the Heptanoic Acid Market is expected to grow at a CAGR of around 4% from 2022-2028. The analysis has been segmented into Grade (Industrial, Pharmaceutical, and Food); Application (Lubricants, Flavors & Fragrances, Cosmetic Applications, Anti-Corrosion Applications, Chemical Intermediates, Pharmaceutical Ingredients, and Others); End-User (Automotive, Aerospace, Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Chemicals, and Others); Region/Country.
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the heptanoic acid market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the heptanoic acid market. The heptanoic acid market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the heptanoic acid market at the global and regional levels.
Market Overview
Heptanoic acid is also known as Enanthic acid. It is an organic compound composed of a seven-carbon chain terminating in a carboxylic acid functional group. It is a colorless oily liquid with an unpleasant, rancid odor. It contributes to the odor of some rancid oils. In recent years, the demand for heptanoic acid has risen dramatically as it is used in the preparation of esters for the fragrance industry, as an additive in cigarettes as well as plays a role in plant metabolites. For instance, in 2020, 22.3% of the global population used tobacco, 36.7% of all men, and 7.8% of the world’s women.
The Heptanoic Acid Market is expected to grow at a steady rate of around 4% owing to the increasing demand from the pharmaceutical industry. Major companies in the market offer heptanoic acid for automotive, aerospace, food & beverage, cosmetics & personal care, pharmaceuticals, chemicals, and other sectors with technologically advanced features. For instance, in September 2019, according to the China Association of Automobile Manufacturers (CAAM), the production and sales of commercial vehicles in China reached 3,45,000 and 3,40,000 units, respectively, which showed an increase of 15.8% and 11.6% when compared to the previous month, and up by 4% and 1.9% year on year, respectively.
Some of the major players operating in the market include Acme Synthetic Chemicals, Arkema S.A., Kalpasutra Chemical Pvt. Ltd., Merck KGaA, Parchem Fine & Specialty Chemicals, OQ Chemicals, Cayman Chemical, Intellichemie Industries, Tokyo Chemical Industry Co. Ltd., Neuchatel Chemie Specialties.
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COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the heptanoic acid industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for heptanoic acid manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China's supply shortages have triggered a chain reaction throughout the world.
The global heptanoic acid market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on grade, the market is segmented into industrial, pharmaceutical, and food. The industrial category is expected to hold a significant share during the forecast period owing to the growing penetration of heptanoic acid from developing nations such as China, India, and Mexico, among others. Heptanoic acid is being adopted to promote the preparation of esters for the fragrance industry. Also, an additive in cigarettes across geographies. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, in 2021, Arkema announces a 50% global capacity expansion for its Oleris® advanced biomaterials. It includes C7, C11, and C18 materials, comprising n-heptanoic acid, n-heptaldehyde, undecylenic acid, and Esterol A. This is expected to start by mid-2022 at the major bio-factory of Jurong Island in Singapore
· On the basis of application, the market is categorized into lubricants, flavors & fragrances, cosmetic applications, anti-corrosion applications, chemical intermediates, pharmaceutical ingredients, and others. Among these, the lubricants held a significant share of heptanoic acid in the market in 2020. This is mainly because it is used in the form of esters. As one of the neopolyol esters is primarily used in car motor oils, metalworking fluids, plasticizers, and more. The lubricants have properties such as high thermal stability, good resistance to oxidation, low viscosity at low temperature, and low volatility at high temperature escalating the growth of the market. Thus, investments taking place globally are contributing to the growth of the lubricants market
· Based on end-user, the heptanoic acid market has been classified into automotive, aerospace, food & beverage, cosmetics & personal care, pharmaceuticals, chemicals, and others. The automotive category is expected to dominate the market due to higher adoption of heptanoic acid during the forecast period. This is mainly due to the growing production of vehicles and their usage across the globe. In addition, there is a major growth in the sales of passenger vehicles and commercial vehicles across the globe, which is responsible for the heptanoic acid market growth. Since it is used as a lubricant in vehicles. For instance, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020
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Heptanoic Acid Market Geographical Segmentation Includes:
· North America (U.S, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to dominate the market and is expected to grow at a substantial CAGR during the forecast period. Also, the growth is mainly owing to the positive outlook of end-user industries supported by rising population, and urbanization in many developing countries such as China and India. Additionally, China is one of the growing countries, which is focusing on replacing obsolete vehicles, in turn, increasing the demand for improved and high-performance lubricants in the market. Where India is the second-largest lubricant market in the region and the third largest in the world which is working towards the growth of the heptanoic acid market. Moreover, Government is also focusing on replacing old vehicles, which will increase the demand for upgraded and high-performance lubricants in the region.
The major players targeting the market include
· Acme Synthetic Chemicals
· Arkema S.A.
· Kalpasutra Chemical Pvt. Ltd.
· Merck KGaA
· Parchem Fine & Specialty Chemicals
· OQ Chemicals
· Cayman Chemical
· Intellichemie Industries
· Tokyo Chemical Industry Co. Ltd.
· Neuchatel Chemie Specialties
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the heptanoic acid market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the heptanoic acid market?
• Which factors are influencing the heptanoic acid market over the forecast period?
• What are the global challenges, threats, and risks in the heptanoic acid market?
• Which factors are propelling and restraining the heptanoic acid market?
• What are the demanding global regions of the heptanoic acid market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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