Heptanoic Acid System Industry - Regional Synopsis
Asia Pacific Market Forecast
The Asia Pacific industry is set to hold largest revenue share of 36% by 2037. 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.
