On the back of modernization coupled with incessantly emerging fashion trends across the world, perfumes have became an eminent part of outfits. There is an increasing popularity for perfumes among the people, irrespective of their economic class. This is mainly attributed to the fact that perfumes are perceived as an approach to create beautiful and aesthetically pleasing atmosphere thereby instigating pleasant human relationships. The global demand for perfumes can be fathomed from the statistics provided by International Trade Centre (ITC) according to which the trade value of perfumes and toilet waters was estimated as $19.4 billion in 2018, with an annual growth rate of 7%.The rising demand for perfumes is creating significant impetus on the growth of aromatic chemicals. Isoprenol is predominantly used as a building block for aromatic chemicals is gaining traction. Thus, rising demand for aromatic chemicals, as an ingredient in perfumes, is catapulting the growth of the global isoprenol market. Furthermore, the chemical and physical properties of isoprenol is expected to provide significant contribution to the market growth. The beneficial properties of isoprenol include low dosage, high water reduction, durability, and eco-friendly. These properties make it suitable for protection of steel from corrosion. According to the World Steel Association, 1,808 million tons of crude steel was produced, globally, in 2018, an increase of 4.5% from 2017. Thus, increasing steel production will consequently boost growth of the isoprenol market.
In 2018, the Isoprenol Market was estimated to attain a value of $195m and expected to propel at a CAGR of 3.50%, during the forecast period 2019-2025.
Pharmaceutical Industry Enticing Revenues for Isoprenol Market—
Isoprenol market is witnessing a tangible growth over the years due to material’s application in the pharmaceutical industry. Isoprenol is used as an element in pharmaceutical active ingredients. Thus, high growth in the pharmaceutical industry is likely to boost the isoprenol market growth. The growth in pharmaceutical industry can be fathomed from the data provided by International Trade Centre (ITC), according to which in 2018, the trade value of pharmaceutical products was $623 billion, and the demand is estimated to propel at an annual growth rate of 10%. Moreover, the global pharmaceutical market is forecasted to reach 1,430 billion by 2020, as per the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA). Therefore, the pharmaceutical industry is anticipated to create lucrative opportunities for the isoprenol market.
Isoprenol Market Gaining Traction from Key Application Segment: Agrochemicals—
On the basis of application, the isoprenol market is bifurcated into agrochemicals, aroma chemicals, pharmaceutical, polymers, and others. Among these, agrochemicals is the key application segment, as it is expected to create maximum revenues to the market. Isoprenol is significantly used in production of insecticides and pesticides. To meet the food requirements of rising world population, the agricultural industry is continuously striving to increase the production by using chemical fertilizers, pesticides and insecticides. According to the Food and Agriculture Organization of the U.S., at present only 1.5 billion hectares of land is under cultivation. Thus, due to scarcity of agricultural land, there is a need to increase the yield of crops. This eventually fuelled the demand for pesticides and insecticides across the globe. Consequently, isoprene is a prominent chemical used in synthesis of agrochemicals and is gaining momentum. Thus, the key application segment is poised to propel at a CAGR of 4.1% through to 2025.
APAC Region to Garner Maximum Revenues for Isoprenol Market—
Geographically, APAC is analyzed as most alluring marketplace with substantial share of 38% in the global isoprenol market in 2018. The region is anticipated to secure its dominance during the forecast period, owing to increased applications of chemical among end-user industries such as in aroma chemicals, pharmaceutical, and construction. The rapidly growing end-user industries in the emerging economies such as China, India, and Japan have rendered maximum regional share. For instance, the pharmaceutical industry in India, in 2017, was valued at $33 billion and is expected to burgeon at a CAGR of 22.4%, to reach $55 billion by 2020, according to the India Brand Equity Foundation (IBEF). Additionally, isoprene is used in the production of polymers in the chemical industry. Thus, burgeoning chemical industry is expected to fuel the growth of the regional isoprenol market. As per the Invest India, the chemicals industry in India stood at $163 billion in 2018 and is contemplated to grow at a CAGR of 10% to attain $100 billion by 2022. Therefore, rising end-user industries in the emerging countries are creating growth opportunities for the APAC isoprenol market.
Isoprenol Market Companies’ Strategies—
Key companies that are continuously striving to evolve as a prominent share holder of the isoprenol market are Ernesto Ventós S.A, Jilin Zhongxin Chemical Group, Kuraray Co., Ltd, Nanjing Chemical Material Corporation, Guangzhou Chen Yu Chemicals Co., Zhejiang NHU Company Ltd., BASF, Haihang Group, Shenyang East Chemical Science-Tech Co., Ltd, Triveni Interchem Pvt. Ltd, and Eiken Chemical Co. These companies are consistently investing in R&D activities to launch high-quality isoprenol to cater to the growing demand from the end-user industries. For instance, Kuraray Co., Ltd., in 2018, has launched aroma chemical intermediates which can be converted into wide range of aroma chemicals. The product portfolio consist of isovaleraldehyde, isoprenol, and prenol.
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