LONDON, Feb. 13, 2017 /PRNewswire/ -- The global 9-decanoic acid methyl ester market is expected to reach USD 240.0 million by 2025, according to a new report by Grand View Research, Inc. Rising awareness regarding the use of green chemicals coupled with rapidly growing demand for esters in flavors & fragrances industry is likely to boost 9-decanoic acid methyl ester consumption in upcoming years. The increasing number of biorefineries to fulfill ever rising biodiesel and other bio-chemicals' demand is expected to trigger its production over the forecast period.
The price for decanoic acid methyl esters is higher than its synthetic counterparts owing to the involvement of specialized processes such as metathesis, which require costly catalysts. Further, these processes are time and energy consuming which in turn leads to high production cost, thus pushing the overall price of product upwards.
The flavors & fragrances application segment is predicted to gain traction over the forecast period. The ability of esters to impart fruity flavors is a key factor for their increasing demand in flavors and fragrances industry. The segment is likely to grow an estimated CAGR of 5.0% from 2016 to 2025.
Further key findings from the report suggest:
Pharmaceutical application segment is estimated to account for around 20% of the market demand in 2015. 9-DAME is used to manufacture hand cleaners, skin care lotions, shampoos, and other similar products.
Asia Pacific is expected to be a key regional market over the forecast period owing to the high demand for flavors & fragrances. Asia Pacific has witnessed slightly lower prices on account of ample raw material availability.
The introduction of biofuels directive and favorable regulations for bio-based products is expected to positively impact the 9-DAME market in Europe, making it the second largest regional market.
Companies such as Elevance Renewable Sciences, P&G Chemicals, TCI (Shanghai) Development Co., Ltd have established themselves as manufacturers and suppliers in the industry.
In September 2015, Thermo Fisher Scientific completed the acquisition of Alfa Aesar with an initiative to expand their laboratory offering portfolio. To maintain competency in the market, key market players in collaboration with value chain participants focus on developing new technology to manufacture green chemicals.
Versalis and Elevance have entered into strategic partnership to develop a new metathesis technology to produce bio-chemicals from vegetable oils and will also design and construct a world-scale ethylene metathesis-based production plant that will utilize renewable oils in Italy
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