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Homophthalic Acid Market Segmented By Pharmaceuticals, Electronics, Fine chemicals Application
According to latest research conducted on Homophthalic acid market, it is expected to register a CAGR of over 6-7% during the forecast period 2021-2031. Major factors driving the market are increasing demand from the pharmaceutical sector as it is majorly used in making special kind of drugs to cure certain diseases.
However, high product cost and unfavourable conditions arising due to the COVID-19 outbreak are the major factors hindering the growth of the market.
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Homophthalic acid is a dicarboxylic acid with the formula C6H4(CO2H)CH2CO2H. It is a colourless solid. The growing demand for this acid is as it is used in the manufacturing of the Nonsteroidal anti-inflammatory drugs (NSAIDs).
These drugs are class of drugs that reduces the pain, prevents blood clots, decreases the fever and if used as in higher doses it also decreases the inflammation. These drugs are extensively used in medical field by doctors to treat some deadliest diseases.
The ongoing pandemic situation has worked as catalyst for increasing demand and growth of the pharmaceutical sector. The acid is also used in the synthesis of heterocyclic compounds. They are predominantly used across pharmaceuticals, as agrochemicals and as veterinary products.
They also find applications as sanitizers, developers, antioxidants, as corrosion inhibitors, as copolymers, dye stuff.
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Get a Customized VersionThe global demand for Homophthalic Acid is forecast to report strong growth driven by consumption in major emerging markets. Long chain dicarboxylic acid is produced through fermentation process using aerobic digestion or anaerobic, long chain dicarboxylic is a bio-based product.
The acid is majorly used in making of Nonsteroidal anti-inflammatory drugs (NSAIDs) which are further used in treatment of some diseases. The most prominent NSAIDs are aspirin, ibuprofen, and naproxen, all available over the counter in most countries. Non-inflammatory medicines, painkillers are the most widely and commonly used drugs in normal life even without taking the doctor’s direction over this.
The growth for this product will continue in upcoming years too as people are more conscious about their wellbeing in all aspects of life. NSAIDs are useful in the management of post-operative dental pain following invasive dental procedures such as dental extraction.
Doctors typically use NSAIDs rather than opioid pain relievers, such as morphine, to treat less severe pain. Many people take NSAIDs to treat the symptoms of the common cold. However, although these drugs relieve some of the symptoms, such as fever and pain, they neither kill the virus nor improve the course of the illness.
Asia-Pacific is expected to dominate the market for Homophthalic acid during the forecast period. Owing to the rising demand from pharmaceuticals, electronics and fine chemical industries, this acid market is going to come under limelight.
India, China are significant consumer markets for pharmaceutical drugs due to huge population and growing healthcare spending. Pharmaceuticals and medical industry hold the major part of this market. Pandemic outbreak has brought more emphasis on healthcare department and will continue to grow in developing countries.
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North America being the largest pharmaceutical market in the world focuses on healthcare sector which enables demand for key pharmaceutical compounds in the region. Covid-19 has left huge impact on the economy and various industries, however the pharmaceutical sector has witnessed significant growth.
Increased spending and focus on the healthcare infrastructure is likely to continue in the next decade and beyond. Also, the fine chemical industry and electronics segment will contribute in the growth of the market.
The Homophthalic acid market is moderately consolidated in nature, with the top players accounting for a major share of the market. Some of the key companies in the market include
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
