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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
By Application |
|
|
By End-User |
|
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.
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: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?