The global Brassylic Acid Market is estimated to be valued at US$ 716.7 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Brassylic acid is a dicarboxylic acid that contains a four-carbon chain. It is mainly used in the production of nylon 66, polyester-based resins, lubricating oils and fatty acid esters. The growing demand for nylon 66 from end-use industries such as automotive and electronics is the major factor driving the growth of the global brassylic acid market.
Market key trends:
One of the key trends in the brassylic acid market is the growing demand for biodegradable and sustainable polymers. Traditionally, Brassylic acid has been produced from petroleum sources. However, with strict environmental regulations and rising awareness about sustainability, manufacturers are increasingly focusing on producing Brassylic acid from renewable sources such as castor oil through fermentation processes. This is expected to provide new growth opportunities for players in the market and support the adoption of green chemicals in various end-use industries.
Market key trends:
One of the key trends in the brassilyc acid market is its increasing usage in the production of nylon. Brassilyc acid is a key raw material used in the production of nylon-6,6 which finds wide application in engineering plastics, fibers and films. Rising demand for nylon from the automotive and electronics industry is expected to drive the demand for brassilyc acid over the forecast period.
SWOT Analysis
Strength: Highly durable and stable chemical property of brassilyc acid makes it suitable for various industrial applications.
Weakness: Production process of brassilyc acid involves use of hazardous chemicals which needs proper handling and disposal.
Opportunity: Growing demand for nylon from emerging economies of Asia Pacific due to rapid industrialization presents an opportunity for brassilyc acid market.
Threats: Presence of substitute chemicals that can be used in place of brassilyc acid poses a threat to its demand. Stringent environment regulations related to its production is another threat.
Key Takeaways
The global brassilyc acid market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for nylon from automotive industry. The global nylon market size was valued at USD 45 billion in 2021 and is projected to grow at a CAGR of 5% during the forecast period.
The Asia Pacific region is expected to dominate the brassilyc acid market during the forecast period. China dominated the APAC brassilyc acid market in 2021 with a share of over 35%, owing to presence of manufacturing facilities of nylon producers in the country.
Key players operating in the brassilyc acid market are Cathay Industrial Biotech, Palmary Chemical, Unisource Chemicals Pvt. Ltd., Zibo Guangtong Chemical Co., Ltd., Beyo Chemical Co., Ltd, Larodan Ab, Evonik Industries, Nantong Senos Biotechnology Co., Ltd., and Shanghai Kaleys Holding Co., Ltd.
