LONDON–(BUSINESS WIRE)–#ChiralChemicalsMarket–The chiral chemicals market is expected to grow by USD 5.89 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Chiral chemicals exhibit superior properties such as varying hardness characteristics and several geometrical and superimposable properties. They are widely used in the pharmaceutical industry as antihistamines, antivirals, antibiotics, antidiabetics, and cancer therapies. They also find many applications in chemical diagnostics and research activities in the pharmaceutical industry. Over recent years, the pharmaceutical industry has witnessed significant growth, especially in North America due to the rapid expansion of the geriatric population. This has increased investments in a number of R&D activities for the development of new drug formulations. These factors have increased the consumption of chiral chemicals in the pharmaceutical sector, which is driving the growth of the market.
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As per Technavio, the high demand for chiral chemicals from the flavors and fragrance industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Chiral Chemicals Market: High Demand for Chiral Chemicals from the Flavors and Fragrance Industry
Chiral chemicals such as menthol, carvone, methyl dihydro jasmonate, and ambergris are widely used in the flavors and fragrance industry. Some of their major applications include lip balms, cough medicines, decongestants, perfumes, and aftershaves. Over the years, the global chiral chemicals market has witnessed a significant increase in the annual production of menthol from countries such as Brazil, India, and China. Besides, the high growth rate of the personal care and cosmetic industry is expected to boost the growth of the global chiral chemicals market during the forecast period.
“Strategic initiatives by major vendors and the growing agriculture industry will
further boost market growth during the forecast period”, says a senior analyst
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Chiral Chemicals Market: Segmentation Analysis
This market research report segments the chiral chemicals market by Application (Pharmaceutical, Agrochemical, Flavors and fragrance, and Others) and Geography (North America, APAC, Europe, South America, and MEA).
The North America region led the chiral chemicals market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the expansion of production bases by global vendors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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