Ferric Acetylacetonate Market - Forecast(2023 - 2028)

Ferric Acetylacetonate Market Overview

Ferric Acetylacetonate market size is estimated to grow at a CAGR of 6.2% during the forecast period 2022-2027. Ferric acetylacetonate is an organic compound featuring acetylacetonate ligands. It acts as a photosensitizer, widely used in the preparation, degradation and calcification of petroleum catalyst and biodegradable polyurethane foams for bone graft substitutes. It is also used in the synthesis of water-stable magnetite nanoparticles for clinical MRI and magnetic hyperthermia applications. According to the U.S., Energy Information Administration (EIA), the total crude oil production stood at around 11.7 million barrels per day in the US and is expected to reach 12.1 million barrels per day by the end of 2022. Therefore, the growing production of crude oil along with growing demand from healthcare, transportation and others will boost the demand for the ferric acetylacetonate market during the forecast period. The Covid-19 pandemic has been a major challenge for the ferric acetylacetonate market owing to directly affecting the manufacturer's supply chain across the globe and shutting down the production facilities to minimize the risk of virus spread. The major sectors such as construction, industrial and others have been highly impacted. Due to the social distancing policy, most construction projects have been halted to eradicate the risk of infection due to Covid-19. According to the Great Britain Office for National Statistics, construction activity has fallen by 44.4%, public construction declined by 70.3% and private construction activity has been down by 59.9%. As the pandemic affected the markets in each country, the strengths and weaknesses of the construction sector in each country would shape the future outcomes. The initiation taken by the government and private sector will help to recover the ferric acetylacetonate market during the forecast period.

Report Coverage

The report: “Ferric Acetylacetonate Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Ferric Acetylacetonate industry.

By Purity: 98% Ferric Acetylacetonate, 99% Ferric Acetylacetonate and Others.
By Grade: Pharma grade and technical grade.
By Application: Paints and Coatings, Adhesives and sealing materials, Fuel Oil Additive, Polymer processing, Petroleum Catalyst, Lubricants, Intermediates and Others.
By End-Use Industry: Transportation (Automotive, Aerospace & Defense, Marine, Railways), Building & Construction (Residential Construction, Commercial Construction, Infrastructure and Others), Energy, Pharmaceutical, Consumer goods, Oil & Gas, Furniture & Bedding, Chemical, Industrial and Others.
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and New Zeeland, Indonesia, Taiwan, Malaysia and Rest of APAC) and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa).

Key Takeaways

• The Asia-Pacific is expected to register a CAGR of 6.9% during the forecast period (2022-2027). The increasing demand for industrial construction among Asian countries such as China, India, Japan and South Korea is driving the market for foam glass.
• Growing demand for glass foam for industrial purposes (for insulation) is expected to boost the demand for ferric acetylacetonate during the forecast period.
• Robust demand for insulating foam cryogenic systems for pipelines, valves and others owing to temperature and corrosion properties will increase the demand for the ferric acetylacetonate market.

Figure: Asia-Pacific Ferric Acetylacetonate Market Revenue, 2021-2027 (US$ Billion)

Ferric Acetylacetonate Market Segment Analysis – by Grade

The technical grade segment is estimated to grow at a significant CAGR of 5.8% during the forecast period. Technical-grade ferric acetylacetonate is widely used as an intermediate in transportation, paper, plastic, construction and other sectors. According to the Associated General Contractors of America (AGC), the construction industry is a major contributor to the U.S., economy and creates nearly US$1.4 trillion worth of structures each year with more than 7 million employees. Therefore, the use of technical-grade ferric acetylacetonate for paint & coating, adhesive & sealants material in construction activity will boost demand for ferric acetylacetonate during the forecast period.

Ferric Acetylacetonate Market Segment Analysis - by End-Use Industry

The transportation segment accounted for a major share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The ferric acetylacetonate is widely used as a petroleum catalyst, fuel oil additive and intermediate in the transportation sector for the production of the vehicle as it helps in the production of transportation material. Moreover, ferric acetylacetonate is used in the functionality of the vehicles as it is used in crude oil. According to OICA, the total production of vehicles globally is around 80,145,988 units in 2021 with an increase of 3% as compared to 2020. Therefore, the growing automotive sector will help to boost the demand for the ferric acetylacetonate in the transportation sector which in turn will drive the market globally during the forecast period.

Ferric Acetylacetonate Market Segment Analysis - by Geography

The Asia Pacific is expected to register a CAGR of 6.9% during the forecast period (2022-2027); owing to the growing transportation, industrial, residential, commercial and large infrastructure projects; in developing countries like China, India, Indonesia and others. The ferric acetylacetonate products are widely used in moderating and combustion catalysts, solid fuel catalysts, bonding agents, curing accelerators and intermediate owing to excellent quencher of triplet states. These are also used for the chemical synthesis of monodisperse magnetic nanoparticles in the commercial and industrial sectors. According to China Association for Medical Devices Industry (CAMDI), China is investing US$15.82 million in the special support program for market access to drugs and medical devices for the reform and development of Shenzhen municipality. According to the Republic of Philippines Authority, around 24,332 permits for residential construction were issued in the third quarter of 2021 and non-residential permits for construction in the third quarter of 2021 are around 5,491. Therefore, the growing construction and industrial sector are boosting the demand for the ferric acetylacetonate market during the forecast period.

Ferric Acetylacetonate Market Drivers

The rising demand for fuel oil additives in transportation

The rising demand for fuel additives applications for gasoline (petrol) and diesel for on and off-road vehicles and machines is boosting the demand for ferric acetylacetonate during the forecast period. Also, it is widely used in aviation, marine, power generation and home heating fuels. According to U.S Energy Information Administration, petroleum consumption in the U.S., is around 18,186,000 barrels per day and 66% of total consumption is from the transportation sector. Also, motor gasoline consumption in the U.S., is around 8,049,000 b/d (391 million gallons/day). Therefore, the growing consumption of petroleum products by the transportation sector will be driving the ferric acetylacetonate market during the forecast period.

The demand for oil & gas lubricants in an offshore location

The demand for oil and gas lubricants is growing in the offshore locations by providing high-quality and reliable procedures for heavy-duty machinery during exploration, drilling, production and others. The growing use of oil & gas lubricants to reduce friction, high saline content, high pressure & freezing temperature, oil & water separation and others will boost the demand during the forecast period. In addition, the rise in research & development activity for oil & gas will increase the demand by 2027. According to the US Energy Information Administration, 1,270,416 million cubic feet of offshore natural gas were produced in 2020. Therefore, the growing production of offshore oil & gas will be driving the ferric acetylacetonate market during the forecast period.

Ferric Acetylacetonate Market Challenges

Growing environment concerns

Environmental concern has always been a major challenge in the ferric acetylacetonate market. A harmful emission of particulate matter during the manufacturing of ferric acetylacetonate is impacting not only the environment but also living things. Particles in the air affect both the quality of the air and visibility. The particulate matter affects the aesthetics and utility of areas through visibility reduction and may affect buildings and vegetation. Excessive exposure to ferric acetylacetonate causes skin & respiratory tract irritation, asthma and dermatitis, which is restraining the ferric acetylacetonate market during the forecast period

Ferric Acetylacetonate Market Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the ferric acetylacetonate market. The top 10 companies in the Ferric Acetylacetonate market include:

1. Shepherd Chemical
2. FAR Chemical
3. Nihon Kagaku Sangyo
4. TIB Chemicals
5. SACHEM
6. Xingye Additives
7. Triad Chemical
8. Haizhongtian Fine Chemical
9. Siji Chemical
10. Xingye Additive

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