Alkoxide Market: Introduction
In terms of value, the global alkoxide market is anticipated to expand at a CAGR of ~6% from 2020 to 2030. Alkoxide is primarily used in pharmaceutical, building & construction, agrochemical, and personal care applications. It is largely employed as a building block for pharmaceutical chemicals. Alkoxide is also gaining momentum in the global market, owing to its beneficial chemical and physical properties. Agrochemicals are chemical substances that are used in agricultural farmlands to restore the deficiency of nutrients in fields or crops. They also enhance the growth of crops by eliminating harmful insects. Agrochemicals improve the quantity and quality of farm products. They are used in all kinds of agricultural fields such as horticulture, dairy farming, livestock, grain farming, shifting cultivation, and commercial plantation. Agrochemicals are essential components of the agriculture industry. They are employed as crop protection chemicals and plant growth regulators that help boost yield. Rise in population is pressurizing farmers and agricultural organizations to cater to the demand for food in a limited span of time. This is driving the demand for agrochemicals, where alkoxide is used.
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Fluctuation in Raw Material Prices to Hamper Alkoxide Market Growth
Raw materials, such as aluminum, potassium, sodium, lithium, methanol, and ethanol, are primarily used in the formulation of alkoxide. These materials are readily available. However, the process of manufacturing alkoxide require technically skilled labor and special processing equipment. This adds to the overall price of alkoxide. These high prices resist the usage of alkoxide in low-cost end products, thereby limiting the growth of the global alkoxide market. Currently, the petroleum sector is facing various challenges. The rise in limitation on natural petroleum resources has led to variation in prices of methanol. Furthermore, the demand for aluminum in end-use industries is not stable; hence, prices of aluminum keep changing. Aluminum and methanol are used in forming alkoxide. This is expected to affect the price of end products. In turn, this is estimated to hamper the global alkoxide market in the near future.
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Pharmaceuticals to Offer Lucrative Opportunities to Alkoxide Market
In terms of application, the global alkoxide market has been segregated into agrochemicals, building & construction, electrical & electronics, personal care, pharmaceutical, surfactants, hardeners, and others. The pharmaceutical segment is anticipated to dominate the global alkoxide market during the forecast period. The pharmaceutical segment accounted for a major share of the global alkoxide market in 2019. In terms of volume, the segment is estimated to expand significantly during the forecast period. The segment is projected to account for more than 35% share of the global alkoxide market by 2030. The increase in market share of the segment can be ascribed to the growth of the pharmaceutical industry in various developed and developing countries.
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Asia Pacific to be Lucrative Region of Alkoxide Market
Based on region, the global alkoxide market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global alkoxide market in 2019. This trend is projected to continue during the forecast period. The demand for alkoxide is high in Asia Pacific, particularly in China and India, owing to increase in consumption of alkoxide in agriculture and pharmaceutical industries in these countries. China is a prominent consumer of alkoxide in Asia Pacific. The expansion of agrochemical and pharmaceutical industries is a major factor propelling the alkoxide market in the country.
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Competition Landscape of Alkoxide Market
The global alkoxide market is highly fragmented. Evonik Industries AG, Albemarle Corporation, and Sumitomo Chemical Co., Ltd. cumulatively held more than 15% share of the global alkoxide market in 2019. Leading players have taken initiatives to expand their presence in the global alkoxide market through acquisitions, increase in production capacities, and strategic partnerships. Other key manufacturers operating in the global alkoxide market are Gelest Inc., Chemtech Alkoxides Pvt Ltd, Catalytic Technologies Ltd., Norquay Technology, Suparna Chemicals Limited, Ascensus Specialties LLC, and Strem Chemicals Incorporated.
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