NAFTA AND EUROPE GRIGNARD REAGENTS MARKET ANALYSIS

NAFTA and Europe Grignard reagents market is projected to reach around US$ 5.54 Bn by 2030, in terms of revenue, exhibiting a CAGR of 6.3% during the forecast period (2023-2030).

NAFTA and Europe Grignard Reagents Market-

Drivers

• Growing demand for eco-friendly Grignard reagents due to strict environmental regulations

Growing demand for eco-friendly Grignard reagents due to strict environmental regulations is expected to drive the market growth. According to the Coherent Market Insights Analysis in 2020, Rieke metals, LLC., a California Grignard reagent manufacturer, produces over 30 Grignard and organozinc reagent chemicals in its naturally derived 2-methyltetrahydrofuran (2-MeTHF).

Increasing number of the manufacturer that produces Grignard reagents are further expected to drive the market growth. According to the Coherent Market Insights Analysis, Albemarle Corporation, GFS Chemicals, Pentagon Chemicals, Weylchem international GmbH, and Boulder Scientific Company are among the top producers of Grignard reagents in the NAFTA and Europe region. These companies are estimated to hold around 11%-13% market share in the NAFTA and Europe Grignard reagent market.

Restraints

• Strict rules and regulations on the use of Grignard reagents as it is highly reactive in nature and have various environmental impacts

Due to the highly strong and unstable nature of the Grignard reagents, extreme care and well-experienced expertise are required during the chemical reactions. This factor is expected to restrict the market growth.

Opportunities

Rising use of Grignard reagents in the agrochemical industry is expected to offer growth opportunities to the market. Grignard reagents are used to making leeway in the agrochemical sector due to its soil-enriching properties.

Increasing demand for Grignard reagents from the packaging industry is expected to drive the NAFTA and Europe Grignard reagent market growth over the forecast period.

Trends

• Seeking of manufactures in chemical

Increasing focus of manufacturers in research to explore the chemical functionalities of Grignard chemicals and their derivatives, in order to expand their applications is expected to be a major trend in the market. Moreover, manufacturers are also establishing whole new supply chain departments for suppliers, vendors, and contractors for ensuring continuous engagement. This trend is expected to accelerate the NAFTA and Europe Grignard reagent market growth.

Improving lifestyle of the consumer due to increasing disposable income is expected to boost demand for various consumer products, and this is expected to drive the NAFTA and Europe Grignard reagent market growth. Moreover, the growing focus of the manufacturer to develop new and products for the Grignard chemistry by adopting various strategic alliance is further expected to accelerate the market growth.

Key development

• In 2022, FMC Corporation, FMC is an agricultural sciences company that advances farming through innovative and suitability, invested in new synthetic technologies as well as breakthrough biological solutions such as pheromones and peptides to provide farmers globally with unique, environmentally friendly crop protection solutions
• In 2022, FMC Corporation prepares young people for careers in agriculture and genuinely improves the lives of Kenyan farmers, which, in turn, improves the health and well-being of people throughout Africa.
• In 2023, Albemarle Corporation, signed a formal deal with Ford Motor Company to supply battery-grade lithium hydroxide to help the manufacturer to increase EV production.
• Segmentation

The market is segmented into application, end user, and region. On the basis of end user, in 2022, pharmaceuticals segment accounted the largest market share of 57.0% in terms of value, followed by agrochemicals and flavors and fragrances segment respectively.

 Figure 1. NAFTA and Europe Grignard Reagents Market, By End User, 2022

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NAFTA and Europe Grignard Reagents Market- Regional Analysis

Figure 2. NAFTA and Europe Grignard Reagents Market, By Region, 2022

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On the basis of region, in 2022, the NAFTA and Europe Grignard Reagents segment  accounted the largest market share of 30.0% in terms of value, followed by Germany, France, U.K, USA, Canada and segment respectively.

Coronavirus Impact on NAFTA and Europe Grignard Reagents Market

Grignard reagents is used in end-use industries such as pharmaceuticals, agrochemicals, flavors & fragrances, packaging, and research. Except for its application in the pharmaceutical industry, COVID-19 has reduced the demand for Grignard reagents across other industry verticals. The lowest demand has been estimated from the flavors & fragrances industries. Low consumer spending on non-essential items is expected to reduce demand for flavors & fragrances. If the pandemic lasts for a medium or long span of time, it can impact supply of active materials and ingredients, mainly from China, as well as import and export of pharmaceuticals. According to Coherent Market Insights, in 2020, the NAFTA and Europe Grignard reagents market is expected to exhibit slightly lower CAGR between 2020 and 2021.

NAFTA and Europe Grignard Reagents Market- Competitive Section

Major players operating in the NAFTA and Europe Grignard reagent market include Albemarle Corporation, FMC Corporation, SABIC, Weylchem GmbH, GFS Chemicals, Rieke Metals Inc., Thermo Fischer Scientific, Boulder Scientific Company, Pentagon Chemicals Ltd, and Chemoxy International Ltd.

Definition: Grignard reagents are highly reactive compound with chemical formula R-Mg-X. It belongs to the organometallic compounds and finds extensive applications in the synthesis of various chemicals. Moreover, in the pharmaceutical industry, it is used to produce various drugs for curing prolonged diseases. Pharmaceuticals, packaging, flavors and fragrances, agrochemicals, and research &developments center are some of the major end user of the Grignard reagents.