Research Nester’s recent market research analysis on “Crotonic Acid Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global crotonic acid market in terms of market segmentation by product type, application, end-use and by region.
Growing Demand for Cosmetic Products to Promote Global Market Share of Crotonic Acid
The global crotonic acid market is estimated to grow majorly on account of the increasing usage of skin care products. The growing purchasing power of customers across the globe, evolving lifestyles, and the need for skin nutrition solutions have developed as a result of growing worries about skin nourishing which has led to an increase in demand for skin care items.
Moreover, crotonic acid is primarily used in cosmetic and personal care products and can be used as a film-forming ingredient in aerosol hair sprays and other hair preparation products.
Some of the major growth factors and challenges that are associated with the growth of the global crotonic acid market are:
Growth Drivers:
· Surge in Demand of Automobiles Globally
· Rising Need for Drug Development
Challenges:
The varying prices of raw materials used for the production of crotonic acid, and the stringent regulations developed by the government of nations worldwide[R1] are some of the major factors anticipated to hamper the global market size of crotonic acid. The synthesis of crotonic acid involves the catalytic oxidation of crotonaldehyde, the price of which is subjected to fluctuations due to variations in supply and demand dynamics and geopolitical tension.
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By end-use, the global crotonic acid market is segmented into paint & coatings, pharmaceutical, chemical, automobile, electronics, packaging, and textile. The paint & coatings segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Emulsion paint is made up of small polymer particles that are generated by mixing water, pigments, additives, and synthetic resins which is popular as it is inexpensive, and can be used on both interior and external walls. Moreover, the demand for crotonic acid is expected to rise in the paint & coatings sector as it is one of the key ingredients required to make emulsion paints, which add extra luminous effects.
By region, the Europe crotonic acid market is to generate the highest revenue by the end of 2036. This growth is anticipated by higher number of senior people. Moreover, with more than 22% of the overall population 65 years of age and older in 2022, Italy has the highest proportion of elderly people in all of Europe. The EU population is aging quickly as a result of three main factors including migration, rising life expectancy, and decreased birth rates. As Europe's population ages, there may be a rise in the number of cancer diagnoses as according to research, those 65 years of age and above have an 11 times higher risk of developing cancer. All these factors are expected to increase the demand for anti-cancer drugs in the region that works well to treat malignant, or cancerous, diseases, either by itself or in conjunction with other medications or therapies. This, as a result, is expected to create a huge demand for crotonic acid as it is used in the production of antifungal and anti-cancer medications and also promotes glycolytic activity.
By 2100, it is predicted that over 28% of EU citizens will be 65 years of age or older.
Besides this, Europe is home to the second-largest portion of the world market for cosmetics, which is a thriving and dynamic sector that has grown steadily over time, and every year, the personal care and cosmetics sector adds over €25 billion to the value of the European economy. Europe's personal care and cosmetics industries are flourishing as more people realize how important health is to them, the increasing frequency of skin issues, and customers' demand for premium items. This growth of the cosmetic sector is expected to fuel the demand for crotonic acid in the region as it is a component of makeup items that are also utilized in soap and detergent, as well as the fragrance, flavor, and scent sectors.
This report also provides the existing competitive scenario of some of the key players of the global crotonic acid market which includes company profiling of Chem of China, XIAN Kono Chem, Godavari Biorefineries, BIO-TECH, Otto Chemie, Weylchem, ALB Technology Limited, Penta Manufacturing Company, Spectrum Manufacturing Corporation., and others.
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