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, also known as isobutanoic acid or 2-methylpropanoic acid, is a carboxylic acid with the structural formula (CH₃)₂CHCOOH. Synthesized through various methods, it is an isomer of n-butyric acid, finding applications in chemicals, pharmaceuticals, and cosmetics. Market expansion for isobutyric acid is supported by the growing pharmaceutical sector and heightened product preference in food and animal feed applications.
Fortune Business Insights™ provides this information in its research report, titled “Isobutyric Acid Market Size Report, 2024-2032”.
Isobutyric Acid Market Segmentation Analysis:
SyntheticSegment Held the Largest Share owing to Established Manufacturing Method
By type, the market is divided into synthetic and renewable. The synthetic segment captured the largest share in the market in 2022. The segment is bolstered by an established manufacturing method utilizing petroleum-based raw materials, ensuring lower production costs.
Pharmaceutical and CosmeticsSegment Secured the Largest Share due to Versatile Applications in Pharmaceutical Production
By applications, the market is divided into animal feed, chemical, food & flavors, pharmaceuticals & cosmetics, and others. The pharmaceutical & cosmetics segment captured the largest isobutyric acid market share. This is propelled by extensive usage of product as an intermediate, solvent, and in the development and manufacturing of active pharmaceutical ingredients.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The research report delivers comprehensive quantitative insights, presenting market sizing in USD million for each segment, sub-segment, and region. It includes growth rates and market analysis across segments, sub-segments, and key counties worldwide.
Drivers and Restraints:
Manufacturing of Products from Renewable Materials to Spur Market Growth
The focus on research and development for isobutyric acid production from plant-based sources aligns with environmental regulations, fostering sustainable and eco-friendly practices. Moreover, the increasing awareness of environmental concerns is driving the demand for bio-based products, providing a significant growth avenue for isobutyric acid manufacturers.
However, the potential of isobutyric acid containers to explode when exposed to heat and its vapors forming explosive mixtures in the air poses safety concerns, limiting isobutyric acid market growth.
Regional Isobutyric Acid Insights:
North America Captured the Largest Market Share Owing to High Demand from Key Industries
North America captured the largest market share in terms of revenue in 2022. Elevated product prices and substantial demand from pharmaceuticals and cosmetics underscore the region’s dominance, contributing to its leading market share.
Attractive business conditions, including relatively lower costs and lenient environmental regulations, draw foreign investments, contributing to the Latin America and the Middle East & Africa market growth.
Competitive Landscape:
Key Players are Focusing on R&D Activities to Meet the Rising product Demand
Major players, including Eastman Chemical Company and Evonik Industries, dominate the moderately fragmented market, investing in R&D for synthetic and renewable products. Meanwhile, other key players emphasize expanding manufacturing capabilities to address the growing product demand.
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)
