Isoprenol Market: Introduction
In terms of value, the global isoprenol market is anticipated to expand at a CAGR of 7% from 2020 to 2030. Isoprenol is primarily used in pharmaceutical, aroma chemical, agrochemical, and polymers, applications. It is predominantly employed as a building block for aromatic chemicals. Isoprenol is also gaining popularity in the global market, owing to its beneficial physical and chemical properties. Isoprenol is widely employed in the agrochemicals industry to manufacture pesticides and insecticides. It is an eco-friendly chemical; hence, it is extensively used in crop protection chemicals such as fungicides, herbicides, and insecticides. Increase in incidences of crop infestation has prompted modern farmers to rely on agrochemicals with increased productivity and reduced crop loss. The expansion of the agrochemicals industry is fueling the demand for isoprenol, thereby driving the global isoprenol market.
Hazardous Effects of Raw Materials to Hamper Isoprenol Market
Isobutene (petroleum derived) and formaldehyde are major raw materials used in the manufacture of Isoprenol and prenol, which are classified as hemiterpene alcohol. Isobutene has hazardous effects on human beings and the environment. Isobutene adversely affects the lungs when inhaled in large amount. Contact with liquid isobutene can cause frostbite, while exposure to isobutene can cause irritation to eyes, nose, and throat. It also causes headache, dizziness, lightheadedness, and fatigue. The exposure to higher level of isobutene can also lead to coma and death. Isobutene is a highly flammable gas and a dangerous fire hazard. Volatility in prices, uncertainty in availability of raw materials, and availability of substitute compounds are also expected to hamper the isoprenol market in the near future.
Flavors and Fragrances to Offer Lucrative Opportunities to Isoprenol Market
In terms of application, the global isoprenol market has been segregated into agrochemicals, pharmaceuticals, flavor & fragrance, polymers, and others. The flavor & fragrance segment is anticipated to dominate the global isoprenol market during the forecast period. The flavor & fragrance segment accounted for major share of the global isoprenol market in 2019. In terms of volume, the segment is estimated to expand significantly during the forecast period. The segment is projected to account for more than 30% share of the global isoprenol market by 2030. Agrochemicals are chemical substances that are used in agricultural farmlands to restore the deficiency of nutrients in fields or crops. They also enhance the growth of crops by killing harmful insects. Agrochemicals improve the quantity and the quality of farm products. They are used in all kinds of agricultural fields such as horticulture, dairy farming, livestock, grain farming, and commercial plantation.
Europe to be Lucrative Region of Isoprenol Market
Based on region, the global isoprenol market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global isoprenol market in 2019. This trend is projected to continue during the forecast period. The demand for isoprenol is high in Europe, particularly in Germany and the U.K., owing to increase in consumption of isoprenol in the pharmaceutical and agriculture industries in these countries. According to the European Chemical Industry Council, global demand for APIs stood at 29.1%, 27.5%, 26.7%, and 16.7% for North America, Asia, Western Europe, and Rest of the World, respectively, in 2019. It is projected to increase over the next few years. China is a prominent consumer of isoprenol in Asia Pacific. The expansion of flavor & fragrance and agrochemical industries is a major factor propelling the isoprenol market in the country.
Competition Landscape of Isoprenol Market
The global isoprenol market is highly fragmented. Jilin Zhongxin Chemical Group Co., Ltd. and Andeshengtec cumulatively held more than 50% share of the global isoprenol market in 2019. Leading players have taken initiatives to expand their presence in the global isoprenol market through acquisitions, increase in production capacities, and strategic partnerships. Other key manufacturers operating in the global isoprenol market are BASF SE, KURARAY CO., LTD., Spectrum Chemical Manufacturing Corp., Amyris, Inc., Tokyo Chemical Industry Co., Ltd., Toronto Research Chemicals Inc., Haihang Industry Co., Ltd, and Sure Chemical Co., Ltd.