The global Pelargonic Acid market is estimated to be valued at US$ 162.21 million in 2020 and is expected to exhibit a CAGR of 5.83% over the forecast period, according to a new report published by Coherent Market Insights.
A) Market Overview:
Pelargonic acid, also known as nonanoic acid, is a medium-chain saturated fatty acid with nine carbon atoms. It is a colorless to pale yellow liquid with a pungent odor. Pelargonic acid finds applications in various industries such as agriculture, personal care, pharmaceuticals, and chemicals. It is widely used as an herbicide in weed control due to its herbicidal properties. Additionally, it is used as a raw material for the synthesis of esters, lubricants, and insecticides.
B) Market Dynamics:
The Pelargonic Acid market is driven by the growing demand from end-use industries. In the agriculture sector, pelargonic acid is extensively used as a non-selective herbicide for weed control. The increasing adoption of organic farming practices and the need for sustainable weed management solutions are fueling the demand for pelargonic acid in the agriculture industry.
Furthermore, the personal care industry is also a significant consumer of pelargonic acid. It is used in the formulation of various personal care products such as shampoos, soaps, and lotions due to its antimicrobial and surfactant properties. The rising consumer awareness regarding personal hygiene and grooming is driving the demand for pelargonic acid in the personal care industry.
C) Segment Analysis:
The Pelargonic Acid Market is segmented based on application and end-use industry. On the basis of application, the market is divided into herbicides, lubricants, food additives, personal care products, and others. The herbicides segment dominates the market due to the widespread use of pelargonic acid as a herbicidal agent in weed control.
In terms of end-use industry, the agriculture sector holds a significant share in the Pelargonic Acid market. The increasing adoption of organic and sustainable farming practices is boosting the demand for herbicides, thereby driving the growth of the market in the agriculture sector.
D) PEST Analysis:
– Political: The regulatory framework and policies related to the use of herbicides and chemicals in agriculture can impact the demand for pelargonic acid.
– Economic: The economic growth of the agriculture and personal care industries, along with increasing consumer spending power, will drive market growth.
– Social: The rising consumer awareness regarding personal hygiene and the preference for organic and sustainable farming practices are influencing the demand for pelargonic acid.
– Technological: Advancements in the extraction and purification processes of pelargonic acid are enhancing its quality and increasing its applications in various industries.
E) Key Takeaways:
– The global Pelargonic Acid market is expected to witness high growth, exhibiting a CAGR of 5.83% over the forecast period, due to increasing demand from end-use industries.
– In terms of regional analysis, North America is the fastest-growing region, driven by the growing adoption of organic farming practices and the presence of major players in the region.
– Key players operating in the global Pelargonic Acid market include Central Drug House, Croda International Plc., Emery Oleochemicals, Glentham Life Sciences Limited, Haihang Industry, Kunshan Odowell Co., Ltd, Matrica S.p.A, OQ Chemicals GmbH, Tokyo Chemical Industry Co., Ltd., and Zhengzhou Yibang Industry & Commerce Co., Ltd.
In conclusion, the Pelargonic Acid market is witnessing significant growth due to its diverse applications in various industries. The increasing demand for organic farming practices and personal care products is driving the market. With advancements in extraction and purification processes, the market is expected to grow further, presenting lucrative opportunities for key players in the industry.