LONDON, Jan. 14, 2016 /PRNewswire/ -- The report covers the global butyric acid market and further segments the market on the basis of type, application, and region. The market data for these types is given with respect to volume and value . The global market value of butyric acid is estimated to be USD 124.6 million in 2015 and is projected to grow at a CAGR of about 15.1% between 2015 and 2020 to reach USD 289.3 million by 2020. The data mentioned in the report is based on the global demand for butyric acid.
The impact of different market factors, such as drivers and restraints is also illustrated in the report. This gives an idea about the key drivers such as growth in animal feed industry, especially in poultry and swine, reduced usage of anti-biotics in animal feed and a preference for renewable butyric acid in food & flavor and pharmaceutical sectors. Low production and high costs are factors limiting the growth of renewable butyric acid. Also, the pungent smell of butyric acid limits its direct use in applications.
The global butyric acid market is classified based on different applications. The important applications include animal feed, chemicals intermediate, food & flavors, pharmaceuticals, perfumes, and others. The animal feed, food & flavor and pharmaceuticals sectors, all have seen growth or resurgence that is contributing to a projected increase in the world-wide market for butyric acid.
The key companies in this market are Eastman Chemical Company, OXEA GmbH , Perstorp Holding AB, Tokyo Chemical Industry Co. Ltd., Blue Marble Biomaterials, Beijing Huamaoyuan Fragrance Flavor Co., ltd., Inc. , Snowco industrial Co., Ltd. . These companies are consistently focusing on expanding their production capacity to achieve a competitive advantage and thereby serving the customers more effectively. New product launches were the second-most preferred strategies by the top players in 2014 that were driving the demand of butyric acid.
Asia-Pacific is the biggest and the fastest growing region due to the growing demand for animal feed in India and China. Europe is a matured market and is expected to grow at a low CAGR till 2020.
The report also presents a competitive landscape covering different strategies and developments such as investments and expansions and new product launches, undertaken by the leading butyric acid companies in the past few years. Furthermore, different butyric acid market participants are also profiled in the report.
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