Global Valeric Acid Market: Introduction
Valeric acid is majorly used as an intermediate for the manufacture of flavors and perfumes, agricultural chemicals such as pesticides, synthetic lubricants and pharmaceuticals. Valeric acid is a colorless and oily liquid with an unpleasant odor and must be handled carefully due to its highly corrosive nature. Valeric acid is also known by alternate names such as pentanoic acid and is a carboxylic acid. It is used as a stanching agent with a maximum limit of 2% in pesticide formulations. The primary use of valeric acid is in the manufacture of esters. It is majorly used for ester type lubricants, plasticizers and vinyl stabilizers. Some of the esters of valeric acid such as ethyl valerate and pentyl valerate are used as food additives since they have fruity odors.
Global Valeric Acid Market: Dynamics
Valeric Acid Market: Drivers
Significant growth across various end use industries including cosmetics, flavors and perfumes has led to a rise in the demand for valeric acid in such applications. Some of the esters of valeric acid have a fruity odor and hence, are increasingly being used as food additives.
There has also been a rise in the demand for valeric acid in agricultural chemicals, which is projected to have a positive impact on the market growth. The use of valeric acid as an API intermediate is also projected to gain traction in the pharmaceutical industry over the forecast period.
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Valeric Acid Market: Restraints
One of the major challenges faced by the global valeric acid market is the use of alternatives such as butyric acid. The similar properties offered by butyric acid have led to its increased utilization across various end use industries. Other major factors restraining the growth of the market include the unpleasant smell and handling constraints of valeric acid, which have compelled manufacturers to focus on other alternatives.
Valeric Acid Market: Trends
One of the recent trends observed in the global valeric acid market is the use of valeric acid for feed purposes. The product is not regarded harmful or toxic as a food and feed ingredient by WHO (World Health Organization). There has been significant research and development in expanding the application areas for valeric acid and the use of valeric acid for tailored applications.
In order to meet stringent environmental regulations, manufacturers are focusing on the production of valeric acid from bio-based sources. They have been investing in strategic development and product innovation to sustain the market competition.
Global Valeric Acid Market: Segmentation
The global valeric acid market can be segmented on the basis of application and grade.
On the basis of application, the global valeric acid market can be segmented as:
- API Intermediates
- Flavors and Perfumes
- Agricultural Chemicals
- Synthetic Lubricants
- Plasticizer
- Extractant
- Food Additives
- Others
On the basis of grade, the global valeric acid market can be segmented as:
- Regular Grade (Standard Grade)
- Research Grade (high Purity Grade)
Global Valeric Acid Market: Regional Outlook
From a regional perspective, Asia Pacific is projected to hold a major share in the global valeric acid market with China representing a major share in demand. North America is also projected to hold a significant share in the global valeric acid market, owing to the steady demand from the food and cosmetics industry. Europe has registered a rise in the demand for valeric acid over the past few years. There has also been an increase in the consumption of valeric acid in laboratory, research and development work. Manufacturers are also focusing on the expansion of application areas for valeric acid and recognizing its use in various niche applications. Other regions such as Latin America and Middle East and Africa are projected to hold relatively smaller shares in terms of volume consumption; however, they are projected to witness relatively higher growth rates over the assessment period.
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Global Valeric Acid Market: Market Participants
Some of the market participants identified across the value chain of the global valeric acid market include,
- The Dow Chemical Company
- Perstorp Orgnr
- Sisco Research Laboratories Pvt. Ltd.
- Sigma Aldrich
- Central Drug House
- The good scents Company
- Merck KGaA
- LKT Laboratories
- Neuchatel Chemie Specialties
- Yufeng International Co., Ltd