Heptanoic Acid Market Size

Heptanoic Acid Market size was valued at USD 3.16 Billion in 2023 and is likely to cross USD 6.1 Billion by the end of 2036, expanding at more than 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of heptanoic acid is estimated at USD 3.31 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.