by The Brassylic Acid Market is estimated to be valued at US$ 716.7 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Brassylic acid is primarily used in the production of polymers and plasticizers. It is derived from bee’s wax through ozonolysis. Some key uses of brassylic acid include production of plasticizers like di-2-ethylhexyl brassylate, production of polyamides like nylon-5,10, lubricants, and others. The biodegradable and sustainable nature of brassylic acid makes it an ideal replacement for phthalate plasticizers.
Market Dynamics:
Rising consumer preference towards bio-based and sustainable chemicals is a major driver for the brassylic acid market growth. Increased government regulations restricting the use of toxic phthalates is also fueling the demand for safer bio-based alternatives like brassylic acid. Additionally, growth in end-use industries such as automotive, construction and consumer goods is positively impacting the market. However, high production costs associated with extracting brassylic acid from natural sources is a major challenge. Ongoing R&D towards developing efficient and cost-effective production technologies can help in overcoming this challenge and accelerating market expansion.
Segment Analysis
The global brassylic acid market is dominated by its application as a raw material in the production of polymers and plasticizers. Around 60% of the total brassylic acid produced is utilized in the manufacturing of polyesters, nylon, and polyurethanes. This is because brassylic acid is an important intermediate in the production of these polymers and plasticizers. The demand for these polymers and plasticizers from industries such as automotive, consumer goods, construction is driving the consumption of brassylic acid.
PEST Analysis
Political: There are no significant political risks impacting the brassylic acid market.
Economic: The forecasted strong GDP growth in developing economies will drive higher demand from end-use industries and boost the brassylic acid market size.
Social: Rising living standards and purchasing power are increasing the consumption of consumer goods and automobile. This is positively impacting the brassylic acid market.
Technological: Manufacturers are continuously investing in R&D to develop innovative and efficient production technologies to reduce production cost and improve yield of brassylic acid.
Key Takeaways
The global brassylic acid market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from the automotive and construction industries. The market size for 2023 is estimated to be US$ 716.7 Mn.
Asia Pacific region is expected to dominate as well as emerge as the fastest growing market for brassylic acid during the forecast period. This is attributed to the presence of emerging economies like China and India with high economic growth and increasing industrial activities.
Key players operating in the brassylic acid market are Cathay Industrial Biotech, Palmary Chemical, Unisource Chemicals Pvt. Ltd., Zibo Guangtong Chemical Co., Ltd., Beyo Chemical Co., Ltd, Larodan Ab, Evonik Industries, Nantong Senos Biotechnology Co., Ltd., and Shanghai Kaleys Holding Co., Ltd. These players are focusing on expansion of production capacities and backward integration to gain higher market share.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
