The global Cyclopropanol Market is estimated to be valued at US$ 745.5 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Cyclopropanol is a chemical compound with cyclopropyl alcohol functional group. It is employed in various industries such as pharmaceuticals and agrochemicals due to its properties like toxicity, acidity and stability. It finds usage as an intermediate in the synthesis of fine chemicals, pharmaceuticals and agricultural products. Market key trends: Growing pharmaceutical industry is one of the major trends witnessed in the cyclopropanol market. Cyclopropanol is used as a building block in the manufacturing of various active pharmaceutical ingredients (APIs). According to data published by IQVIA, the global pharmaceutical industry grew at an annual rate of 4-7% between 2015 to 2020. The COVID-19 pandemic further accelerated growth in the pharmaceutical market, driving the demand for cyclopropanol. Segment Analysis The global cyclopropanol market is segmented by product type into cyclopropanol, cyclopropanone, methylcyclopropanol, and others. Among these, cyclopropanol dominates the market and accounts for over 50% of the total market share. Cyclopropanol is widely used in the production of important fragrance ingredients like alpha- and beta-damascone. Its properties to impart floral and fruity notes make it highly popular in perfume formulations. Key Takeaways The Global Cyclopropanol Market Size is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing adoption in fragrance and flavor industries. Regional analysis: North America dominates the cyclopropanol market and holds over 35% of the total market share. Growing demand for natural and organic personal care and household products drives the demand for cyclopropanol in North America. Asia Pacific is expected to be the fastest growing market, registering a CAGR of 7.5% during the forecast period. Increasing spending power and changing lifestyle in developing countries like China and India support market growth in Asia Pacific. Key players: Key players operating in the cyclopropanol market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., and Energy Chemical. BASF SE and Eastman Chemical Company together account for over 30% share of the global market. These players focus on expanding their production capacities to cater to the growing demand for cyclopropanol worldwide. Read more: https://www.ukwebwire.com/cyclopropanol-market-insights-trends/
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