Isobutyric Acid Market Revenue Business based On, Price Analysis, Supply Chain Analysis, Porters Five Force Analysis – Forecast to 2030
Isobutyric acid, also referred to as 2-methylpropanoic acid, is a carboxylic compound with a pleasant odor and a sweat-like test. It is highly soluble in ether, ethanol, and other organic solvents, however, it is not highly soluble in water. The preparation or manufacturing of isobutyric acid can be done through different methods like through the oxiadition of isobutyraldehyde. The recently published report by the Market Research Future (MRFR) mentions that the global isobutyric acid market is anticipated to grow during the forecast period with a healthy compound annual growth rate.
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The report identifies the various facts and drivers behind the expected growth of the market. One of the biggest factors driving the global market is the increasing usage of its application as a food, flavor, and perfumes due to its pleasant odor and sweat test. Another key factor driving the market is the growing need of the product as an ingredient in animal feed and for the manufacture of intermediates. Furthermore, rising prevalence concening the health issues of the people, growth of the pharmaceutical industry offers the manufacturers of the market with potential opportunities as it is of great use in the manufacturing of medicines. Add to this, the increasing research and development investments concerning the use of isobutyric acid in various applications can propel the growth of the global market in the forthcoming years.
Market Segmentation
The global isobutyric acid market segmentation is done on the basis of application and region.
By application, the market includes food and flavors, animal feed, chemical intermediate, pharmaceuticals, perfumes and others.
By region, the market covers North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
Among the mentioned regions, Asia Pacific leads the global isobutyric acid market with the largest market share. The region is expected to grow the fastest during the forecast period. The growing usage of isobutyric acid as solvent across various industries like perfumes, animal feed, food, and flavors are expected to stimulate a positive growth in this regional market. Add to this, isobutyric acid is most commonly used as a raw material for manufacturing chemical intermediates like disinfectants, varnishes, solvents, specialty chemicals, polymer, and plastics which is further expected to fuel its market demand.
Europe holds the second largest market globally owing to the proliferating food industry and the increasing usage of isobutyric acid as a sweetener in food products. As per the last research in 2018, Germany held the largest share in Europe with 24.2% market portion and was closely followed by Russia who stood at 18.2%.
The North American region held the third largest market share in the global standings of isobutyric acid. The region is dominated by the US who contributes significantly to the overall share of the market and is expected to further expand its contribution in the forthcoming years. Factors such as the booming pharmaceutical industry and the rising consumer expenditure on health and health-related activities are the major drivers behind the anticipated growth of the country during the forecast period.
The Middle Eastern and African region is anticipated to experience a period of positive growth during the assessment period. This is due to the enhancing conditions of the industries after the massive economic and political downfall back in 2015.
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Competitive Landscape
The global isobutyric acid market hosts a number of prominent players, including Tokyo Chemical Industry Co. Ltd.(Japan), Perstorp Holding AB (Germany), Beijing Huamaoyuan Fragrance Flavor Co., ltd., Inc. (China), Snowco industrial Co., Ltd. (China), OXEA GmbH (Germany), Blue Marble Biomaterials(U.S.), Eastman Chemical Company(U.S.) and others. The players in the market are constantly innovating and developing new solutions to further ameliorate the market and push the growth of the same.
28th November, 2018, Eastman Chemicals Company announced it has completed the construction of a new isobutyric acid manufacturing facility at the Kingsport, TN site. The company expects to begin its production phase soon.
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