Global Brassylic Acid Market to Reach US$ 792.5 Mn by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Nov 27, 2019--
The global brassylic acid market was valued at US$ 582.0 Mn in 2018 and is expected to exhibit a CAGR of 3.6% over the forecast period (2019-2027), in terms of revenue.
Key Trends and Analysis of the Global Brassylic Acid Market:
Global brassylic acid market is expected to witness significant growth over the forecast period. This is attributed to factors such as increasing demand for lubricants and adhesives, and its high demand in fragrance industry.
The sub-segment of vegetable oil, crambe oil is the most preferred raw material used for the manufacturing of brassylic acid. It is owing to the availability of around 50-60% of erucic acid in crambe oil, which is used for the production of brassylic acid.
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Plastics and polymers are commonly synthesized from petroleum sources. Petroleum is considered as a non-renewable energy source and is depleting rapidly. However, brassylic acid synthesized from plant-based sources such as crambe and rapeseed oil is a potential alternative for plastics produced from petroleum sources. Therefore, increasing applications of brassylic acid in plastics, lubricants, and adhesive industry is expected to drive the global brassylic acid market growth over the forecast period.
However, in fragrance industry, perfume compounds such as nitro musk and polycyclic musk compounds are prevailing in the market which can be used as a substitute for the musk made up of brassylic acid. This factor is expected to hinder growth of the global brassylic acid market during the forecast period.
Key Market Takeaways:
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KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Coherent Market Insights
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PUB: 11/27/2019 09:32 AM/DISC: 11/27/2019 09:32 AM