Heptanoic Acid Market Size & Share, by Grade (Pharmaceutical Grade, Food Grade, Industrial Grade); Application (Lubricants, Flavors & Fragrances, Cosmetic Applications, Anti-corrosion Applications, Chemical Intermediates, Pharmaceutical Ingredients); End-user (Automotive, Aerospace, Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Chemicals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4352
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Heptanoic Acid Market size is estimated to cross USD 5 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of heptanoic acid was USD 3 Billion. The growth of the market can be attributed to the expansion of the manufacturing industry as the chemical is widely used by producers in manufacturing processes, backed by its great advantages. Thus, the boom in the manufacturing industry is expected to propel market growth in the assessment period. According to recent estimates, the manufacturing industry in the United States region was estimated to generate approximately USD 6 trillion in 2022.

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 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. Hence, all these factors are anticipated to hike the market growth over the forecast period.


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Heptanoic Acid Market: Key Insights

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

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Heptanoic Acid Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growth in the Automotive Industry – As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach USD 9 trillion globally.
  • The utilization of heptanoic acid as a lubricant is the prime factor that is driving the sales of heptanoic acid in the automotive industry. Heptanoic acid is used as a lubricant in the automotive start-stop system which is associated with the engine control unit. Thus, the expansion of the automotive industry is expected to drive the growth of the heptanoic acid market.
  • Expansion of the Beauty Industry – 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 globally.
  • 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.
  • Swelling of the Fragrance Industry – The revenue generation by the fragrances industry in the United States amounted to approximately USD 8 billion in 2022. Heptanoic acid is utilized to create fragrances as a significant chemical.
  • Boom in the Chemical Industry – Rapid industrialization and development in India has propelled the Indian chemical industry to reach an estimated revenue of USD 300 billion by 2025.

Challenges

  • Adverse Effects on Human Body - Heptanoic acid has several hazards which can affect the human body negatively causing severe infection or diseases. It has been observed that extended exposure to this acid may irritate the respiratory system of a person. Hence, people are imposed with strict rules and regulations to follow when they are in direct contact with heptanoic acid. Therefore, this factor is estimated to limit the market growth over the forecast period.
  • Fluctuation in Costs of Raw Materials
  • Stringent Rules by the Government


Heptanoic Acid System Segmentation

End-user (Automotive, Aerospace, Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Chemicals)

The global heptanoic acid market is segmented and analyzed for demand and supply by end-user into automotive, aerospace, food & beverage, cosmetics & personal care, pharmaceuticals, chemicals, and others. Out of these end-users, the automotive segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the rising demand for and production of vehicles by the burgeoning population across the world. The automotive industry has the highest demand for heptanoic acid and is forecasted to hike the growth of the segment during the forecast period. The International Organization of Motor Vehicles released 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.

Application (Lubricants, Flavors & Fragrances, Cosmetic Applications, Anti-corrosion Applications, Chemical Intermediates, Pharmaceutical Ingredients)

The global heptanoic acid market is also segmented and analyzed for demand and supply by application into lubricants, flavors & fragrances, cosmetic applications, anti-corrosion applications, chemical intermediates, pharmaceutical ingredients, and others. Amongst these segments, the lubricants segment is expected to garner a significant share. The growth of the market can be ascribed to the higher utilization of heptanoic acid in the form of industrial lubricants since it has all the required properties such as decreased volatility at high temperatures and low viscosity at low temperatures. Heptanoic acid as an industrial lubricant is heavily used in refrigerators, automobiles, aviation, and others. Hence, such higher utilization is projected to boost market growth over the forecast period.

Our in-depth analysis of the global 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-User

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

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Heptanoic Acid System Industry - Regional Synopsis

Asia Pacific Market Forecast

The Asia Pacific heptanoic acid market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising demand for automobiles in the region. Automobiles have a demand for heptanoic acid since it is utilized as a significant form of lubricant. 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 cosmetics, food, and beverages triggering the higher demand for heptanoic acid 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. Hence, much higher demand for cosmetics and automobiles is expected to enlarge the market size during the forecast period.

North America Market Forecast

Additionally, the global heptanoic acid market is also projected to witness noteworthy growth in the North American region during the forecast period. expansion of the cosmetics industry boosting the demand for heptanoic acid and higher production and sales volume of fragrance in the region is expected to hike the market growth in this over the forecast period. For instance, the sales of cosmetics products in the United States are noticed to be around USD 50 billion every year. Additionally, the average amount of money spent on cosmetics by Americans is projected to be up to 300 U.S. dollars every year. Therefore, all these factors are estimated to influence the market growth positively in the region throughout the forecast period.

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Companies Dominating the Heptanoic Acid System Landscape

top-features-companies
    • Arkema S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Handan Kezheng Chemical Co., Ltd.
    • Jinan Chengui Shuangda Chemical Co., Ltd.
    • Kalpsutra Chemicals Pvt. Ltd.
    • The Merck Group
    • National Analytical Corporation
    • OQ Chemicals GmbH
    • Parchem Fine & Specialty Chemicals, Inc.
    • Spectrum Laboratory Products, Inc.
    • Tokyo Chemical Industries Co., Ltd

In-the-news

In The News

  • ARKEMA S.A. 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.

  • 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).


Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4352
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growth in the automotive industry and expansion of the beauty industry are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2033.

Adverse effects on the human body and fluctuation in costs of raw materials are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Handan Kezheng Chemical Co., Ltd., Jinan Chengui Shuangda Chemical Co., Ltd., Kalpsutra Chemicals Pvt. Ltd., The Merck Group, National Analytical Corporation, OQ Chemicals GmbH, Parchem Fine & Specialty Chemicals, Inc., others.

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 grade, application, end-user, and by region.

The automotive segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Heptanoic Acid Market Report Scope
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