The global isobutyric acid market size was valued at USD 169.7 million in 2022. The market is anticipated to expand from USD 184.2 million in 2023 to USD 314.8 million by 2030, exhibiting a CAGR of 8.0% during the forecast period.
Isobutyric acid, or 2-methylpropanoic acid, a carboxylic acid represented by (CH₃)₂CHCOOH, is synthesized through methods such as hydrolysis of isobutyronitrile and oxidation of isobutanol. The isobutyric acid market is poised for growth due to increasing demand from the pharmaceutical industry and a rising preference for its use in food and animal feed applications.
Fortune Business Insights™ provides this information in its research report, titled “Isobutyric Acid Market, 2023-2030”.
Isobutyric Acid Market Segmentation:
SyntheticSegment Captured the Largest Share due to its Cost Effectiveness
On the basis of type, the market is divided into synthetic and renewable. The synthetic segment secured the largest share in the market in 2022. The established process of producing synthetic products from petroleum-based raw materials ensures cost efficiency, setting it apart from the production expenses associated with renewable alternatives.
Pharmaceutical & Cosmetics Segment Secured the Largest Share owing to its Key Role in Pharmacological Product Manufacturing
By applications, the market is divided into animal feed, chemicals, food & flavors, pharmaceuticals & cosmetics, and others. The pharmaceutical & cosmetics segment captured the largest share in the market. The product plays a crucial role in producing various pharmacological products, including anticonvulsants, antibiotics, and anti-inflammatory medications, driving growth in this segment.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
Alongside quantitative data, the report offers qualitative analysis, exploring growth opportunities, market drivers, restraints, and industry trends. The competitive landscape section features detailed company profiles of key industry players, enhancing a holistic market understanding.
Drivers and Restraints:
Growing Product Demand from Animal Feed and Food & Flavor Applicationsto Propel Market Development
The rising scarcity of natural grazing land and the expanding dairy industry are driving increased demand for isobutanoic acid in animal feed, positively impacting isobutyric acid market growth. Moreover, the acid's use as a flavoring agent in processed and packaged food products, such as butter, cheese, and beef, aligns with the consumer preference for enhanced flavors, contributing to the anticipated growth of the market.
However, health hazards such as burns, respiratory issues, and impaired vision associated with the handling and inhalation of isobutyric acid act as hindrances to market expansion.
Regional Insights:
North America Held the Largest Market Share Owing to Diverse End-Use Applications
In terms of revenue, North America secured the largest isobutyric acid market share in 2022. The region's robust market share is bolstered by the continuous surge in demand for the product, particularly in the animal feed and food and flavors sectors, fostering overall market growth.
Rising industrialization in Latin America and the Middle East & Africa propels demand for the product, fueled by favorable tax laws and cost-effective labor.
Competitive Landscape:
Key Industry Participants are Investing in Renewable Products to Meet the Growing Demand
The market displays moderate fragmentation, with major players such as Eastman Chemical Company, and Evonik Industries AG holding considerable shares. They invest in R&D for both synthetic and renewable products, while other key players focus on expanding manufacturing capacities to meet rising demand for product.
Key Industry Development:
May 2022: Afyren launched Flavyren, a product line of carboxylic acids, including isobutyric acid, offering opportunities for creating original derivatives.
List of Key Players Mentioned in the Report:
- Eastman Chemical Company (U.S.)
- OQ Chemicals GmbH (Germany)
- Tokyo Chemical Industry Co., Ltd. (Japan)
- AFYREN (France)
- Shanghai Aladdin Biochemical Technology Co., Ltd. (China)
- Evonik Industries AG (Germany)
- Snowco (China)
- Nanjing Chemical Material Corp. (China)
- CAMEO Chemicals
- Yufeng International Group Co., Ltd. (China)
