The global heptanoic acid market is estimated to be valued at US$ 2,964.25 million in 2021, according to Global Heptanoic Acid Market Report, 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), published by Coherent Market Insights.
- The global Heptanoic Acid market is expected to surpass US$ 4,626.80 million by 2030, exhibiting a CAGR of 5.1% during the forecast period (2022-2030). Heptanoic acid can be used as a chemical intermediate, emulsifying, or solubilizing agent and therefore, is suitable for the production of aqueous liquid preparations in the flavors and fragrance industry. In cosmetics, it is widely used as a solubilizing agent for perfume bases. Hence, growing demand for flavors and fragrances is expected to drive the demand for heptanoic acid. Fragrances derived from heptanoic acid are used in beauty, personal care as well as various home care products. Thus, the growth of end-use industries such as perfumes and fragrances is expected to drive the market growth for heptanoic acid in the near future.
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Browse 50 market data tables* and 40 figures* on "Global Heptanoic Acid Market” - Forecast to 2030.
Key Trends and Analysis of the Global Heptanoic Acid Market:
- Among region, North America accounted for the share of 29.6% in 2021 in the global heptanoic acid market. The heptanoic acid market in North America is expected to grow significantly over the forecast period, owing to the region's growing cosmetic and pharmaceutical industries. Consumers in the region are adopting integrated approach to beauty and health care rather than considering each as a distinct problem, which is driving up the use of heptanoic acid in cosmetics.
Key Takeaways of the global Heptanoic Acid Market:
- Among grade type, industrial grade accounted for the highest market share of 48.1% in 2021, in the global heptanoic acid market. Industry grade heptanoic acid is a high-purity form of heptanoic acid as compared to other grades. It is often costlier than other types such as pharmaceutical or chemical grade. Industrial grade heptanoic acid is mainly used as industrial lubricants in the aerospace, refrigeration, and automotive industries in the form of esters. These esters such as neopolyol esters are commonly found in automobile engine oils, metalworking fluids, plasticizers, and other applications. The properties of industrial grade heptanoic acid, such as strong thermal stability, high oxidation resistance, low viscosity at low temperature, and low volatility at high temperature, make it an ideal choice for lubricant application.
- The others segment in application segment includes the use of heptanoic acid as a corrosion inhibitor in lubricants. Heptanoic acid primarily functions as a corrosion inhibitor and antioxidant. It functions as a corrosion inhibitor for copper, iron, aluminum, and zinc when employed as a salt derivative such as sodium heptanoate. In hard water, heptanoic acid maintains its stability, preventing calcium precipitation.
- Major players operating in the global heptanoic acid market include Acme synthetic chemicals, Akshay Chemicals, Alfa Aesar,Arkema, Cayman Chemical, Handanshi Kenzcheng Chemical Co., Ltd, Intellichemie Industries, Jinan Chenghui Shuangda Chemical Co., Ltd, Kalpasutra Chemical Pvt. Ltd., Merck KGaA, National Analytical Corporation, Neuchatel Chemie Specialties, OQ Chemical GmbH, Parchem Fine & Specialty Chemicals, Spectrum Chemical, Synerzine, Inc., Tokyo Chemical Industries Co., Ltd, VWR International, LLC, and Wujiang New Sunlion Chemical Co., Ltd.
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global heptanoic acid market. For instance, in September 2021, Cayman Chemical partnered with NanoImaging Services and T&T Scientific. Both the companies offer various services for pharmaceutical, biotechnology, and nano technology industries. The partnership provides a multi-pronged platform to Cayman Chemical for synthesizes and formulates lipid-based nanoparticles to help researchers and pharmaceutical companies to develop vaccines and other novel therapeutics.
Global Heptanoic Acid Market - Impact of Coronavirus (Covid-19) Pandemic
- Several end-use industries across the globe had witnessed negative growth amid the COVID-19 pandemic. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in the European Union (EU), the total sales of new vehicles in the first two months of 2020 were 7.4% less than the same period in the previous year. Major countries in the EU which faced a decline in demand for automobiles in 2020 were Germany, France, Italy, and Spain. Such factors had a negative impact on the global heptanoic acid market. However, by capitalizing on cross-sector innovation and collaboration, the chemical industry is expected to secure its role in the post-COVID era with improved products, services, and technologies.
