Surge in use of brassylic acid in the fragrance, polymer, pharma, cosmetic, and chemical sectors resulted in rise in the demand for brassylic acid. This is likely to be the major driving factor for the brassylic acid market over forecasting timeframe. The COVID-19 pandemic resulted in lockdown that substantially impacted import and export services, thereby adversely affecting growth of global brassylic acid market.
Portland, OR, July 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Brassylic Acid market accrued $61.30 million in 2021, and is predicted to garner $90.40 million by 2030, registering a CAGR of 4.2% from 2022 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in use of brassylic acid in the fragrance, polymer, pharma, cosmetic, and chemical sectors resulted in rise in the demand for brassylic acid. This is likely to be the major driving factor for the brassylic acid market over forecasting timeframe. Favorable product features such as low moisture retention ability, strength, and abrasion made brassylic acid as a best choice for nylon, lubricants, and adhesives. This will create new growth opportunities for market over ensuing years.
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The COVID-19 pandemic resulted in the lockdown that substantially impacted import and export services, thereby adversely affecting the growth of the global brassylic acid market.
Brassylic acid finds slew of applications in myriad industries such as chemical and polymer industries. However, these industries were highly impacted by lockdown imposed, owing to the COVID-19 outbreak. Also, a huge decline in sale of brassylic acid was recorded in 2020, due to less workforce and disrupted supply chain.
The report offers detailed segmentation of the global brassylic acid market based on form, application, and region.
Based on form, the powder segment contributed toward the largest market share in 2021, accounting for nearly two-thirds of the overall share of the global brassylic acid market. Moreover, this segment is projected to register the highest CAGR of 4.4% from 2022 to 2030. The report also discusses the segments including flakes and diluted.
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Based on application, the fragrance segment accounted for the largest share of the brassylic acid market in 2021, contributing to nearly one-third of the overall share of the global market. However, polymer segment is set to register highest CAGR of 5.0% from 2022 to 2030.
Based on region, Europe contributed toward the highest market share in 2021, accounting for nearly two-fifths of the global brassylic acid market. In addition, the Asia-Pacific Brassylic acid market is anticipated to record the fastest CAGR of 5.1% from 2022 to 2030.
Key players profiled in the global Brassylic acid market research report are Beyo Chemical Co. Ltd, Cathay Industrial Biotech, Nangtong Senos Biotechnology Co. Ltd, Palmary Chemical, Evonik Industries, Unisource Chemical Pvt. Ltd, Zibo Guangtong Chemical Co. Ltd, Larodan AB, and Shanghai Kaleys Holding Co. Ltd.
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