by The global Pelargonic Acid Market is estimated to be valued at Us$ 196.34 Mn in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pelargonic acid, also known as nonanoic acid, is a 9-carbon fatty acid that occurs naturally in various plants. It has antimicrobial, insecticidal and herbicidal properties. It is widely used as an active ingredient in plant protection products and disinfectants. Being a colorless oily liquid with a faint rancid odor, it is considered safer than other pest management agents. Its low mammalian toxicity and degradable nature make it an eco-friendly biopesticide choice.
Market key trends:
The surge in organic farming along with the ban on toxic chemicals is fueling the demand for natural and eco-friendly pest management solutions. Pelargonic acid based herbicides offer selective and non-residual weed control, causing desiccation of plant tissues on contact. With the increasing cultivation of genetically modified crops globally, the need for selective herbicides is growing rapidly. The expansion of agricultural production areas and shift towards sustainable agricultural practices are also propelling the pelargonic acid market growth. Additionally, its increasing usage as a preservative and antimicrobial agent in various industrial and household applications continues to create new opportunities in the market.
Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of raw materials has led to low threat of new entrants in the pelargonic acid market.
Bargaining power of buyers: Large presence of manufacturers has provided buyers with greater bargaining power and ability to negotiate prices in the pelargonic acid market.
Bargaining power of suppliers: Critical raw materials such as nonanoic acid are supplied by a few number of suppliers globally, giving them higher bargaining power.
Threat of new substitutes: Products such as azelaic acid and sebacic acid pose minimal threat as substitutes due to difference in properties and applications from pelargonic acid.
Competitive rivalry: Large number of manufacturers results in high competitive rivalry in pricing in the pelargonic acid market.
Key Takeaways
The Global Pelargonic Acid Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from end-use industries like pesticides, herbicides, and cosmetics.
Regional analysis: Asia Pacific is expected to dominate the pelargonic acid market during the forecast period. This is attributed to the high demand for crops protection chemicals from countries like China and India. Additionally, growth of personal care and cosmetics industry is also fueling the market growth in the region.
Key players operating in the pelargonic acid market are Central Drug House, Croda International Plc., Emery Oleochemicals, Glentham Life Sciences Limited, Haihang Industry, Kunshan Odowell Co., Ltd, Matrica S.p.A, OQ Chemicals GmbH, Tokyo Chemical Industry Co., Ltd., and Zhengzhou Yibang Industry & Commerce Co., Ltd. Key players are focused on capacity expansion to cater to increasing demand for pelargonic acid.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
