BASF SE announced its collaboration with Siemens Energy and MITSUBISHI HITACHI POWER SYSTEMS (MHPS) to enhance the efficiency and reduce carbon emissions of its steam crackers, which are essential for chemical production. The joint project aims to develop a new digital process for optimizing steam crackers' operations by integrating advanced analytics, machine learning, and artificial intelligence.
Evonik announced the acquisition of Infinitec Activos S.L., a Spanish company specializing in active ingredients for the personal care industry. The acquisition expands Evonik's portfolio of active ingredients for cosmetic applications.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 1137
Published Date: May 31, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing demand from end-use industries such as the pharmaceutical industry is the major factor driving the market growth.
The market size of anisole is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023-2035.
The major players in the market are BASF SE, Evonik Industries AG, Merck KGaA, Solvay SA, Eastman Chemical Company, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end use industry, and by region.
The fragrances segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The volatility in raw material prices is estimated to be the growth hindering factor for the market expansion.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.