by Pelargonic acid or nonanoic acid is a saturated fatty acid which is used as a precursor to synthetic lubricants and plasticizers. It finds applications in homecare and personal care products such as shampoos, conditioners and laundry detergents owing to its antimicrobial and antifungal properties. The increasing usage of pelargonic acid in these application areas is expected to drive the growth of the global pelargonic acid market during the forecast period.
The global pelargonic acid is estimated to be valued at US$ 196.34 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global pelargonic acid market size is the increasing demand from homecare and personal care industries. Pelargonic acid is widely used in homecare products such as floor cleaners, toilet cleaners, and laundry detergents due to its antimicrobial and defoaming properties. It helps eliminate bacteria, mildew and other microbes from surfaces. In personal care products, it is used in shampoos, conditioners, hair colors and other skin and hair care formulations. Its antimicrobial properties keep the products fresh for longer duration. Moreover, pelargonic acid is regarded as a natural and sustainable preservative. The growing preference for natural ingredients in homecare and personal care products is expected to boost the demand for pelargonic acid over the forecast period. However, stringent regulations pertaining to use of chemicals may hamper the growth of the market during the forecast period.
Porter’s Analysis
Threat of new entrants: Moderate threat as pelargonic acid is a chemical compound that requires specialized manufacturing processes and supply chains. However, established players face competition from global providers.
Bargaining power of buyers: Moderate as key buyers include end-use industries liketextiles, lubricants, and pesticides wherebrand loyalty is low and buyerscan easily switch between suppliers.
Bargaining power of suppliers: Moderate to high as raw materials are commoditized but require technical expertise in processing. Suppliers have some influence over prices.
Threat of new substitutes: Low as pelargonic acid has certain advantages over substitutes for applications and faces minimal threat currently.
Competitive rivalry: High among leading players to gain market share and expand presence geographically. Price competition and new product development also influence rivalry.
Key Takeaways
The global pelargonic acid market is expected to witness high growth over the forecast period driven by rising use in pest control formulations and textile processing. The global pelargonic acid is estimated to be valued at US$ 196.34 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region accounts for around 45% of global pelargonic acid consumption led by China, India, and other Southeast Asian markets. Growing agricultural sector and increasing textile production in the region boost demand. North America and Europe are other major regional markets.
Key players: Key players operating in the pelargonic acid market include Matrox Imaging Ltd., Omron Adept Techn and others. Players focus on capacity expansions and new product developments catering to application segment needs to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
