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/EIN News/ -- United States, Rockville MD, June 20, 2022 (GLOBE NEWSWIRE) -- Fact.MR forecasts that global sales of isoprenol will surpass US$ 375 million by 2022-2032, with a CAGR of 6.5%. Isoprenol is seeing growing use in agrochemicals, pharmaceuticals, and other critical application industries. As the flavor and fragrance industry gains traction in terms of application, isoprenol manufacturers are projected to discover new prospects in the future years.
Historically, global isoprenol sales increased at a CAGR of 4% between 2015 and 2022. The COVID-19 pandemic had an impact on a variety of sectors throughout the world. With industrial activities down to 40-60% of their original capacity, chemical output became considerably curtailed, particularly in the first half. However, this was later countered by the acceleration of vaccination campaigns and the flattening of infection curves.
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Isoprenol is widely used in the pharmaceutical industry. Furthermore, demand for isoprenol is increasing in countries such as North America, Europe, and Asia Pacific due to the presence of end user industries. Furthermore, advancements in manufacturing and the increased usage of isoprenol in numerous industries are projected to help the business gain traction.
Prominent Isoprenol Industry Growth Drivers
High Demand for Agrochemicals to Support the Growth of the Isoprenol Industry
Isoprenol is widely utilized in the agrochemical industry in a variety of applications. The manufacture of crop protection chemicals, insecticides and pesticides all rely significantly on isoprenol. Manufacturers of isoprenol are projected to benefit from increased demand from this industry in the future years.
According to a SelectUSA study titled "Agribusiness Spotlight," U.S. agribusiness is a key contributor to the worldwide isoprenol sector, contributing over US$ 159 billion in sales to the U.S. economy in 2018. According to the research, Foreign Direct Investment (FDI) in the United States agricultural industry was more than US$ 14 Billion in 2018. As a result, these numbers provide a glimpse of the expanding potential for isoprenol providers worldwide.
Flavors and Perfumes to Provide Profitable Opportunities in the Isoprenol Market
The worldwide isoprenol market has been segmented by application into agrochemicals, pharmaceuticals, flavor & fragrance, polymers, and others. During the forecast period, the flavor and fragrance sector is expected to dominate the worldwide isoprenol market. In 2019, the taste and fragrance category accounted for a sizable portion of the worldwide isoprenol market.
The segment is expected to grow considerably in terms of volume throughout the projected period. By 2032, the category is expected to account for more than 30% of the worldwide isoprenol market. Agrochemicals are chemical compounds used in agricultural farmlands to replenish nutritional deficiencies in fields or crops. They also help crops develop by destroying hazardous insects.
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Key Segments Covered in the Isoprenol Industry Survey
Competitive Landscape
The key participants in the isoprenol market are BASF SE, Kuraray Co. Ltd., Amyris, Inc., Spectrum Chemical Manufacturing Corp., Tokyo Chemical Industry Co. Ltd., Toronto Research Chemicals Inc., and Haihang Industry Co. Ltd., Sure Chemical Co. Ltd., among others. Prominent isoprenol and related product producers are pursuing a variety of growth strategies. These often entail the introduction of new product lines, the formation of alliances, and the modification of existing product prices. The following are some noteworthy developments:
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Key players in the Isoprenol Market
Key Takeaways from Isoprenol Market Study
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