The global acetoacet-o-toludide market is estimated to garner a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the wide range of applications of acetoacet-o-toludide. The acetoacet-o-toludide is widely used in making coating materials, lightweight automotive parts, polymeric chairs, tables, and cables. Furthermore, the growing demand for dyes and pigments in the textile industry is expected to enhance the global acetoacet-o-toludide market over the forecast period, as acetoacet-o-toludide is used in dyes. It is estimated that the textile and apparel sector is the fourth biggest industry in the world. Apart from this, acetoacet-o-toludide is a vital ingredient in making pesticides. The Food and Agriculture Organization of the United Nations states that between 20% to 40% of total crop yield is lost each year due to pests and FAO promotes Integrated Pest Management (IPM) for fulfilling the food demand. Hence, the growth of the agrochemical industry is anticipated to boost the global acetoacet-o-toludide market growth. Moreover, the acetoacet-o-toludide compound is also used in making pharmaceutical products, which is also a leading industry. According to the data released by the National Centre for Biotechnology Information, approximately 1 in 3 of all adults suffer from chronic diseases, which is the reason medicine consumption has also increased robustly over the past decades. On account of this, the global acetoacet-o-toludide market is expected to witness growth over the forecast period.
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The market is segmented by application into dye, pesticide, fungicide, and chemical industry, out of which, the dye segment is anticipated to hold the notable share in the global acetoacet-o-toludide market on account of diverse usage of the compound. With the growing fashion industry, the need for acetoacet-o-toludide is also increasing for dyeing clothes. On account of this, the global acetoacet-o-toludide market is anticipated to grow significantly over the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global acetoacet-o-toludide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of rapid growth in the pharmaceutical industry and developed healthcare infrastructure in the region. The Centers for Diseases Control and Prevention states that 6 in 10 adults in the US have chronic diseases, leading to higher demand for medicines. On account of this, the global acetoacet-o-toludide market is estimated to witness exponential growth over the forecast period in the region.
Furthermore, the global acetoacet-o-toludide market is projected to grow in the Asia Pacific region on the back of the growing textile industry in the region. It is estimated that in India alone, the textile industry valued at USD 150 billion in 2017, and there are over 3500 textile mills in the country. Furthermore, it is opined that China is the largest textile exporting and producing country all over the world. On account of this, the global acetoacet-o-toludide market is expected to witness growth over the forecast period in the Asia Pacific region.
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The global acetoacet-o-toludide market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
The growing textile and pharmaceutical industry are the major factors that are estimated to drive the growth of the global acetoacet-o-toludide market over the forecast period.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are S&P Global Inc., Pravin Dyechem Pvt.Ltd., EMCO Dyestuff Pvt.Ltd, and Changsha EASCHEM Co. Limited
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The dye sub-segment is anticipated to hold the largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Associated environmental hazards are estimated to hamper the market growth.
The North America region is expected to provide more business opportunities for the growth of the global acetoacet-o-toludide market during the forecast period on the back of developed pharmaceutical industry.
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