Heptanoic Acid Market: Current Analysis and Forecast (2022-2028)
Emphasis on Grade (Industrial, Pharmaceutical, and Food); Application (Lubricants, Flavors & Fragrances, Cosmetic Applications, Anti-Corrosion Applications, Chemical Intermediates, Pharmaceutical Ingredients, and Others); End-User (Automotive, Aerospace, Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Chemicals, and Others); and Region/Country
The Global Heptanoic Acid Market is expected to grow at a significant rate of around 4% during the forecast period 2022-2028. Heptanoic acid is also known as Enanthic acid. It is an organic compound composed of a seven-carbon chain terminating in a carboxylic acid functional group. It is a colorless oily liquid with an unpleasant, rancid odor. It contributes to the odor of some rancid oils. In recent years, the demand for heptanoic acid has risen dramatically as it is used in the preparation of esters for the fragrance industry, as an additive in cigarettes as well as plays a role in plant metabolites. For instance, in 2020, 22.3% of the global population used tobacco, 36.7% of all men, and 7.8% of the world’s women.
Acme Synthetic Chemicals, Arkema S.A., Kalpasutra Chemical Pvt. Ltd., Merck KGaA, Parchem Fine & Specialty Chemicals, OQ Chemicals, Cayman Chemical, Intellichemie Industries, Tokyo Chemical Industry Co. Ltd., Neuchatel Chemie Specialties are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst grade, industrial category to hold significant share during the forecast period”
Based on grade, the market is segmented into industrial, pharmaceutical, and food. The industrial category is expected to hold a significant share during the forecast period owing to the growing penetration of heptanoic acid from developing nations such as China, India, and Mexico, among others. Heptanoic acid is being adopted to promote the preparation of esters for the fragrance industry. Also, an additive in cigarettes across geographies. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, in 2021, Arkema announces a 50% global capacity expansion for its Oleris® advanced biomaterials. It includes C7, C11, and C18 materials, comprising n-heptanoic acid, n-heptaldehyde, undecylenic acid, and Esterol A. This is expected to start by mid-2022 at the major bio-factory of Jurong Island in Singapore
“Amongst application, lubricants category to witness higher CAGR in 2020”
On the basis of application, the market is categorized into lubricants, flavors & fragrances, cosmetic applications, anti-corrosion applications, chemical intermediates, pharmaceutical ingredients, and others. Among these, the lubricants held a significant share of heptanoic acid in the market in 2020. This is mainly because it is used in the form of esters. As one of the neopolyol esters is primarily used in car motor oils, metalworking fluids, plasticizers, and more. The lubricants have properties such as high thermal stability, good resistance to oxidation, low viscosity at low temperature, and low volatility at high temperature escalating the growth of the market. Thus, investments taking place globally are contributing to the growth of the lubricants market
“Amongst end-users, automotive category to dominate the market during the forecast period”
Based on end-user, the heptanoic acid market has been classified into automotive, aerospace, food & beverage, cosmetics & personal care, pharmaceuticals, chemicals, and others. The automotive category is expected to dominate the market due to higher adoption of heptanoic acid during the forecast period. This is mainly due to the growing production of vehicles and their usage across the globe. In addition, there is a major growth in the sales of passenger vehicles and commercial vehicles across the globe, which is responsible for the heptanoic acid market growth. Since it is used as a lubricant in vehicles. For instance, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020
“Asia Pacific to hold a significant share in the market”
In 2020, Asia-Pacific is anticipated to dominate the market and is expected to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand of heptanoic acid due to its antimicrobial properties. Also, the growth is mainly owing to the positive outlook of end-user industries supported by rising population, and urbanization in many developing countries such as China and India. Additionally, China is one of the growing countries, which is focusing on replacing obsolete vehicles, in turn, increasing the demand for improved and high-performance lubricants in the market. Where India is the second-largest lubricant market in the region and the third largest in the world which is working towards the growth of the heptanoic acid market. Moreover, Government is also focusing on replacing old vehicles, which will increase the demand for upgraded and high-performance lubricants in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Heptanoic Acid Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global heptanoic acid market were the three major steps undertaken to create and analyze the adoption of heptanoic acid in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global heptanoic acid market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the heptanoic acid market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the heptanoic acid market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a grade, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Heptanoic Acid market. Further, we conducted factor analysis using dependent and independent variables such as various grades, applications, and end-user of heptanoic acid. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the heptanoic acid market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global heptanoic acid market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the heptanoic acid market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global heptanoic acid market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global heptanoic acid market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of grade, application, and end-user in the global heptanoic acid market.
The main objective of the Global Heptanoic Acid Market Study
The current & future market trends of the global heptanoic acid market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the heptanoic acid market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of grade, application, and end-user.
- Define and analysis of the regulatory framework for the heptanoic acid
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the heptanoic acid market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the heptanoic acid market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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