Isononanol Market Growth Opportunities, Driving Factors by Manufacturers, Regions, Type and Application, Forecast Analysis to 2025
There is a sharp rise in global demand for Isononanol, it is a sought-after industrial material and is used in manufacturing of a wide range of products including plasticizers. Moreover, it is also used in manufacturing various esters of nonanol that find a slew of industrial application. It is projected that the Global Isononanol Market will grow at a compound annual growth rate (CAGR) of 8% during the assessment period (2016-2023). Market players are also benefiting for acceleration in polyvinylchloride (PVC) demand.
Growth of End-Use Industries such as PVC and plasticize manufacturing is viewed as the major force behind the growth of the Global Isononanol Market. The majority of the Global Isononanol supply is consumed by the plasticize manufacturing industry. Apart from plasticizers manufacturing, there are several other applications of isononanol. It finds widespread popularity across domains such as agrochemicals, chemicals, apparel and footwear, personal care, among others.
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Plastic remains a key raw material for manufacturing various types of consumer products. Isononanol is extremely popular in the plastic industry, this favours the market growth to a significant extent. The Isononanol Market is gaining momentum on the back of increased construction activities and growth of electrical industry. Nonetheless, there is a severe scepticism over the environmental viability of Isononanol. Strict laws have been imposed on the use of Isononanol. Being a volatile product, it needs extreme caution when handled or transported, this increases the level of complication for both suppliers and buyers. It also makes Isononanol shipping expensive due to the inclusion of advanced safety systems and equipment.
MRFR’s report includes a thorough segmental analysis of the Global Isononanol Market based on End-Use Industry, Application and Region.
By End-Use Industry, the market has been segmented into plastics, household & personal care, building & construction, chemicals, agrochemicals, paints & coatings, apparel & footwear and others.
On the basis of Application, the market has been segmented into mining additive, catalyst, plasticizer, solvent and others.
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Evonik Industries AG (Germany), BASF SE (Germany), NAN YA PLASTICS CORPORATION (Taiwan), KH Neochem Co., Ltd. (Japan), Alpha Chemika (India), Sinopec (China), AkzoNobel (the Netherlands) and Triveni Chemicals (India) are among the leading company operating in the Global Isononanol Market.
Global Isononanol Market: Regional Segmentation
The Isononanol Market has been covered in regions such as Europe, Asia Pacific, Latin America, the Middle East & Africa (MEA) and North America. Of these, the market in APAC remains the most radiant. The market growth in APAC is primarily supported by the rapid expansion of the chemical and plastic industry. In APAC, China and India account for the standout market shares in terms of value. Presence of a healthy number of market players in these two countries puts them at an advantageous position.
Europe is the second largest market for Isononanol, with countries such as Germany, Belgium, and the U.K. among the major contributors in terms of revenue. Sales of Isononanol have witnessed a considerable uptick in recent years. In Europe, demand for Isononanol is primarily concentrated in sectors such as plastic, agrochemicals and chemicals.
North America led by the U.S. is the third best market for Isononanol. North America’s agrochemical and household & personal care industry remains a major contributor to the market growth. On the back of a growing consumer base for household, personal care, cosmetic products, etc. demand for Isononanol has also risen.
Latin America and MEA represent smaller markets for Isononanol but hold tremendous growth potential. Economic upsurge and increased per-capita income in various LatAm and MEA countries is likely to support the market growth in these regions.
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