Heptanoic Acid Market, by Grade (Industrial Grade, Pharmaceutical Grade, and Food Grade), by Application (Cosmetics, Flavours & Fragrances, chemical Synthesis, Pharmaceutical Ingredients, Lubricants, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : May 2022

Code : CMI5015

Pages :150

Formats :

Excel and PDF

Industry : Specialty and Fine Chemicals

Heptanoic Acid MarketSize and Trends

The global heptanoic acid market is expected to surpass US$ 4,626.80 million by the end of 2030 in terms of revenue, exhibiting a CAGR of 5.1% during the forecast period (2022 to 2030).

Among region, Asia Pacific held dominant position in the global heptanoic acid market in 2021, accounting for 36.8% market share, in terms of revenue, followed by North America and Europe. Asia Pacific is the largest consumer of heptanoic acid. Countries such as China and India are the largest consumers of heptanoic acid which is used in cosmetics, perfumes, and scents, owing to their rapidly growing population. For instance, in October 2021, Indian-origin foreign direct investment (FDI) into the United States was valued at $12.7 billion in 2020, China is one of the most rapidly emerging economies in Asia. . As the government focuses on replacing old vehicles, the demand for upgraded and high-performance lubricants will rise. India, on the other hand, is the region's second-largest lubricant consumer, owning to constant growth in two-wheeler production. As a result of these factors, the demand for heptanoic acid is expected to increase in the region over the forecast period.

Figure 1. Global Heptanoic Acid Market Revenue Share (%), By Region, 2021

Market Trends

Heptanoic acid acts as an effective chemical intermediate in the synthesis of natural and bio-based skin conditioning and viscosity controlling agents. Moreover, properties of heptanoic acid like higher thermal stability and bio-based nature are triggering its demand as an effective raw material in the production of cosmetic and personal care products. Moreover, rising demand for organic and natural personal care and cosmetic products is expected to positively influence the production of bio-based chemicals such as heptanoic acid thus, contributing to the market growth over the forecast period. For instance, according to data published by Shop Association in 2017, a global trade organization, the total global cosmetic products market was valued at US$ 532.4 billion in 2017. As per the same source, the market is expected to reach a market value of US$ 805.6 billion by 2023.