Market Trends of Heptanoic Acid Industry
This section covers the major market trends shaping the Heptanoic Acid Market according to our research experts:
Lubricant Segment to Dominate the Market
- Heptanoic acid is used in lubricants in the form of esters. These esters such as neopolyol esters are primarly used in the car motor oils, metalworking fluids, plasticizers and more.
- The properties of heptanoic acid such as high thermal stability, good resistance to oxidation, low viscosity at low temperature and low volatility at high temperature makes it a first choice for its lubriacnt application.
- Countries such as China, United States, Japan, Germany, India, Mexico etc., are the major consumers of the lubricants globally, which thereby increases the consumption of the market studied in these countries during the forecast period.
- Other end-user industries, such as construction and manufacturing are growing, with increasing investments in ASEAN countries, which is further contributing to the growth of the lubricants consumption as a whole and thereby leaving the scope for the heptanoic acid consumption.
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Asia-Pacific to Dominate the Market
- Asia-Pacific was found to be the major market for the consumption of heptanoic acid followed by North America and Europe.
- Owing to their increasing population the countries like China, India stand as the major markets for the consumption of heptanoic acid in cosmetics, perfumes and fragrances applications.
- China is one of the fastest emerging economies in Asia-Pacific. The government is focusing on replacing obsolete vehicles, in turn, increasing the demand for improved and high performance lubricants. Whereas, India is the second-largest lubricant market in the region and the third-largest in the world.
- Indonesia is one of the major consumers of lubricants in the ASEAN region. Japan is the fifth-largest consumer of lubricants in the world.
- Thus from the factors mentioned above the demand for the heptanoic acid is expected to increase during the forecast period.
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