The global Pelargonic Acid market is estimated to be valued at US$ 162.21 Mn in 2020 and is expected to exhibit a CAGR of 5.83% over the forecast period 2021 to 2027, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Pelargonic acid is a naturally occurring fatty acid that is derived from plants such as Pelargonium graveolens (geraniums) and Pelargonium radula. It is commonly used in industries such as agriculture, cosmetics, and pharmaceuticals. The acid is known for its herbicidal properties and is used as a non-selective herbicide. It offers several advantages such as its biodegradability, low toxicity, and effectiveness against a wide range of weeds. The increasing demand for sustainable chemicals and the growing use of pelargonic acid in various applications are driving the growth of the market.
B) Market Key Trends:
One key trend in the global Pelargonic Acid market is the growing adoption of organic farming practices. With the increasing awareness regarding the harmful effects of synthetic chemicals on the environment and human health, farmers are shifting towards organic farming methods. Pelargonic acid is widely used as an herbicide in organic farming due to its natural origin and low environmental impact. For example, it is used to control weeds in organic vegetable farms and vineyards. The trend of organic farming is expected to drive the demand for pelargonic acid in the agricultural sector.
C) PEST Analysis:
Political: The regulatory landscape plays a crucial role in the growth of the Pelargonic Acid Market. Government regulations regarding the use of herbicides and pesticides in different countries can impact the adoption of pelargonic acid.
Economic: The economic factors such as GDP growth, disposable income, and consumer purchasing power influence the demand for pelargonic acid in various industries. Economic instability can affect the market growth.
Social: The growing awareness among consumers about the harmful effects of synthetic chemicals has led to an increased demand for natural and sustainable alternatives. This social trend favors the adoption of pelargonic acid in industries such as cosmetics and agriculture.
Technological: Advancements in technology have led to the development of innovative formulations and applications for pelargonic acid. For example, the use of nanotechnology in delivering pelargonic acid to plant targets has shown promising results, enhancing its effectiveness as an herbicide.
D) Key Takeaways:
- The global Pelargonic Acid market is expected to witness high growth, exhibiting a CAGR of 5.83% over the forecast period, due to increasing demand for sustainable chemicals. The growing adoption of organic farming practices is driving the demand for pelargonic acid in the agricultural sector.
- Asia Pacific is expected to be the fastest-growing and dominating region in the Pelargonic Acid market. This can be attributed to the increasing population, rising disposable income, and expanding agricultural industry in countries like China and India.
- Key players operating in the global Pelargonic Acid market include Central Drug House, Croda International Plc., Emery Oleochemicals, Glentham Life Sciences Limited, Haihang Industry, Kunshan Odowell Co., Ltd, Matrica S.p.A, OQ Chemicals GmbH, Tokyo Chemical Industry Co., Ltd., and Zhengzhou Yibang Industry & Commerce Co., Ltd. These players are focused on research and development activities to introduce innovative products and expand their market presence.
In conclusion, the global Pelargonic Acid market is poised for significant growth due to the increasing demand for sustainable chemicals and the shift towards organic farming practices. The market is expected to witness a favorable regulatory environment and technological advancements that will further contribute to its growth. Asia Pacific is projected to be the fastest-growing region, and key players in the market are actively engaged in product development and expansion strategies to cater to the growing demand.
