Isobutyric Acid Market Estimated to Reach $269 Million by 2028 Globally, at a CAGR of 8.3%, says MarketsandMarkets™
Chicago, July 18, 2023 (GLOBE NEWSWIRE) — The Isobutyric Acid Market is projected to grow from USD 180 million in 2023 to USD 269 million by 2028, at a CAGR of 8.3% from 2023 to 2028, as per the recent study by MarketsandMarkets™. Isobutyric acid is a branched fatty acid and has the appearance of a colorless liquid with a faint unpleasant butter odor. It can be manufactured synthetically with petroleum-based feedstocks as raw materials or through the biosynthesis of glucose/ starch. Recent developments in the pharmaceutical industry, and growing demand for bio-based isobutric acid are posing opportunities for the growth of the market.
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List of Key Players in Isobutyric Acid Market:
- OQ Chemicals GmbH (Germany)
- Eastman Chemical Company (US)
- Tokyo Chemical Industry Co., Ltd. (Japan)
- Snowco (China)
- Shanghai Aladdin Biochemical Technology Co., Ltd. (China)
- Afyren (France)
- Lygos, Inc. (US)
- Dow Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Isobutyric Acid Market:
- Drivers: Use of isobutyric acid in food & flavor industry
- Restraints: Health concerns associated with handling and storage of isobutyric acid
- Opportunity: Growing demand for bio-based isobutric acid
- Challenge: Price volatility of raw materials
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Key Findings of the Study:
- By type, the synthetic isobutyric acid segment accounted for the larger market share in 2022, by volume.
- By end-use, the animal feed segment accounted for the largest market share in 2022, by volume.
- Europe was the second largest region in the isobutyric acid market in 2022, by volume.
Based on type, the synthetic isobutyric acid segment is projected to grow at a faster rate during the forecast period of 2023 to 2028, in terms of value. Synthetic isobutyric acid is derived from petroleum feedstocks. The growth of this segment can be attributed to the easy availability of raw materials and low cost of production.
Based on end-use, the pharmaceutical segment is anticipated to grow at a significantly higher rate during the forecast period of 2023 to 2028, in terms of value. Isobutyric acid can be utilized as a building block for the synthesis of different pharma intermediates. It is generally applicable as a raw material in the manufacturing of active pharmaceutical ingredients (APIs) or precursor compounds. This is further expected to boost the demand of this segment.
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Based on region, Asia Pacific is projected to be the fastest-growing market for isobutyric acid during 2023 to 2028, in terms of value. China is one of the largest markets in the region, aided with large production of isobutyric acid carried out in the country. It also exports isobutyric acid to other countries as per the demand for different end-uses including pharmaceuticals or chemical intermediates. This will further drive the Asia Pacific market during the forecast period.
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