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Para-Hydroxyacetophenone Market - Forecast(2023 - 2028)
Para-Hydroxyacetophenone Market Overview
The Para-Hydroxyacetophenone market size is forecasted to reach US$650 million by 2027 after growing at a CAGR of around 4.1% from 2022 to 2027. The para-hydroxyacetophenone is a white needle-like crystal that is flammable and easily soluble in acetone, benzene and others. The para-hydroxyacetophenone is used in the organic synthesis alongside the reagents such as acetic anhydride, bromobenzene and others across various end-use industries. The para-hydroxyacetophenone has major application in the pharmaceutical sector for drug manufacture and synthesis, thereby creating a drive in the para-hydroxyacetophenone market. Furthermore, the increase in the application of para-hydroxyacetophenone as a preservative, aromatic aldehyde and synthesis across major end-use industries will offer major growth opportunities in the para-hydroxyacetophenone market during the forecast period.
Para-Hydroxyacetophenone Market COVID-19 Impact
The global Para-Hydroxyacetophenone market was majorly impacted by the covid-19 outbreak. The para-hydroxyacetophenone has major demand in the pharmaceutical,
cosmetics and other sectors. The disruption in production, demand and supply
chain gap, logistics disturbances and other lockdown restrictions led to a
major fall in the market. The healthcare supply chain was disturbed during the
pandemic due to restrictions in medical production, high demand, low supply
chain trend and disrupted healthcare infrastructure. According to the U.S.
Centers for Medicare & Medicaid Services (CMS), the prescription drug
spending in the U.S. was US$ 348.4 billion in 2020, which is 4.2% slower compared
to the value in 2019. The healthcare emergency and fall in the growth of the pharmaceutical industry led to a decline in the application of para-hydroxyacetophenone for drug manufacture, synthesis and others.
Thus, with a slowdown in major end-use industries during a pandemic, the para-hydroxyacetophenone market saw a fall in growth prospects.
However, with recovery in the medical system and drug development in post-pandemic
phase, the para-hydroxyacetophenone industry will grow rapidly.
Report Coverage
The “Para-Hydroxyacetophenone
Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth
analysis of the following segments in the Para-Hydroxyacetophenone industry.
Key Takeaways
- The Para-Hydroxyacetophenone market size would increase owing to the growing application in drug manufacture, synthesis, preservative and food & flavor agent in major end-use industries during the forecast period.
- North America is the fastest-growing region in the para-hydroxyacetophenone industry due to the flourishing pharmaceutical sector, innovation in the medical industry and growth of the cosmetics sector in this region, thereby boosting the demand for para-hydroxyacetophenone.
- The growing demand for para-hydroxyacetophenone for application as organic synthesis in chemicals, perfume & fragrance and pharmaceuticals are providing growth in the market.
Figure: North America Para-Hydroxyacetophenone Market Revenue, 2021-2027 (US$ Million)
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Para-Hydroxyacetophenone Market Segment Analysis – by Application
By application, the Organic Synthesis segment is expected to grow with a CAGR of around 3.5% during the forecast period. The organic synthesis application of the para-hydroxyacetophenone has major demand in various industries such as pharmaceutical, aromatics chemical and others. The para-hydroxyacetophenone is used in the organic synthesis and it plays a vital role in the production and isolation of various pharmaceutical products and intermediates such as terpinyl acetate, chloral hydrate, tetraethyl orthosilicate (TEOS) and others. Furthermore, the use of para-hydroxyacetophenone in organic synthesis in the perfume and fragrances sector for synthesizing fine chemicals alongside salicylaldehyde for rose oxide is creating high demand in the para-hydroxyacetophenone market. For instance, the Marc Jacobs International and Marc Jacobs Fragrances announced the launch of the latest women's fragrance in 2020. Thus, with the rise in organic synthesis application of the para-hydroxyacetophenone across various industries, the global para-hydroxyacetophenone industry would experience major growth during the forecast period.
Para-Hydroxyacetophenone Market Segment Analysis – by End-Use Industry
By end-use industry, the Pharmaceutical segment held the largest Para-Hydroxyacetophenone market share of 45% in 2021. The para-hydroxyacetophenone has major application in the pharmaceutical sector for drug synthesis, manufacture and others. It is used as an intermediate, along with chemical intermediate such as acetic anhydride, bromobenzene and others in various drugs such as cefadtoxip, tetracycline hydrochloride and others. The usage of para-hydroxyacetophenone in the liquid pharmaceutical sector is rising owing to its preservation function and maintenance of shelf life of the product. Furthermore, the development of medical sector, precision medicine technology and other development has influenced the growth of para-hydroxyacetophenone market. According to the Department of Pharmaceuticals under Ministry of Chemical and Fertilizers annual report 2020-21, the pharma sector contributes around 1.72% in the GDP of India in 2019-20. Thus, with major demand of para-hydroxyacetophenone in the pharmaceutical industry for wide range of applications and utilities, the para-hydroxyacetophenone industry will grow rapidly during the forecast period.
Para-Hydroxyacetophenone Market Segment Analysis – by Geography
By geography, North America is the fastest-growing region in the Para-Hydroxyacetophenone market and is expected to grow with a CAGR of around 4.7% during the forecast period. The robust growth of para-hydroxyacetophenone market in this region is influenced due to the highest demand from pharmaceuticals, cosmetics and other sectors. The increasing development and advancement in the major end-use industries in the North American region is driving the market. The flourishing cosmetics sector in this region, growing beauty others and rising skincare development is boosting the demand of para-hydroxyacetophenone. According to the LOREAL 2020 Annual Report, the cosmetics market held around 24% in the North America region in 2020 and 22.2% growth in like-for-like sales of L’OREAL in North America in 2021. Thus, with a high demand across various end-use industries and robust development and advancement of pharmaceuticals in this region, the para-hydroxyacetophenone market will grow during the forecast period.
Para-Hydroxyacetophenone Market – Drivers
Rising demand from the cosmetics industry
The Para-Hydroxyacetophenone
has growing demand in cosmetics industry due to its high demand in the skincare
sector. It has applications as skin conditioning and synthetic antioxidant. It
is increasingly used as a preservative in various skincare products.
Furthermore, the
growth in the cosmetics and personal care sector is creating a drive in the para-hydroxyacetophenone market. According to the
India Brand Equity Foundation (IBEF), the Indian beauty and personal care
industry is estimated to reach USD 15.17 billion by 2024 as studied in the Connected
Beauty Consumer Report in 2020. Thus, with major demand of para-hydroxyacetophenone in the cosmetics and
personal care product as antioxidant and preservative booster, the para-hydroxyacetophenone industry is experiencing
major growth opportunities.
Growing application in the pharmaceutical sector
The Para-Hydroxyacetophenone has a major application in the pharmaceutical industry. It is used in organic synthesis of pharmaceutical for production and isolation, used as intermediate in drugs, synthesis through nucleophiles substitution reaction and also in the drug manufacture procedures. Furthermore, the growing usage of para-hydroxyacetophenone in diseases such as hepatitis, liver damage and others, along with increasing usage as additive and preservative is boosting the demand in the market. The rise in pharmaceutical development and production trends across the globe is thereby driving the para-hydroxyacetophenone industry. According to the European Federation of Pharmaceutical Industries and Association (EFPIA), Europe accounted for 23.9% of world pharmaceutical sales in the year 2020. Thus, the increasing application and demand of para-hydroxyacetophenone in the pharmaceutical sector is offering major growth opportunities in the market.
Para-Hydroxyacetophenone Market – Challenges
Toxicity of para-hydroxyacetophenone
The Para-Hydroxyacetophenone has acute
toxicity and creates severe health effects such as skin irritation, respiratory
irritations, difficulty breathing and pneumoconiosis. This chemical is
classified hazardous for aquatic life as well and created long term effects on
the aquatic environment through waste and contamination. The para-hydroxyacetophenone market faces major challenge with rising restrictions
on toxicity and health hazards, thereby affecting the demand of
para-hydroxyacetophenone in the market.
Para-Hydroxyacetophenone Industry Outlook
The Para-Hydroxyacetophenone industry's top 10 companies include:
- BASF SE
- Sino-High Co. Limited
- Tianhing Tianda Pharmaceutical Technology Co. Limited
- Otto Chemie Private Limited
- PAT Impex Private Limited
- Changzhou Huaxia Pesticide Co. Limited
- Symrise AG
- Changzhou Ansciep Chemical Co. Limited
- Sigma Aldrich
- Penta International
Recent Developments
- In March 2022, Symrise introduced the hydroxyacetophenone, pentylene glycol and others in the skin protection ingredients portfolio of the company. The introduction of hydroxyacetophenone in the skincare portfolio would boost growth opportunities.
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