Global undecylenic acid market size was estimated at over 170 kilo tons in 2015 and is likely to exceed 240 kilo tons by 2023, growing at a CAGR of over 4.2%. This market is was worth over USD 310 million in 2015 and is likely to be valued more than USD 520 million by 2023, growing at a CAGR of over 5.8%.
Asia Pacific undecylenic acid market size was estimated at over 95 kilo tons in 2015 and is likely to witness significant gains of over 4.5% from 2015 to 2023. Europe accounted for more than 20% of the total demand in 2015 and is likely to grow at CAGR of over 4.6% up to 2023. North America market was worth over USD 40 million in 2015.
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Increasing application scope in pharmaceutical industry coupled with growing consumer awareness regarding renewable source ingredients is likely to drive undecylenic acid market growth over the forecast period. Numerous pharmaceutical formulations use undecylenic acid & its calcium & zinc salts ac active ingredients for anti-fungal properties for applications in fungal skin infections such as ringworm and athletes foot.
FDA approval for medical applications is likely to favor undecylenic acid market growth over the forecast period. It is also used against candida infection and also relives irritation, itching and burning sensations on skin.
Abundant availability of castor oil derived from vegetable sources is likely to favor market growth. India dominated the castor oil production and accounts for over 60% of the total volume with over 900 kilo tons of capacity. China and Brazil account close to 20% & 10% respectively of the total production volume. Castor oil market growth and derivative production would play a significant role in industry evolution. Castor oil market size, including derivatives, is forecast to exceed USD 2 billion by 2023. Stable undecylenic acid market price trend, which would heavily depend on raw material supply, will be critical in application development.
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Renewable sources are gaining a lot of industry importance as a substitute for petroleum in numerous applications such as personal care & cosmetics and polymers. There is consideration not only for future fossil fuel supplies but also due to environmental concerns. Vegetable oils are one of the cheapest sources of bio based raw materials with predominant mixture of triglycerides molecules.
This acid derived from castor oil used as ingredient in numerous applications offers advantages such as low toxicity, high purity and inherent biodegradability. They can be used for polyol production which is a starting material along with icocynate for polyurethane (PU) production. Market volatility and enviornmental concerns are factors expected to push industry participants to derive sustainable feedstock with efforts to replace petroleum based polyols by vegetable based polyols. This factor is expected to provide industry participants with new growth opportunities.
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