Heptanoic Acid Market Segmentation:
End-user Segment Analysis
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 Segment Analysis
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:
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By Grade |
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By Application |
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By End-User |
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