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IN THE NEWSMay 3, 2022: Parchem fine & specialty chemical becomes the official distributor of Benzotriazole and YAPOX Tolyltriazole, the two products of Yasho Industries, in the USA.
April 27, 2022: Eastman Chemical Company to facilitate Maip Group with its molecular recycling technologies to launch new sustainable polymers for the European automotive industry.
The global diethyl acetoacetamide market is estimated to garner noteworthy revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors, such as, increasing demand for insecticides and pesticides owing to a noteworthy expansion in the agriculture sector worldwide and the growing requirement for weed-removal synthetic substances. Diethyl acetoacetamide is also mixed in multiple substances such as pigments, pesticides, and paper. Moreover, it was observed that approximately 2 million tons of pesticides are consumed by cultivators annually across the globe. Additionally, farmers are utilizing more pesticides, on account of evolving methods in agricultural chemistry. Therefore, raising awareness about pesticide utilization is projected to hike the growth of the market over the forecast period. Furthermore, diethyl acetoacetamide is highly utilized in pigment production globally. For instance, in 2021, the total global pigment production was anticipated to be about 300 thousand metric tons. These are the major factors that are projected to propel the growth of the market over the forecast period.
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The market is segmented by end-user industry into paint & coating, plastic & textile, paper & pulp, agriculture, and others, out of which, the paper & pulp segment is anticipated to hold the noteworthy share in the global diethyl acetoacetamide market. The paper & pulp segment is estimated to grow on the back of rising utilization as a significant material in the manufacturing of toilet tissues, conservation paper, laminated worktops, book endpaper, and other various industrial processes. The production of tissue paper alone is estimated to reach about 45 million tons during the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the 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, which 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 favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, 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 investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global diethyl acetoacetamide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the convenient availability of raw materials, growing agriculture sector, and increasing investment of major companies. Based on data presented by World Bank in 2018, 2,705,488 sq. km of agricultural land was found available alone in South Asia, meanwhile, 47.4% of land in the East Asia and Pacific was being utilized for agricultural activities.
Furthermore, the global diethyl acetoacetamide market is also projected to hold a remarkable share in North America region on the back of rising demand for weed removal chemicals and insecticides over the forecast period. Additionally, growing investment in other industries, such as, paint & coating, paper & pulp, and plastic & textile is also anticipated to influence the growth of the market positively during the forecast period. As per a report published by the United States Geological Survey (USGS) about 1 billion pounds of pesticides are utilized in the USA annually to put a stop to weeds, pests, and insects. Such factors are forecasted to boost the growth of the market throughout the forecast period.
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The global diethyl acetoacetamide market is further classified on the basis of region as follows:
Our in-depth analysis of the global diethyl acetoacetamide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for pesticides worldwide, rising requirements for weed removal substances, and high utilization in pigment production are the major factors driving the growth of the diethyl acetoacetamide market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 - 2031.
The presence of alternative chemicals in the market is estimated to hamper market growth.
Asia Pacific region will provide more business opportunities for growth of diethyl acetoacetamide market in future on the back of developing agriculture sector in region.
The major players in the market are Alkyl Amines Chemical Limited, Parchem fine & specialty chemical, TCI Chemical (India) Pvt. Ltd., Alpha Chemical Private Limited, 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 purity, application, end-user industry, and region.
The paper & pulp segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
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