SEATTLE--(BUSINESS WIRE)--The global brassylic acid market was valued at US$ 582.0 Mn in 2018 and is expected to exhibit a CAGR of 3.6% over the forecast period (2019-2027), in terms of revenue.
Key Trends and Analysis of the Global Brassylic Acid Market:
Global brassylic acid market is expected to witness significant growth over the forecast period. This is attributed to factors such as increasing demand for lubricants and adhesives, and its high demand in fragrance industry.
The sub-segment of vegetable oil, crambe oil is the most preferred raw material used for the manufacturing of brassylic acid. It is owing to the availability of around 50-60% of erucic acid in crambe oil, which is used for the production of brassylic acid.
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Plastics and polymers are commonly synthesized from petroleum sources. Petroleum is considered as a non-renewable energy source and is depleting rapidly. However, brassylic acid synthesized from plant-based sources such as crambe and rapeseed oil is a potential alternative for plastics produced from petroleum sources. Therefore, increasing applications of brassylic acid in plastics, lubricants, and adhesive industry is expected to drive the global brassylic acid market growth over the forecast period.
However, in fragrance industry, perfume compounds such as nitro musk and polycyclic musk compounds are prevailing in the market which can be used as a substitute for the musk made up of brassylic acid. This factor is expected to hinder growth of the global brassylic acid market during the forecast period.
Key Market Takeaways:
- The global brassylic acid market is expected to exhibit a CAGR of 3.6% in terms of revenue during the forecast period. The global brassylic acid market is expected to witness high growth, owing to increasing applications of brassylic acid in commercial uses such as perfume manufacturing, fragrances in cosmetics, homecare, and others. For instance, according to the press release of ‘The International Fragrance Association’ published in June 2019, sales generated by fragrance industry collectively in regions, which include Europe, Middle East & Africa, Asia Pacific, and Latin America, was valued at US$ 8.03 billion in 2017.
- Among production method, chemical method segment accounted for the largest share of 88.2%, in terms of revenue in 2018 in the global brassylic acid market, owing to ease of manufacturing. Besides, chemical method of manufacturing brassylic acid is less time consuming compared to fermentation method.
- Moreover, key players operating in the brassylic acid market are focused on expanding their production capacity, in order to meet increasing consumer demand. For instance, in 2011, Firmenich, a company that manufactures fragrance and flavor, opened a new research center in Shanghai, China. This research center was dedicated to plant biology to study raw materials for the flavor and fragrance industry. The aim was to provide effective and eco-friendly materials which do have lesser impact on the environment and improve agricultural output, use less land, and increase economic potential for local communities.
- Key companies operating in the global brassylic acid market include 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.
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Global Brassylic Acid Market, By Raw Material Type:
- Paraffin Oil
- Crambe Oil
- Rapeseed Oil
- Others (Mustard Oil and Others)
Global Brassylic Acid Market, By Production Method:
Global Brassylic Acid Market, By Application:
- Other Polymers & Copolymers
Global Brassylic Acid Market, By Region:
- Rest of South America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- North Africa
- Central Africa
- South Africa
- Rest of Africa
- North America
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