Grignard reagents belong to organometallic compounds with standard formula R-Mg-X, in which, R is an organic group whereas X belongs to the halogen group. These have a strong negative charge at the carbon atom, and thus, are highly attracted to the positively charged atoms. This property of the Grignard makes it highly reactive and suitable for various chemical reactions applications. It has extensive usage in the pharmaceutical industry for the manufacturing of various drugs.
NAFTA and Europe Grignard reagents market is estimated to account for around US$ 3.62 Billion in 2022, exhibiting a CAGR of 6.3% during the forecast period (2023-2030).
Drivers
- Increasing demand for Grignard reagent: Rising demand for Grignard reagents from pharmaceutical industry is expected to drive the market growth. Increasing population, growing number of pharmaceutical industries, and rising health concerns are expected to boost demand for Grignard reagents. Moreover, Grignard reagents are indispensable products in the pharmaceutical industry and this is expected to drive the NAFTA and Europe grignard reagents market growth.
Opportunities
- Development of Grignard reagents: It is anticipated that an emerging use of Grignard reagents in the field of research and development for creating suitable and ideal Grignard chemical products will present new market opportunities. According to the Coherent Market Insights analysis, in 2020, few research studies have shown that using new metals such as Indium can increase the effectiveness of these products during the process. Reaction with Indium is non-toxic in nature, and provides satisfactory results. Also, this reaction does not require any complex solvents such as ether, and instead water can be used for making the new Grignard compound.
Restraints
Issues associated with the shipping of Grignard chemicals as it required to be labeled and stored properly. Grignard chemicals required a labeled and proper place such as a closed container in a warm place, around at 20-28⁰C (68-80⁰F) temperature. Moreover, it should be also stored away from the source of ignition as it can cause magnesium salts to crystalize out of the solution if stored at less than 20⁰C even for a shorter duration. This factor is expected to hamper the market growth.
Key Takeaways:
On the basis of region, NAFTA region dominated the NAFTA and Europe Grignard reagents market in 2022 with a 53.4% of market share in terms of value.
On the basis of end user, the pharmaceuticals segment dominated the NAFTA and Europe Grignard reagents market in 2022 with 57.0 % of market share in terms of value, followed by agrochemicals and flavors and fragrances respectively.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/nafta-and-europe-grignard-reagents-market-3954
- Trends
Growing chemical industry due to increasing investment by the regional regulatory bodies is expected to be one of the major trends in the market. According to the Cefic, in 2020, Germany and France are the two largest chemical producers in Europe, followed by Italy and the Netherlands. These four countries accounted for 63.3% of EU chemical sales in 2018, valued at 390053965 dollars. The share rises to 83.6%, or 514.80 billion including Spain, Belgium, and the U.K.
Growing demand for flavor and fragrances from the cosmetic and personal care industry is expected to drive the NAFTA and Europe Grignard reagent market growth. Another significant factor that is anticipated to increase demand for Grignard reagent for flavor and fragrance is the rising demand for cosmetics products due to people's growing fashion sense and desire to look good. As a result, the NAFTA and European regions' expanding demand for cosmetics products will help the Grignard reagent's market share grow.
Coronavirus Impact (COVID-19)
According to International Flavors & Fragrances, Inc., a U.S.-based flavors and fragrance company, report Sales for the first two months of Q2 2020 were down 3% from the same period last year. Demand for fine & fragrances from retail market and food service industry have declined by 40% as compared to corresponding period last year. This is expected to lower demand for grignard reagents from flavors & fragrances industry. However, demand from pharmaceutical industry is expected to be remain unaffected during the pandemic. According to Coherent Market Insights, in 2020, the Grignard reagents market is expected to grow at a slightly lower CAGR between 2020 and 2021.
NAFTA and Europe Grignard Reagents Market- Competitive Section
- Albemarle Corporation
- FMC Corporation
- SABIC
- Weylchem GmbH
- GFS Chemicals
- Rieke Metals Inc.
- Thermo Fischer Scientific
- Boulder Scientific Company
- Pentagon Chemicals Ltd
- Chemoxy International Ltd
