Caprylic Acid Market– Statistics And Analysis & Forecast To 2022
Posted by Mrudula Anil Karmarkar on December 16th, 2020
The global caprylic acid market is expected to reach USD 4.4 million by 2022, according to a new report by Grand View Research, Inc. The widespread use of caprylic acid in the personal care and pharmaceutical industry coupled with the growth of these end-use industries is expected to drive growth. Furthermore, the growing demand for the acid in manufacturing pesticides and surfactants is expected to propel market growth over the projected period.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.
Pharmaceutical accounted for 17.9% of the overall volume share in 2014. The growing use of caprylic acid in the treatment of yeast infections on account of its anti-microbial and anti-fungal properties is expected to propel demand over the forecast period. Furthermore, the rising use of the product for the treatment of Crohn’s disease, bladder infections, and gingivitis is also expected to drive the market.
Coconut and palm oils are the key raw materials used for caprylic acid manufacturing and its application in various end-use industries. Coconut oil contains about 5-8% of caprylic acid, whereas the content in palm oil is about 3% to 5%. This naturally derived compound is expected to drive the organic personal care demand, on account of its anti-oxidant, anti-microbial, and anti-fungal properties. The compound has extensive usage in the medical & dietary application on account of approval by the U.S Food and Drug Administration (FDA) for its usage in nutritional supplements in the food industry.
Further key findings from the report suggest:
Growing environmental concerns and increasing government support regarding the use of naturally derived products in industrial application is likely to propel demand. Furthermore, R&D related to the use of potential and low-cost raw material for the production of caprylic acid is expected to drive the market over the forecast period.
Growing demand for personal care goods in emerging economies such as Thailand, India, and Brazil is expected to have a positive impact on demand. Caprylic acid is used in the preparation of esters which are used in skincare, haircare, color cosmetics, perfumes, soaps, and other personal care goods. Increasing use of the compound in luxurious items, medicines, lubricants, and surfactants is expected to drive the market demand over the next seven years. Furthermore, growing usage in the surfactant segment can be attributed to its hydrophobic property. The compound also has extensive usage in commercial applications as fat reducing agent, anti-microbial pesticide, and fragrance enhancing component.
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Solazyme Inc. has developed a new technology for caprylic acid production which uses algal oil as a raw material. The algal oil has the potential to produce lost cost caprylic acid and meet the rising consumer demand. Key market participants include Evergreen Oleochemicals, KLK Oleo, Oleon, Wilmar International Vantage Oleochemicals, and Pacific Oleochemicals Sdn Bhd.
Grand View Research has segmented the caprylic acid market on the basis of application and region:
Caprylic Acid Market Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
Caprylic Acid Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
o The U.S.
o United Kingdom
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,370
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