Chiral Chemicals Market Overview:
Global Chiral Chemicals Market is projected to expand at a CAGR of 13.67% to be USD 96,894.20 million till 2023. The protuberant factors favoring the growth of the global chiral chemicals market are increasing demand for chiral chemicals in pharmaceutical application along with growing agrochemicals industries in emerging market. Additionally, increasing product penetration among agrochemical industry is also expected to drive the market growth.
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Along with it, the sector is also experiencing a boost from the research and development sector where the multinationals and governments are investing heavily in producing essentials using the chemicals. Furthermore, new technology has resulted in the bio-catalytic synthesis of the chiral chemicals which has significant market potential.
However, governments are now imposing stringent regulations to prohibit the use of chiral pesticides. Adoption of eco-friendly, organic products is gaining traction which can act as a headwind for the market and hinder the prediction.
The industry is investing heavily in research and developments in a search for better products. In this, efforts made by the Chemists at Scripps Research can be considered exemplary. They have come up with a method which would ease the making of chiral molecules. Now, without enzymes, the feat can be achieved which is revolutionary in several contexts and can open up dimensions that were previously off-limits in chemistry.
The global chiral chemicals market is segmented on the basis of technology and application.
Based on technology, the market can be segmented into traditional separation method, asymmetric preparation method, and biological separation method.
Application-wise, the market includes pharmaceutical, agrochemical, flavors, fragrances, and others. Demand for chiral chemicals in pharmaceuticals takes the sub-segment to the crest.
Regionally, global chiral chemicals market spans across North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America (LATAM).
North America, as of 2016, has the largest market. By generating USD 32,025.3 million it has secured the top position for itself. The U.S. is contributing the most, and with the presence of several end-use industries in the region, the country is expected to grow further.
The APAC is showing significant possibility of growth as the burgeoning industries are opening up various avenues for market expansion. The increase can be attributed to the rapid industrialization and fast urbanization owing to which the market is expecting a staggering CAGR of 17.56% and grow at the fastest rate during the forecast period.
Europe, with 28% of the market share, is playing an essential role in the global market. Germany contributes the most among the many European nations. However, the MEA and the LATAM are expecting a moderate growth.
The competitive market is proliferated by the presence of several major players, who are in their constant effort to stay afloat, are adopting various strategies such as mergers and acquisitions. For instance, W. R. Grace & Co.-Conn has recently completed the acquisition of Albemarle Polyolefin Catalysts Business.
The prominent players in the global chiral chemicals market are BASF SE (Germany), Solvias AG (Switzerland), Strem Chemicals, Inc (U.S.), Johnson Matthey Plc (U.K.), W. R. Grace & Co.-Conn (U.S.), Chiral Quest (Suzhou) Co.,Ltd (China), Tyche Industries Limited (India), Nanjing Legend Pharmaceutical (China), The Dow Chemical Company (U.S.), and Flamma S.p.An (Italy), among others.
The global chiral chemicals market is projected to reach USD 96,894.20 million by the end of 2023, by expanding at a CAGR of 13.67%. Based on the region, Asia Pacific is estimated to grow at the highest CAGR of 17.56%. This is attributed to the growing urbanization and rapid industrialization in the emerging economies in this region. North American region accounted for the largest share due to growing pharmaceutical industries and rising investment in R&D by major market players. Country-wise, China is the largest market in the globe. By technology, traditional separation method accounts for the largest market share of 48% in 2016 with a market value of USD 46,118.1 million. The pharmaceuticals segment accounted for the largest market share in 2016, while the agrochemicals application segment is estimated to grow at the highest CAGR.
The global chiral chemicals market is projected to grow at a CAGR of 13.67% during the review period 2017-2023. North America accounted for the largest share due to the growth of major end users in the region. Pharmaceuticals segment is likely to dominate the global chiral chemicals market during the review period.
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