Diethyl Acetoacetamide Market Trends
Growth Drivers
- Escalating Demand for Pesticides Across the Globe – The rising number of diseases for agricultural plants is estimated to drive market growth across the world. The increasing demand for food crops with a rising population worldwide is driving market growth across the world. The demand for pesticides and insecticides to improve crop productivity was also anticipated to increase the market growth. The worldwide use of pesticides was estimated to raise to reach more than 3.5 million tonnes by 2020.
- Increasing Requirements for Weed Removal Substances – The increasing consumption of herbicides for agriculture worldwide in the year 2020 was estimated to be more than 1300 thousand metric tons.
- High Utilization in Pigment Production with Rising Construction Sector – The value of pigments and dyes in the year 2022 across the world was worth more than USD 35 billion across the world.
- Significant Need in Multiple Industries, Such as Paint & Coating, Plastic & Textile, Paper & Pulp – In the year 1975, the number of textile fibers produced was over 23 million metric tons and was increased to more than 110 million metric tons in the year 2021.
Challenges
- Availability of Alternative Chemicals in the Market
- Rising Harmful Effects on the Environment and Mankind - The harmful effects of diethyl acetoacetamide cause skin, and eye irritation, may affect the respiratory tract when exposed too long, and may also cause central nervous system disorders and hepatotoxicity affecting the liver. These side effects are estimated to hamper the market growth in the coming years.
- Requirement of Skilled Personnel to Handle
Diethyl Acetoacetamide Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.7% |
|
Base Year Market Size (2024) |
USD 178.57 million |
|
Forecast Year Market Size (2037) |
USD 414.9 million |
|
Regional Scope |
|
