The catechol market is projected to register a CAGR of ~2.65% during the forecast period.
Its usage in the making of pesticides and the F&B industry help catechol to garner vast popularity and traction on a global platform. According to an eminent research firm – Market Research Future (MRFR), the global Catechol market is expected to create a significant valuation by 2025. In its recently published study, MRFR also asserts that the market would register a CAGR of approximately 2.65% during the forecast period (2018-2025).
Major Players:
Players leading the global Catechol market include Camlin Fine Sciences Ltd (India), Solvay (Belgium), UBE Industries, Ltd. (Japan), K. K. Poonja & Sons (India), Lianyungang Sanjili Chemical Industry Co. (China), Alfa Aesar (US), and Sisco Research Laboratories Pvt. Ltd. (India), among others.
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The market is majorly driven by the significant penetration of catechol in various end-use industries such as foods & beverages, chemicals, agrochemicals, personal care & cosmetics, and pharmaceuticals as a precursor in the production of pesticides, perfumes, and medicines. Also, the upsurge in the catechol demand for the production of flavoring agents, vanillin & ethyl vanillin in the F&B industry is projected to fuel the market growth in the years to come.
Additionally, some of the emerging application areas of catechol in biomedical applications and catechol-based bio-adhesives would boost the growth of the market. On the other hand, the adverse effects of direct exposure to catechol during its production can result in skin diseases like eczematous dermatitis in humans. The International Agency for Research on Cancer (IARC), reported that catechol could be carcinogenic in experimental animals. These factors are estimated to hamper the growth of the market during the forecast period.
Global Catechol Market – Segmentation
The report is segmented into three market dynamics to widen the scope of understanding,
By Form: Flakes and Molten.
By End-use: Pharmaceutical, Agrochemicals, Food & Beverage, Personal Care & Cosmetics, and others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Global Catechol Market – Regional Analysis
The Asia Pacific region is projected to continue with its dominance over the global Catechol market throughout the assessment period. The availability of vast arable lands and rapid industrialization in the region drives the growth of the market. Furthermore, the massive consumption of catechol as a precursor to producing pesticides in expanding agrochemical industries is expected to foster the regional market demand. Surging demand for catechol in pharmaceuticals and chemical industries propels the regional market growth.
China accounts for the largest consumer of catechol in the region due to the presence of the world's largest pesticide market in the country that is witnessing increasing exports. Additionally, India and other Southeast Asian countries are contributing to the regional market growth due to the growing food & beverage sector in the region. The APAC Catechol market is projected to register the highest CAGR during the forecast period, creating lucrative opportunities for the players.
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The North American Catechol market takes the second position, accounting for a substantial market share. Augmenting demand for catechol as a raw material in the production of pharmaceutics and increasing biomedical applications is driving the regional market growth. Moreover, rising advancements in production techniques alongside, the emerging multifunctional applications of catechol in personal care & cosmetics are further boosting the regional market growth.
The Catechol market in the European region is expected to showcase significant growth during the forecast period. The increasing use of catechol as a raw material in the personal care & cosmetic industry to manufacture perfumes, soaps, dyes, and other skincare products is projected to speed up the regional market demand. Furthermore, the increasing demand for catechol driven by the well-established pharmaceutical sectors in this region would force the regional market during the review period.
Catechol Market – Competitive Analysis
Fiercely competitive, the Catechol market appears fragmented due to the presence of many large and small-scale players. To gain a substantial share in the market, players incorporate strategic initiatives such as mergers & acquisitions, expansion, and product/technology launch.
Industry/Innovation/Related News
July 10, 2019 — Neurocrine Biosciences, Inc. (the US), a biopharmaceutical company, announced that the US FDA for its novel, once-daily, oral, selective catechol-O-methyltransferase (COMT) inhibitor – Opicapone, as an adjunctive treatment to levodopa/carbidopa in patients with Parkinson's disease experiencing OFF episodes.
With opicapone, Neurocrine aims to prolong the benefits of levodopa by providing a new treatment option to patients with Parkinson's disease in the US. The biopharmaceutical company looks forward to working with the FDA to bring this new treatment option to patients coping with this debilitating disorder.
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