Global Chiral Chemicals Market - Overview
Market Research Future (MRFR) has published a report stating that the Chiral Chemicals Market is expected to reach more than 50,000 million US dollars by the end of the forecast year. The Chiral Chemicals Market is expected to register a CAGR of 14% by the forecast year 2030.
Hence, rise in demand for these chemicals in rapidly expanding pharmaceutical industry is majorly favoring the growth of the global chiral chemicals market. Increasing application of chiral chemicals for manufacturing agrochemicals and growing product penetration in agrochemical industry are propelling the growth of the global chiral chemicals market. The players in the global chiral chemicals market are increasing their investment for research and development activities in order to identify new application areas of chiral compounds and develop advanced drugs from these chemicals. This has created multiple growth opportunities for the global chiral chemicals market. The advent of bio-catalytic synthesis of chiral compounds is also contributing to the expansion of the global chiral chemicals market. However, concerns regarding the adverse environmental effects caused by chiral pesticides and stringent regulatory framework regarding the production of these chemicals are likely to act as restraining factors on the expansion of the global chiral chemicals market.
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Competition Dashboard:
Johnson Matthey PLC, W. R. Grace, and Co., Chiracon GmbH, Solvias AG, Chiral Technologies, BASF SE, The Dow Chemical Company, Codexis Inc., Rhodia, Strem Chemicals, PerkinElmer Inc., Bayer AG Inc., Nanjing Legend Pharmaceuticals, Flamma SpA, Tyche Industries Limited, and many more. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Chiral Chemicals Market.
Along with it, the sector is also experiencing a boost from the research and development sector where the multinationals and governments are investing heavily in producing essentials using the chemicals. Furthermore, new technology has resulted in the bio-catalytic synthesis of the chiral chemicals which has significant market potential.
However, governments are now imposing stringent regulations to prohibit the use of chiral pesticides. Adoption of eco-friendly, organic products is gaining traction which can act as a headwind for the market and hinder the prediction.
Industry Trend:
The industry is investing heavily in research and developments in a search for better products. In this, efforts made by the Chemists at Scripps Research can be considered exemplary. They have come up with a method which would ease the making of chiral molecules. Now, without enzymes, the feat can be achieved which is revolutionary in several contexts and can open up dimensions that were previously off-limits in chemistry.
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Chiral Chemicals Market - Segments:
The global chiral chemicals market is segmented on the basis of technology and application.
Based on technology, the market can be segmented into traditional separation method, asymmetric preparation method, and biological separation method.
Application-wise, the market includes pharmaceutical, agrochemical, flavors, fragrances, and others. Demand for chiral chemicals in pharmaceuticals takes the sub-segment to the crest.
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Chiral Chemicals Market - Regional Analysis:
Regionally, global chiral chemicals market spans across North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America (LATAM).
North America, as of 2016, has the largest market. By generating USD 32,025.3 million it has secured the top position for itself. The U.S. is contributing the most, and with the presence of several end-use industries in the region, the country is expected to grow further.
The APAC is showing significant possibility of growth as the burgeoning industries are opening up various avenues for market expansion. The increase can be attributed to the rapid industrialization and fast urbanization owing to which the market is expecting a staggering CAGR of 17.56% and grow at the fastest rate during the forecast period.
Europe, with 28% of the market share, is playing an essential role in the global market. Germany contributes the most among the many European nations. However, the MEA and the LATAM are expecting a moderate growth.
Industry/ Innovation/ Related News
In July 2019, Transphorm Inc., a company that has a made a name for itself in the Chiral Chemicals semiconductor category, announced that it had won a contract from the U.S. Department of Defense (DoD) Office of Naval Research (ONR) worth of USD 18.5 million dollar to create a domestic resource base for that.
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