Heptanoic Acid Market Trends

Growth Drivers

• Growth in the Automotive Industry – As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach USD 9 trillion globally.
• The utilization of heptanoic acid as a lubricant is the prime factor that is driving the sales of heptanoic acid in the automotive industry. Heptanoic acid is used as a lubricant in the automotive start-stop system which is associated with the engine control unit. Thus, the expansion of the automotive industry is expected to drive the growth of the heptanoic acid market.
• Expansion of the Beauty Industry – A recent study revealed that the global beauty industry is projected to generate a revenue of USD 720 billion by 2025. Further, the global expenditure of the beauty industry amounted to USD 490 billion in 2020 globally.
• The ability of heptanoic acid to synthesize natural and bio-based skin conditioning and viscosity-controlling agents makes it an effective ingredient in cosmetic and personal care products. The recent focus on organic and natural personal care products is thus anticipated to expand the beauty industry, which in turn is forecasted to bolster the sales of heptanoic acid.
• Swelling of the Fragrance Industry – The revenue generation by the fragrances industry in the United States amounted to approximately USD 8 billion in 2022. Heptanoic acid is utilized to create fragrances as a significant chemical.
• Boom in the Chemical Industry – Rapid industrialization and development in India has propelled the Indian chemical industry to reach an estimated revenue of USD 300 billion by 2025.

Challenges

• Adverse Effects on Human Body - Heptanoic acid has several hazards which can affect the human body negatively causing severe infection or diseases. It has been observed that extended exposure to this acid may irritate the respiratory system of a person. Hence, people are imposed with strict rules and regulations to follow when they are in direct contact with heptanoic acid. Therefore, this factor is estimated to limit the market growth over the forecast period.
• Fluctuation in Costs of Raw Materials
• Stringent Rules by the Government