Optically Alcohols & Epoxides Industry Market - Forecast(2023 - 2028)

Optically Alcohols & Epoxides Market Overview

Optical Alcohols & Epoxides market size is forecasted to reach a value of US$924.8 million by the end of 2027 after growing at a CAGR of 6.8% during the forecast period 2022-2027. Optically active alcohol is one that can rotate polarised light in a plane. Optically active epoxides (also known as oxiranes) are chiral synthons that can be used in organic synthesis and a variety of chemical and biological processes. Ethylene oxide and propylene oxide are the most frequently used optically active epoxides. Electrophilic peroxycarboxylic acids are often used to convert alkenes to epoxides without the use of metal catalysts. The increasing demand for chemical and biological research is anticipated to drive market growth over the forecast period. The presence and availability of substitute materials such as optically active ether is anticipated to be a major restrain for the market.

COVID-19 Impact

The outbreak of COVID-19 had an impact on the world economy and demand in major industries all over the world in the year 2020. The pandemic scenario culminated in a worldwide lockdown and confinement of industrial operations, commodities, supply-chain instability and other activities. The key end-use industries of optical alcohols and epoxides were also influenced by this situation. The optical alcohols and epoxides market's growth slowed in 2020 due to slow demand from end-use industries. In the fourth quarter of 2020, the market, on the other hand, was recovering and businesses resumed operations with reduced capacity and under government guidelines. However, all end-use industries were fully operational by the beginning of 2021, resulting in high demand for optical alcohols and epoxides, as a result, the optical alcohols and epoxides market is expected to grow at a rapid rate over the coming years.

Report Coverage

The report: “Optical Alcohols & Epoxides Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Global Optical Alcohols & Epoxides market.

Key Takeaways

• Asia-Pacific dominates the global optical alcohols & epoxides market, owing to the growing chemical industry in the region. The increasing per capita income and evolving lifestyle of individuals coupled with the rising population are the major factors expanding the chemical industry in APAC.
• The burgeoning pharmaceutical and agriculture intermediate manufacturing sector in all geographic areas is estimated to contribute to demand and drive the global optical alcohols & epoxides market.
• The global optical alcohols & epoxides market is expected to benefit from advancements in the biological and chemical research areas.
• However, the global optical alcohols & epoxides market growth is expected to be hampered by the different or opposite effects of enantiomers.

Optical Alcohols & Epoxides Market Segment Analysis – By Application

The optically active alcohols segment held a significant share in the optical alcohols & epoxides market in 2021 and is forecasted to grow at a CAGR of 5.6% during the forecast period 2022-2027. An asymmetric carbon atom can be found in three alcohols: active amyl alcohol (2-methylbutan-1-ol), methyl-n-propyl carbinol (pentane-2-ol) and methyl isopropyl carbinol (3-methylbutane-2-ol). As a result, they have optical activity. These compounds have the benefit of being available as natural products in optically active forms. Optically active alcohol is an important intermediate in the synthesis of fine chemicals, such as pharmaceutical starting materials or intermediate materials, as well as liquid crystals. To exhibit sufficient physiological activities or characteristics, they must have a high chemical purity and optical purity. Thus, optically active alcohols are widely used when compared with optically active epoxides, owing to which the segment holds the largest share.

Optical Alcohols & Epoxides Market Segment Analysis – By End-use Industry

The chemical held a significant share in the optical alcohols & epoxides market in 2021 and is forecasted to grow at a CAGR of 7.9% during the forecast period 2022-2027. Optical alcohols and epoxides are often used in the chemical industry as an intermediate for producing fine chemicals and for research purposes. The chemical industry is flourishing in various countries, for instance, according to the European Chemical Industry Council (cefic), chemical output in Europe increased by 7.0 percent in 2021 compared to the previous year (Jan-Sep-2020). Following the COVID-19 outbreak, chemical outcomes in the EU27 increased by 7.0 percent in the first three quarters of 2021 compared to the same period in 2020. Chemical output was about 3% higher in 2021 than it had been before the pandemic (Jan-Sep-2019). This is directly supporting the optical alcohols & epoxides market growth in the chemical industry.

Optical Alcohols & Epoxides Market Segment Analysis – By Geography

Asia-Pacific region held a significant share in the optical Alcohols & Epoxides market in 2021 up to 41%, owing to the bolstering growth of the chemical sector in APAC countries. The Asia-Pacific chemical industry is growing due to the development of new facilities, the surge in production and various public-private initiatives associated with the chemical industry in the region. For instance, the Indian chemicals market was worth US$ 178 billion in 2019 and is expected to grow at a 9.3% CAGR to US$304 billion by 2025. By 2025, the chemical market is expected to expand at a 9% annual rate. By 2025, India's chemical industry is intended to raise US$300 billion in revenue. according to the General Statistics Office of Vietnam, in 2019 the total pharmaceuticals production in Vietnam was US$3255.6 million and in 2020 it was US$3484.5 million, an increase of about 7.03%. According to the International Trade Administration (ITA), the total local pharmaceutical production in Japan increased from US$62,570 thousand in 2018 to US$87,027 thousand in 2019. And with the increasing chemical production, it is anticipated that the demand for fine chemicals will significantly increase, which will accelerate the demand for optical alcohols and epoxides market in Asia-Pacific over the forecast period.

Optical Alcohols & Epoxides Market Drivers

Bolstering Growth of the Pharmaceutical Industry

Optical alcohols and epoxides are often used in the pharmaceutical industry as a pharmaceutical intermediate. In various regions, there is bolstering the growth of the pharmaceutical industry. For instance, According to Enterprise Ireland, the pharmaceutical industry in the United Kingdom is a significant international hub for pharmaceutical production and is vital to the UK economy. The worth of the UK pharmaceuticals industry is projected to increase 19.3 percent between 2018 and 2023, equating to 3.6 percent annual growth. The European Federation of Pharmaceutical Industries and Associations (EFPIA) estimates that total pharmaceutical production in Europe will reach EURO 310,000 million (approximately US$354,080.76 million) in 2020, representing a 5.7 percent increase. Total pharmaceutical sales in Canada increased by 35.3 percent to US$29.9 billion from 2011 to 2019, according to the 2019 PMPRB Annual Report, with 86.7 percent sold to retail drug stores and 13.3 percent to hospitals. According to the International Trade Administration, the pharmaceuticals market in Vietnam is expected to grow by a 10% annual rate from 2017 to 2028, with revenues per capita virtually tripling in ten years from 2017 to 2027. With the increasing pharmaceutical industry, the demand for pharmaceutical intermediate is likely to increase at a robust pace, thereby driving the optical alcohols and epoxides market.

Increasing Crop Production Within the Same Area of Arable Land

Agriculture intermediates play an important role in providing crops with the nutrients they need to grow and enhance crop yield, owing to which it is often used during crop production. Crop production is increasing around the world as the world's population continues to grow. For example, the Food and Agriculture Organization (FAO) estimates that primary crop production was 9.2 billion tonnes in 2018, up 50% from 2000. Agricultural growth has accelerated in recent years, but the majority of this expansion has been fueled by higher yields per unit area rather than increased farmed area. To meet the requirement for grain and feed the expanding population on existing arable land, it is recommended that annual crop production and yield be increased annually within the same area of arable land by 2030. To improve the crop yield within the same area of arable lands and provide crops with proper nutrients the demand for agriculture intermediates will significantly increase, which will certainly drive the optical alcohols and epoxides market growth during the forecast period.

Optical Alcohols & Epoxides Market Challenges

Different or Opposite Effect

Optically active compounds make up a significant portion of active pharmaceutical ingredients on the market. Enantiomers, on the other hand, can have different or even opposing therapeutic effects and the preparation of pure enantiomers is becoming more popular in academia and the pharmaceutical industry. Despite unprecedented advances in enantioselective synthesis and separation techniques, the pharmaceutical and pesticide industries still rely heavily on the separation of diastereomers obtained from enantiomers and an optically active resolving agent for large-scale production of enantiopure substances. This factor is anticipated to be one of the major factors restricting the optical alcohols and epoxides market during the forecast period.

Optical Alcohols & Epoxides Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the optical alcohols & epoxides market. optical alcohols & epoxides market top 10 companies are:

1. BASF SE
2. ThaiFTA
3. Emery Oleochemicals Group
4. Musim MAS
5. P&G Chemical
6. KLK OLEO
7. Kanto Chemical Co Inc
8. Daicel Chemical Industries Ltd.
9. JNC Corp
10. Sumitomo Chemical Company

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