Global Hexanoic Acid Market Size Will Escalate to USD 50 Million in 2026
Hexanoic acid (caproic acid) is a colorless oily liquid derived from hexane and has a wax-like cheesy odor resembling that of goats or other barnyard animals. It is used in the production of esters that are required in manufacturing scents and perfumes. Hexanoic acid is used in the food and beverage industry due to its antimicrobial properties. It is primarily used in breweries, wineries, and meat processing plants. The salts and esters of this acid are known as hexanoates or caproates.
Market Insights
The study projects that the Hexanoic Acid market will register at 2.80% CAGR in terms of revenue, which is expected to reach USD 50 million in 2026 from USD 42 million in 2019.
The growth prospects for Hexanoic Acid market are bullish due to the increasing use of global personal care products. Hexanoic acid is used as an emulsifier and emollient in the manufacturing of creams and body lotions. It also acts as a natural antimicrobial agent. Hexanoic acid assists in thickening cosmetic formulations and delivers lubricating properties. This helps in easy application of solutions on the body, thus providing a smooth after-touch. Besides this, a surge in the usage of hexanoic acid in food and beverage, pharmaceutical, and industrial chemicals sector is likely to further drive the hexanoic acid market growth during the forecast period.
Major consumption regions of hexanoic acid are China, North America, Europe, and Southeast Asia. Europe is the largest consumption region in 2018, with a revenue market share nearly 31.07%. Southeast Asia and China separately is the second and third largest consumption region. In addition, Asia-Pacific is poised to grow rapidly during the forecasted years due to increasing demand from perfume and flavoring industry in this geography.
In the past five years, global consumption has increased from 8,633 tons in 2013 to 1,036 tons in 2017, with a compound annual growth rate of 3.84%. The global average caproic acid price has also risen since 2017 due to rising raw material prices. In the future, driven by the increase in downstream demand, global consumption will continue to grow at a compound annual growth rate of 3.23% from 2019 to 2024. By 2024, global sales will reach 12,456 tons.
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Competitive Outlook
The major raw material of hexanoic acid is palm oil. So, major production bases are in Malaysia and Indonesia. The major global Hexanoic Acid market competitors include Eastman, Jiangsu Lemon, Hubei Jusheng, Yancheng Chaina Biotechnology, Xiamen Hisunny, Neostar United, Shanxi Jinjin, Beijing Yunbang Biosciences, Shaanxi Top Pharm, Zhengzhou YiBang, Suzhou Ciyun, Handanshi Kezheng, Yancheng City ChunzhuPerfume, Taizhou YOJOY, Yancheng China Flavor, Wujiang New Sunlion, and etc.
Type Outlook
• 0.98
• 0.99
Based on product type, the market is segmented into 98% hexanoic acid and 99% hexanoic acid. Of these, 99% hexanoic acid segment is expected to hold the majority share in the market owing to its enhanced properties.
Application Outlook
• Flavoring and Perfuming Agent
• Metal Working Fluid
• Daily Chemicals
• Others
Based on application, the market is divided into flavoring and perfuming agent, metalworking fluid, daily chemicals, and others. Among these, the flavoring and perfuming agent segment are expected to drive the market during the forecast period on account of increasing consumer preference.
Regional Outlook
North America (United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Denmark, Finland, Iceland, Norway and Sweden, Spain, Belgium, Poland, Russia, Turkey, and Others)
Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, and Others)
Latin America (Brazil, Argentina, Peru, Chile, and Others)
Middle East & Africa (GCC Countries, Southern Africa, and North Africa)
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The research report provides in-depth analysis on:
• The estimation of the growth rate, market size and share of the Hexanoic Acid Market throughout the forecast period.
• The assessments for the regional market layout characteristics in the world.
• The SWOT of the Hexanoic Acid Market.
• Leading manufacturers’ profiles, product features, business features, target customer features.
• Significant trends for the growth prospects of the Hexanoic Acid Market by 2026.
• The report tracks detailed information about merges, innovations, policies and recent developments in the industry.
Target Audience:
Hexanoic Acid manufacturers
Raw material suppliers of Hexanoic Acid
Distributors and resellers of Hexanoic Acid
Hexanoic Acid end-user sectors
Hexanoic Acid industry associations
Product managers, Hexanoic Acid industry administrator, C-level executives of the industries
Market research and consulting firms
Small and Medium-sized Enterprises (SMEs)
Table of Content
1 Report Overview
1.1 Product Definition and Scope
1.2 PEST (Political, Economic, Social and Technological) Analysis of Hexanoic Acid Market
…
2 Market Trends and Competitive Landscape
3 Segmentation of Hexanoic Acid Market by Types
4 Segmentation of Hexanoic Acid Market by End-Users
5 Market Analysis by Major Regions
6 Product Commodity of Hexanoic Acid Market in Major Countries
7 North America Hexanoic Acid Landscape Analysis
8 Europe Hexanoic Acid Landscape Analysis
9 Asia Pacific Hexanoic Acid Landscape Analysis
10 Latin America, Middle East & Africa Hexanoic Acid Landscape Analysis
11 Major Players Profile
11.1 Eastman
11.1.1 Eastman Company Profile and Recent Development
11.1.2 Market Performance
11.1.3 Product and Service Introduction
11.2 Jiangsu Lemon
11.3 Hubei Jusheng
11.4 Yancheng Chaina Biotechnology
11.5 Xiamen Hisunny
11.6 Neostar United
11.7 Shanxi Jinjin
11.8 Beijing Yunbang Biosciences
11.9 Shaanxi Top Pharm
11.10 Zhengzhou YiBang
11.11 Suzhou Ciyun
11.12 Handanshi Kezheng
11.13 Yancheng City ChunzhuPerfume
11.14 Taizhou YOJOY
11.15 Yancheng China Flavor
11.16 Wujiang New Sunlion
…
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2019 to 2026
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