What is Global Crotonic Acid Market?
The Global Crotonic Acid Market is a vast and dynamic sector that has been gaining significant attention in recent years. Crotonic Acid, also known as Butenoic Acid, is a carboxylic acid that is primarily used in the production of various products such as pharmaceuticals, paints, and coatings. The market for this acid is global, meaning it spans across continents, catering to various industries worldwide. As of 2023, the market was valued at a whopping US$ 69 million and is projected to reach US$ 85 million by 2030. This growth is attributed to the increasing demand for Crotonic Acid in various industries, especially in pharmaceuticals and paints and coatings. The market is also influenced by the activities of key players such as Tianjin Jinhui Pharmaceutical Group, Zhengzhou Tuozhixiang Trading, Chem of China, and XIAN Kono Chem. These companies collectively account for over 40% of the global market share, demonstrating their significant influence on market trends and dynamics.
Purity More Than 99.8%, Purity Below 99.8% in the Global Crotonic Acid Market:
In the Global Crotonic Acid Market, the products are primarily categorized based on their purity levels. The two main categories are Purity More Than 99.8% and Purity Below 99.8%. Products with a purity level of more than 99.8% are considered high-grade and are typically used in industries that require high-quality Crotonic Acid, such as pharmaceuticals and high-end paints and coatings. On the other hand, products with a purity level below 99.8% are used in industries where the quality requirements are not as stringent. The demand for both categories varies based on the specific needs of the industries they cater to. For instance, the pharmaceutical industry, which requires high-quality ingredients, would opt for Crotonic Acid with a purity level of more than 99.8%. On the other hand, industries like textiles, which do not require high-grade Crotonic Acid, would opt for the less pure variant.
Pharmaceutical, Paints and Coatings, Others in the Global Crotonic Acid Market:
The Global Crotonic Acid Market finds its application in various sectors, including pharmaceuticals, paints and coatings, and others. In the pharmaceutical industry, Crotonic Acid is used in the production of various drugs and medications. Its unique properties make it an essential ingredient in many pharmaceutical formulations. In the paints and coatings industry, Crotonic Acid is used as a binder and a drying agent. It helps in enhancing the durability and finish of the paints and coatings, making them more appealing and long-lasting. Other industries that use Crotonic Acid include the textile industry, where it is used in dyeing and finishing processes, and the chemical industry, where it is used as a raw material in the production of various chemicals.
Global Crotonic Acid Market Outlook:
The outlook for the Global Crotonic Acid Market is promising. As of 2023, the market was valued at US$ 69 million and is projected to reach US$ 85 million by 2030, growing at a CAGR of 1.5% during the forecast period 2024-2030. This growth is primarily driven by the increasing demand for Crotonic Acid in various industries, especially pharmaceuticals and paints and coatings. The market is dominated by key players such as Tianjin Jinhui Pharmaceutical Group, Zhengzhou Tuozhixiang Trading, Chem of China, and XIAN Kono Chem, which collectively account for over 40% of the global market share. Geographically, China holds the lion's share of the market, accounting for over 65% of the total market share. In terms of product segmentation, the pharmaceutical segment accounts for over 60% of the total market share, demonstrating the significant role of this industry in driving the market growth.
| Report Metric | Details |
| Report Name | Crotonic Acid Market |
| Accounted market size in 2023 | US$ 69 million |
| Forecasted market size in 2030 | US$ 85 million |
| CAGR | 1.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Tianjin Jinhui Pharmaceutical Group, Zhengzhou Tuozhixiang Trading, Chem of China, XIAN Kono Chem, Nantong Huixin Chem, Godavari Biorefineries, BIO-TECH, Otto Chemie, Weylchem |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
