Crotonic Acid Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is predicted to account for largest revenue share of 40% by 2035 propelled by the rising urbanization. Moreover, better job prospects, the presence of well-established institutions for higher learning, and an urban standard of living are the reasons why more people in countries such as India and China are choosing to relocate from rural to urban areas.
The construction sector has been significantly impacted by the rise in urbanization in the region which has led to an increase in the need for building supplies, including bricks, crushed rock, cement, steel, sand, and paint and coatings that are widely utilized on buildings for both decorative and protective functions. These factors may drive the demand for crotonic acid in the region. In India, more than 460 million people live in urban areas and the figure is increasing annually by over 2%.
North American Market Insights
The North America crotonic acid market is estimated to be the second largest, during the forecast timeframe led by the rising spending in healthcare sector. Moreover, the pharmaceutical sector in the United States creates several new medications each year that have significant medical benefits, which also makes the country the global leader in prescription drug spending per capita. As a result, there may be an increasing demand for crotonic acid in the region since it can be utilized in the manufacture of medicines. According to estimates, the amount spent on health care in the United States increased by over 2% in 2021 to around USD 12,910 per person.
