Cyclopropanol is an organic compound used in the synthesis of various pharmaceutical intermediates and drugs. It is used as an important building block in synthesizing pharmaceutical API's due to its unique cyclopropane ring structure. The demand for cyclopropanol is growing from pharmaceutical industries for manufacturing drugs like antibiotics, analgesics, antipyretics, antidepressants, etc.
The global Cyclopropanol Market is estimated to be valued at Us$ 745.5 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from the pharmaceutical industry is a key trend driving the growth of the Cyclopropanol market. The pharmaceutical industry has registered significant growth over the past few years. According to the World Health Organization, global pharmaceutical market sales were estimated to be over US$ 1 trillion in 2020 and are expected to grow at a CAGR of over 5% during the forecast period. With the addition of over 7.8 billion people projected to inhabit the earth by 2025, the demand for pharmaceutical drugs and medicines is expected to rise tremendously. This rising demand from the ever-growing pharmaceutical industry acts as a major growth driver for the cyclopropanol market as it is used as an important intermediate in API manufacturing. The unique properties of cyclopropanol that make it suitable for drug synthesis will continue to support its increased adoption rates among pharma companies.
Segment Analysis
The global cyclopropanol market is dominated by the personal care and cosmetics segment. Cyclopropanol finds wide application in hair care products such as shampoos, conditioners and hair oils, where it is used as a surfactant to impart desired attributes like smoothness and softness. The personal care segment accounted for over 60% of the global market share in 2023 owing to rising popularity of hair care products worldwide. The agricultural chemicals segment is expected to witness fastest growth during the forecast period on account of increasing use of cyclopropanol based pesticides and insecticides for crop protection.
Key Takeaways
The global Cyclopropanol Market Share is expected to witness high growth between 2023 to 2030. The global Cyclopropanol Market is estimated to be valued at Us$ 745.5 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region accounted for around 45% of the global cyclopropanol market share in 2023. Growing population, improving economic conditions and rising disposable incomes in the region have been driving sales of personal care products. Furthermore, increasing agricultural output and food demand in densely populated countries like India and China is creating high demand for agrochemicals containing cyclopropanol.
Key players
Key players operating in the cyclopropanol market are Anchor Drill, Carbosynth, HBCChem, Apollo Scientific, Finetech Industry, Anvia Chemicals, and Accela ChemBio. Anchor Drill is currently the leading producer with over 25% market share. The company has a wide product portfolio and caters to diverse range of end use industries including personal care, agricultural chemicals, pharmaceuticals and more. Carbosynth and HBCChem are other major players focusing on research and development of new cyclopropanol based applications.
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