Isatoic Acid Anhydride Market Overview
The global isatoic acid anhydride market was valued at USD 47,951.43 thousand in 2021 and is expected to register a CAGR of 2.93% to reach USD 62,624.07 thousand by the end of 2030.
MRFR findings reveals the isatoic acid anhydride. The rapid growth of the pharmaceutical industry is observed as the primary cause that can underline the isotonic acid anhydride market in the near future. The expansion of the isatoic acid market can be attributed to the increase in dyes and pigments applications of the product. An increase in purchase power, upgradation of consumer lifestyles, and surge in disposable income of consumers are other causes that can add to the expansion of isotonic acid anhydride market in developing economies.
The rise in utility of isatoic acid anhydride as an agrochemical, especially to inhibit growth of herbicides and prevent pesticides, can boost its demand that is anticipated to drive the isatoic acid anhydride market. The introduction of high-yield crop technologies due to increasing in demand for food, can induce expansion of the isatoic acid anhydride market.
The chemical industry contributes significantly to the GDP of the world. The rise in application of isatoic acid anhydride as chain stoppers in polymer production, as chemical intermediates, and in rubber manufacturing due to its characteristic, such as; chemical stability can support expansion of the market. Vendors of isatoic acid are invested in simplifying their supply chain solutions as demand for products, such as; perfumes, flavors, polymers, and food and beverages among others that contain isatoic acid can benefit the market.
However, volatile product cost and the existence of different substitutes for the product can restrain the growth of isatoic acid anhydride market in the analysis period.
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Market Segmentation
The segment study of the global isatoic acid anhydride market is based on application, and end use.
The application-based segments of the isatoic acid anhydride market are pesticides, dye & pigments, herbicides, flavors, and saccharin among others. The pharmaceutical segment can secure the largest market share of the worldwide isatoic acid anhydride market by 2023. Quinazoline and quinazolinone derivatives have antimicrobial properties. The rise in cases of infections is observed to boost sales of quinazoline and related drugs. This can explain the upsurge of pharma segment of the market. Moreover, isatoic anhydride used in the production of anthranilate derivatives that hold several medicinal benefits can impact the isatoic anhydrides market in the coming years.
The end use industry-based segments of the isatoic acid anhydride market are agrochemicals, dye, pharmaceutical, food & beverages, and perfume among others. The increase in utility of isatoic acid anhydride in the production of medical product and dyes chemicals can add to the market rise. Perfumes that can imitate jasmine and orange flavor are prepared from isatoic acid anhydride and its esters. The increase in demand for perfume in the affluent population can benefit the market. UV-absorber and corrosion inhibitors for different metals can bolster the isatoic acid anhydride market in the years to come.
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Regional Analysis
Asia Pacific is expected to hold the largest market share as the consumption of isatoic acid anhydride is high, exhibited through the upscaling sale of agrochemicals, and dye & pigments. The rise in demand for agrochemicals in China, Taiwan, India, Japan, and South Korea due to the adoption of modern and effective agriculture practices in Asia Pacific can bolster the regional isatoic acid anhydride market.
In Europe region, the expansion of isatoic acid anhydride market can be attributed to the high sale of perfume by affluent population and increase in application of isatoic acid anhydride in the cash-rich pharmaceutical sector. In addition, the expansion of the food and beverages industry can influence EU market.
In North America, the rapid paced expansion of the isatoic acid anhydride market can be credited to the rise in consumption of isatoic acid in the booming pharmaceutical and agricultural industries. The US can lead the market in North America due to the rising prevalence of hospital-acquired infections.
In Latin America, the isatoic acid anhydride market can rise at moderate pace due to the penetration of modern technologies and rise in number of new players.
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Key Players
BASF SE (Germany), Alfa Aesar (India), The Dow Chemical Company (US), Crystal Quinone Pvt. Ltd. (India), Wujiang New Sunlion Chemical Co., Ltd. (China), Taj Active Pharmaceuticals Ingredients (India), HIMALAYA CHEMICALS (India), KESHAR EMULSION PVT LTD (India), ISHITA INDUSTRIES (India), and TCI (Shanghai) Development Co., Ltd (China) are some reputed players in the global isatoic acid anhydride market that are profiled by MRFR.
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