by Cyclopropanol is an important chemical intermediate that finds applications across various end-use industries like agrochemicals, pharmaceuticals, and perfume industries. Cyclopropanol acts as a precursor for manufacturing crop protection agents, drugs, and fragrances. The growing demand for agrochemicals to boost agricultural yield and fragrances for personal care products is driving the need for cyclopropanol.
The global Cyclopropanol Market is estimated to be valued at US$ 745.5 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Surging Growth in End-Use Industries
The key trend propelling the growth of the cyclopropanol market is the surging demand from end-use industries like agrochemicals, pharmaceuticals, and perfume industries. There is immense growth in the agrochemical industry with rising population and reducing cultivable land which is augmenting the need for crop protection chemicals and intermediates like cyclopropanol. Furthermore, expanding pharmaceutical sector due to increasing health awareness is also driving the demand for cyclopropanol which is used in manufacturing APIs (Active Pharmaceutical Ingredients).
SWOT Analysis
Strength: Cyclopropanol is used as an intermediate for the production of other derivatives like cyclopropanecarboxylic acid. These derivatives find applications in pharmaceuticals and agrochemicals industries. This stable demand ensures consistent growth.
Weakness: Cyclopropanol is a hazardous chemical and proper safety precautions are required during its production, transportation, storage and handling. Non-compliance with regulations can negatively impact the business.
Opportunity: Growing pharmaceutical industry coupled with increasing consumption of agrochemicals across major crop producing regions provide scope for expansion. Research into new applications of cyclopropanol derivatives can also boost the market.
Threats: Availability of substitutes and price fluctuations of raw materials used for cyclopropanol production are key threats. Stringent environmental laws related to emissions can raise compliance costs.
Key Takeaways
The global Cyclopropanol Market Share is expected to witness high growth over the forecast period supported by expanding end-use industries. The global Cyclopropanol Market is estimated to be valued at US$ 745.5 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is projected to maintain its leading position over the next few years. China, India and Japan are prominent cyclopropanol producers catering to strong domestic demand from pharmaceutical and agrochemical sectors.
Key players operating in the cyclopropanol market are Anchor Drill, Anthropic and Bed Bath & Beyond. Anchor Drill is one of the prominent suppliers of cyclopropanol globally and has a wide distribution network across major regions. Anthropic manufactures cyclopropanecarboxylic acid from cyclopropanol primarily for crop protection applications. Bed Bath & Beyond also synthesizes various cyclopropanecarboxylate esters utilizing cyclopropanol as a feedstock.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
