LONDON, Nov. 29, 2016 /PRNewswire/ -- The global chiral chemicals market is expected to reach USD 119.72 billion by 2024, according to a new report by Grand View Research, Inc. Rising population coupled with increasing demand for better healthcare facilities is expected to have a positive impact on the demand over the forecast period. In addition, increasing government support towards the development of pharmaceutical manufacturing in developing economies is likely to augment the demand over the coming years.
The number of patents related to pesticides and crop protection chemicals manufactured using chiral chemicals has been increasing at a rapid pace. Regulatory agencies have become more vigilant on account of increasing applications of chiral chemicals in agrochemicals. This has led to increasing government focus towards development of policies for proper consumption of the product in the agriculture industry. The Environmental Fate and Effects Division gathers data regarding stereoisomeric pesticide compounds to determine their toxicity and also prevent the harm caused by enriched mixtures.
Further key findings from the report suggest:
Traditional separation technology is anticipated to witness a CAGR of about 12.0% from 2016 to 2024. Extensive R&D towards gas chromatography is anticipated to propel the market growth over the forecast period.
The asymmetric synthesis method is likely to witness a CAGR of over 13% from 2016 to 2024 on account of the low cost of the reagents and auxiliaries used. However, low yield from this process is anticipated to restrain the market development over the next eight years.
Flavors and fragrances application is anticipated to witness considerable growth over the forecast period. Chiral chemicals possess different fragrances in its diverse optical forms which are increasingly being utilized by the cosmetics companies.
Latin America is anticipated to witness above average growth rate on account of increasing pharmaceutical manufacturing in Brazil & Argentina. Supportive regulatory policies and infrastructure development in the region is likely to support the pharmaceutical manufacturing in the region, thereby propelling the demand for chiral chemicals over the forecast period.
The global distributors have established joint agreements with local manufacturers to facilitate the supply of chiral chemicals in the respective countries. The emergence of e-commerce as a distribution channel is also impacting the market as numerous end-use industries prefer this channel to get samples and product related information. Basic Chemical Solutions, PRINOVA, and Petrochem Middle East are some of the key product suppliers.
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