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CHEMICALS AND ADVANCED MATERIALS

Heptanoic Acid Market Analysis by Grade (Pharmaceutical Grade, Food Grade, and Industrial Grade); by Application (Lubricants, Flavors & Fragrances, Cosmetic Applications, Anti-corrosion Applications, Chemical Intermediates, Pharmaceutical Ingredients, and Others); and by End-user (Automotive, Aerospace, Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Chemicals, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • March, 2022: ARKEMA has announced that it will be showcasing its latest products at In-Cosmetics, Paris, with a portfolio of first-class technologies complying with the highest standards for stability, purity and safety. 

  • September, 2022: OQ Chemicals GmbH has introduced its new ester base oil Oxlube L7-NPG, specifically developed to help improve the performance and efficiency of electric vehicles (EV).

Global Heptanoic Acid Market Highlights Over 2023 – 2033

                             Base Year                                    

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

~USD 3 Billion

Forecast Year Market Size (2033)

~USD 5 Billion

The global heptanoic acid market is estimated to garner a revenue of ~USD 5 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023–2033. Furthermore, the market generated ~USD 3 billion in revenue in 2022.The primary growth factor of the heptanoic acid market is the expansion of the manufacturing industry. Producers are extensively using heptanoic acid in manufacturing processes owing to its great advantages. Thus, the boom in manufacturing industry is expected to propel the market growth in the assessment period. According to recent estimates, the manufacturing industry in the United States region will generate approximately USD 6 trillion in 2022.

Heptanoic Acid Market Regional Overview

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Heptanoic acid has good corrosion properties at different levels of temperatures. It is also used as an industrial lubricant due to its characteristics such as lower volatility at high temperatures and lower viscosity at lower temperatures. The various benefits offered by heptanoic acid make it a preferred choice in the manufacturing business. Thus, an increase in the number of manufacturing businesses is forecasted to increase to bring in lucrative opportunities in the upcoming years. A recent report stated that in 2022, the number of manufacturing businesses in the United States was counted to be 638,590.

Market Definition

Heptanoic acid also called enanthic acid is a naturally occurring acid present in essential oils, e.g. violet leaf oil, palm oil and is also present in apple, feijoa fruit, strawberry jam, clove bud, ginger, black tea, morello cherry, grapes, rice bran and other foodstuffs. It is a C7, straight-chain fatty acid that contributes to the odor of some rancid oils. Used in the preparation of esters for the fragrance industry, and as an additive in cigarettes. It has a role as a plant metabolite. Heptanoic acid is a medium-chain fatty acid and a straight-chain saturated fatty acid.

Global Heptanoic Acid Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in the Automotive Industry – The utilization of heptanoic acid as a lubricant is the prime factor that is driving the sales of the heptanoic acid in the automotive industry. Thus, the expansion of automotive industry is expected to drive the growth of the heptanoic acid market. As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach USD 9 trillion.

  • Expansion of the Beauty Industry – The ability of heptanoic acid to synthesize natural and bio-based skin conditioning and viscosity-controlling agents makes it an effective ingredient in cosmetic and personal care products. The recent focus on organic and natural personal care products is thus anticipated to expand the beauty industry, which in turn is forecasted to bolster the sales of heptanoic acid. A recent study revealed that the global beauty industry is projected to generate a revenue of USD 720 billion by 2025. Further, the global expenditure of the beauty industry amounted to USD 490 billion in 2020.

  • Swelling of the Fragrance Industry – The revenue generation by the fragrances segment in the United States amounted to approximately USD 8 billion in 2022.

  • Boom in the Chemical Industry – Rapid industrialization and development in India has propelled the Indian chemical industry to grow by a CAGR of 10% with a revenue of USD 300 billion by 2025.

Challenges

  • Adverse Effect on Human Body
  • Fluctuation in Costs of Raw Materials
  • Stringent Rules by the Government

The heptanoic acid market is segmented and analyzed for demand and supply by end users into automotive, aerospace, food & beverage, cosmetics & personal care, pharmaceuticals, chemicals, and others. Of these, the automotive segment is expected to garner the largest share of the market by 2031. The primary growth factor for the segment is the rising demand for and production of vehicles by the burgeoning population across the world. The International Organization of Motor Vehicles released the data that shows the total production of vehicles in the world was 80,145,988 units in 2021, a rise from 77,711,725 units in 2020. Whereas, the total sales were calculated to be 82,684,788 units in 2021, a rise from 78,774,320 in 2020.

Major Macro-Economic Indicators Impacting the Market Growth

Heptanoic Acid Market Regional Chart

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 Program), 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 favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & 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 the investment in businesses in Asia Pacific countries in the upcoming years.

Global Heptanoic Acid Market Regional Synopsis

Regionally, the global heptanoic acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2033. The primary growth factor of the heptanoic acid market is the rising demand for automotives in the region. By the International Organization of Motor Vehicle Manufacturers (OICA), it was calculated that the sales and registration of new vehicles in the Asia-Pacific region grew by 42,663,736 units in 2021, a considerable increment from 2020 with 40,322,544 vehicles.  Further, the increased consumption of chemicals in the region is another factor that is projected to fuel the heptanoic acid market growth. China in the Asia Pacific region is considered the second-largest market for cosmetics, accounting for almost 17% of the global cosmetic industry in 2021.

Heptanoic Acid Market Regional Synopsis

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The global heptanoic acid 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

Market Segmentation

Our in-depth analysis of the global heptanoic acid market includes the following segments:

By Grade

  • Pharmaceutical Grade
  • Food Grade
  • Industrial Grade

By Application

  • Lubricants
  • Flavors & Fragrances
  • Cosmetic Applications
  • Anti-corrosion Applications
  • Chemical Intermediates
  • Pharmaceutical Ingredients
  • Others

By End Users

  • Automotive
  • Aerospace
  • Food & Beverage
  • Cosmetics & Personal Care
  • Pharmaceuticals
  • Chemicals
  • Others

Top Featured Companies Dominating the Global Heptanoic Acid Market

  • Wujiang New Sunlion Chemical Co., Ltd.,
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Handanshi Kenzcheng Chemical Co., Ltd
  • Intellichemie Industries
  • Jinan Chenghui Shuangda Chemical Co., Ltd.
  • Kalpasutra Chemical Pvt. Ltd.
  • Merck KGaA
  • National Analytical Corporation
  • Neuchatel Chemie Specialties
  • OQ Chemical GmbH
  • Parchem Fine & Specialty Chemicals
  • Spectrum Chemical, Synerzine, Inc.
  • Tokyo Chemical Industries Co., Ltd
  • VWR International, LLC

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