Brassylic Acid Market Expected to Reach $90.40 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Brassylic Acid Market," The brassylic acid market was valued at $61.30 million in 2021, and is estimated to reach $90.40 million by 2030, growing at a CAGR of 4.2% from 2022 to 2030.

Brassylic acids are dicarboxylic acids widely available in flakes, powder, and diluted. The chemical is majorly used in manufacturing nylon, lubricants, adhesives, and fragrances. It is made from erucic acid by the process of ozonolysis. The brassylic acid market share growth is likely to have a positive curve in the future due to its wide range of application in various fields including chemical industry.

The brassylic acid market is segmented on the basis of form and application. By form, the market is classified as flakes, powder, and diluted. By application, it is classified as polymers, lubricants, adhesives, fragrances and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Cathay Industrial Biotech, Palmary Chemical, Unisource Chemicals Pvt. Ltd., Zibo Guangtong Chemical Co., Ltd., Beyo Chemical Co., Ltd, Larodan Ab, Evonik Industries, Nantong Senos Biotechnology Co., Ltd., and Shanghai Kaleys Holding Co., Ltd.

The report focuses on the global Brassylic Acids market trends and the major products & applications, where brassylic acid is used, and roles of different key players that shape the market. The report focuses on the overall demand for Brassylic Acids in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

According to Vitika Verma, Manager, Chemicals and Materials, at Allied Market Research, “Rising usage of brassylic acid in the fragrance and polymer industry and other sectors has led to an increase in the demand for brassylic acid, which may act as the major driving factor for the brassylic acid market growth.”

IMPACT OF COVID-19 ON THE GLOBAL BRASSYLIC ACID MARKET

Brassylic acid is used in various industries like chemical and polymer industries. However, these sectors got highly impacted by lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in 2020 due to less workforce and disrupted supply chain.

COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to fewer workforces. Therefore, a major decline was observed the global brassylic acid market due to impact of COVID-19.

Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using brassylic acid, thereby affecting the global brassylic acid market.

In the pandemic period, government imposed strict lockdown and common place gathering. Also, in the fear of viral infection transmission, the workforce also migrated to their home which also decreased the availability of workforce in the industrial sector. This factor has negatively impacted the brassylic acid production market in the pandemic period.