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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