Methyl Acetoacetate Market Segmented By Acetates, Acetoacetates, Methyl Compounds with Application in Pharmaceuticals, Agrochemicals and Dyes
Industry: Chemicals and Materials
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Report ID: PMRREP32496
According to latest research by Persistence Market Research, Methyl Acetoacetate market is set to witness steady growth between 3% and 5% during the forecast period of 2021-2031.
Due to its varied number of applications as an intermediate for manufacture of pigments and dyestuffs that are organic in nature, in the production of various agriculture chemicals and pharmaceutical products and in the manufacture of polymers, it is projected to drive the demand of Methyl acetoacetate or else otherwise known as acetoacetic acid methyl ester methyl 3-oxobutanoate.
End-use industries such as agrochemicals, pharmaceuticals, and solvents, among others, drive the growth of market.
In the pharmaceutical industry, the most important use of the compound can be seen as it is used as a chemical reagent in the synthesis of various pharmaceutical products and is used in the production of cyclic compounds including pyrazole and coumarine derivatives as an initiator.
Due to its extensive use in the Biginelli reaction, for the production of dihydropyrimidinones, which is further used highly as anti-hypertensive agents in the medicine industry adds to the increased consumption of the methyl acetoacetate in the industry of medicine and pharma.
In the cosmetics and beauty industries, it is used as a scent solvent too. Furthermore, the increasing trend of using organic dyes are also adding to the benefit of the market as it used as an intermediate to develop azo dyes that are organic in nature. In addition to that, various lacquers, masking isocyanates in enamels and plastics are all made of this chemical compound.
Globally, an estimated 1/4th of the world’s population has hypertension, and the numbers are only expected to increase. Hypertension leads to heart disease and stroke, which are the first and third leading causes of death worldwide, respectively, high blood pressure is the top modifiable risk factor worldwide and clinical evidence shows calcium channel blockers are preferred first-line treatments for treating hypertension.
The use of the intermediate is seen in the development of these drugs i.e. dihydropyrimidinones which are used as calcium channel blockers or anti-hypertensive agents. Thus, the demand for these medicines would drive the need for Methyl Acetoacetate for the production of the prescribed drugs.
Due to the ongoing pandemic of Covid-19, there has been an extensive growth rate in the industry of pharmaceutical, owing to which intermediates used for various synthesis of chemical and medicinal compounds have been rising factor for the growth of the market.
Asia Pacific is one of the biggest and fastest-growing regional market for methyl acetoacetate. The high demand for methyl acetoacetate in the pharmaceutical and agrochemical industries is driving the development of the derivative in this region. In this region, China has the highest demand for it.
Other factors like increased consumption of perfumery products and use of the uracil herbicides bromacil and terbacil in the agrochemicals industry, in countries like as India, South Korea, and Japan has made the APAC region, an important domestic market for the chemical compound.
The methyl acetoacetate market in this area is being driven by rising demand for agrochemicals, primarily from the United States. U.S. is also one of the largest market for methyl acetoacetate in the world and the growing demand for it is from dyestuff, perfumery products, pigments, and pharmaceuticals is projected to drive sales in the North American region.
Some of the leading manufacturers and suppliers include -
The key manufacturers are mostly ramping up their production capabilities at their facilities as these ketene derivatives are mostly used in the end use industries which are estimated to grow in the said forecast period.
Producers are also planning for strategic mergers and acquisitions of the local players so as to increase the geographical reach and get a better market penetration.
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