Hydroxyacetophenone and Phenyl Acetate Market: Overview
- Hydroxyacetophenone is also known as 2-Hydroxyacetophenone (o-hydroxyacetophenone) or 3-Hydroxyacetophenone (m-hydroxyacetophenone) or 4-Hydroxyacetophenone (p-hydroxyacetophenone, piceol). It is weak acidic and slightly soluble compound. It is a balsam tasting, sweet, and mild compound found in sweet oranges.
- Hydroxyacetophenone is a skin conditioning and synthetic antioxidant ingredient. It has soothing ability, since it can prevent an enzyme in skin’s surface which leads to signs of irritation. It act as anti-irritant, anti-oxidant, and preservative booster.
- Phenyl acetate is also known as acetylphenol or acetates. It is the ester of phenol and acetic acid. It is an aromatic fatty acid metabolite of phenylalanine. It has potential antineoplastic activity. It can be biosynthesized from phenol.
- Phenyl acetate is used as a chemical intermediate, solvent, and as laboratory reagent
Rise in Demand for Pharmaceuticals to Drive Hydroxyacetophenone and Phenyl Acetate Market
- Growth in the pharmaceuticals industry in Asia Pacific is projected to drive the hydroxyacetophenone and phenyl acetate market in the region during the forecast period
- Extensive usage of hydroxyacetophenone and phenyl acetate in agrochemicals is expected to drive the global market
- Rise in consumption of hydroxyacetophenone and phenyl acetate as catalyst in various applications including agrochemicals, cosmetics, and flavors & fragrance is estimated to boost the market during the forecast period
- Volatility in prices of raw materials is expected to restrain the market during the forecast period
- The hydroxyacetophenone and phenyl acetate market is facing supply-demand shortages due to the industrial shutdown triggered by the COVID 19 outbreak. Disruption in raw material supply is projected to hamper full-scale operations. Supply shortage also raises the prices of raw material. Affected downstream supply chain might take longer time to be restored. The industrial shutdown has also adversely impacted product and inventory transportation, as logistic services have been hampered due to the COVID-19 outbreak.
Industrial Grade Segment to Offer Lucrative Opportunities
- Based on grade, the global hydroxyacetophenone and phenyl acetate market can be segmented into industrial, cosmetics, and pharmaceutical
- Industrial grade segment of Hydroxyacetophenone and Phenyl Acetate is anticipated to dominate the market followed by pharmaceutical grade.
Pharmaceuticals Application Segment to Hold Major Share of Market
- Based on application, the hydroxyacetophenone and phenyl acetate market can be divided into pharmaceuticals, specialty polymers, semiconductors, agrochemicals, cosmetics, flavors & fragrance, and others
- The pharmaceuticals segment held the major share of the market in 2019. This trend is expected to continue during the forecast period.
- Rise in demand for cosmetics is anticipated to drive the demand for hydroxyacetophenone and phenyl acetate during the forecast period
Asia Pacific to Constitute Significant Share of Global Market
- In terms of region, the global hydroxyacetophenone and phenyl acetate market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019, due to the presence of key manufacturers, especially in China
- Expansion of pharmaceutical and cosmetics industries in Asia Pacific is likely to boost the hydroxyacetophenone and phenyl acetate market in the region
- North America also held vital share of the global hydroxyacetophenone and phenyl acetate market in 2019
Key Players in Market
The global hydroxyacetophenone and phenyl acetate market is fragmented, with the presence of several regional and global manufacturers. Prominent players operating in the market are investing in production capacity expansion in order to maintain their leading position. They are also investing in advanced manufacturing processes.
Key players operating in the global hydroxyacetophenone and phenyl acetate market include:
- BASF SE
- TCI America
- Vigon International, Inc.
- Sinohigh Chem
- Minsheng Chem
- Ansciep Chem
- Huaxia Pesticide
- Tianhong Tianda
Global Hydroxyacetophenone and Phenyl Acetate Market: Research Scope
Global Hydroxyacetophenone and Phenyl Acetate Market, by Grade
Global Hydroxyacetophenone and Phenyl Acetate Market, by Application
- Specialty Polymers
- Flavors & Fragrance
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