Homophthalic Acid Market Forecast and CAGR
According to latest research conducted on Homophthalic acid market, it is expected to register a CAGR of over 6-7% during the forecast period 2021-2031. Major factors driving the market are increasing demand from the pharmaceutical sector as it is majorly used in making special kind of drugs to cure certain diseases. However, high product cost and unfavourable conditions arising due to the COVID-19 outbreak are the major factors hindering the growth of the market.
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What is Driving Demand for Homophthalic Acid?
Homophthalic acid is a dicarboxylic acid with the formula C6H4(CO2H)CH2CO2H. It is a colourless solid. The growing demand for this acid is as it is used in the manufacturing of the Nonsteroidal anti-inflammatory drugs (NSAIDs).
These drugs are class of drugs that reduces the pain, prevents blood clots, decreases the fever and if used as in higher doses it also decreases the inflammation. These drugs are extensively used in medical field by doctors to treat some deadliest diseases.
The ongoing pandemic situation has worked as catalyst for increasing demand and growth of the pharmaceutical sector. The acid is also used in the synthesis of heterocyclic compounds. They are predominantly used across pharmaceuticals, as agrochemicals and as veterinary products. They also find applications as sanitizers, developers, antioxidants, as corrosion inhibitors, as copolymers, dye stuff.
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Asia Pacific Demand Market Outlook for Homophthalic Acid:
Asia-Pacific is expected to dominate the market for Homophthalic acid during the forecast period. Owing to the rising demand from pharmaceuticals, electronics and fine chemical industries, this acid market is going to come under limelight.
India, China are significant consumer markets for pharmaceutical drugs due to huge population and growing healthcare spending. Pharmaceuticals and medical industry hold the major part of this market. Pandemic outbreak has brought more emphasis on healthcare department and will continue to grow in developing countries.
North America Demand Outlook for Homophthalic Acid:
North America being the largest pharmaceutical market in the world focuses on healthcare sector which enables demand for key pharmaceutical compounds in the region. Covid-19 has left huge impact on the economy and various industries, however the pharmaceutical sector has witnessed significant growth.
Increased spending and focus on the healthcare infrastructure is likely to continue in the next decade and beyond. Also, the fine chemical industry and electronics segment will contribute in the growth of the market.
Who are the Key Manufacturers and Suppliers of Homophthalic Acid?
The Homophthalic acid market is moderately consolidated in nature, with the top players accounting for a major share of the market. Some of the key companies in the market include
- Cathay Biotech Inc.
- Zibo Guangtong Chemical Co. Ltd
- Henan Junheng Industrial Group Biotechnology Co. Ltd
- Brisben chemicals
- US Biological life sciences
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