The global isatoic acid anhydride market was valued at USD 47,951.43 thousand in 2021 and is expected to register a CAGR of 2.93% to reach USD 62,624.07 thousand by the end of 2030.
Isatoic acid anhydride, also known as o-amino-benzoic acid, 2-aminobenzoic acid, N-carboxylic acid anhydride, and anthranilic acid, is the organic compound with the linear formula C6H4(NH2) CO2H. In appearance, isatoic acid anhydride industry is a white solid when pure, although commercial samples may appear yellow. It is widely used as a starting material for the production of a wide range of end-use compounds.
COVID-19 Impact on the Isatoic Acid Anhydride Market:
The outbreak of COVID-19 has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations across the world. As a result of a lockdown across geographies, the production facilities have faced disruptions. The market players have had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of COVID-19. All this has caused severe disruptions in production and trade restrictions, significantly affecting the supply of isatoic acid anhydride market. According to the United Nations, the global economy is projected to contract by around 3% or more instead of registering the 2.5% growth projected by the World Economic Situation and Prospects report 2020. The world economy contraction rate is expected to be more than 1% or possibly more than what was experienced in the global financial crisis in 2009 (i.e., ~2.5%) if the governments (in the developing as well as developed countries) fail to provide the necessary income support and help lift consumer spending. According to the International Monetary Fund, economic uncertainty due to the COVID-19 outbreak is much higher than the past outbreaks, such as the severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola, owing to the escalating number of infected people and uncertainty about when the crisis is likely to come to an end. If the pandemic uncertainty lasts longer, then the world merchandise trade is likely to decline steeply initially, with a more prolonged recovery period, which is expected to affect households and businesses severely.
The global isatoic acid anhydride market is facing a deep recession caused by the effects of lockdowns in most regions to slow down the spread of COVID-19. As a result, the demand has virtually dampened for the period and is unlikely to be revived until governments around the world lift their restrictive policies. The major consumers of isatoic acid anhydride, such as pharmaceuticals and agrochemicals, have also shut down their production facilities resulting in a decline in demand for isatoic acid anhydride globally. The individual companies have showcased different trends due to their segment and regional mix and acquisition activities.
However, with the lift of lockdown measures and trade restrictions, the demand for isatoic acid anhydride is expected to gain pace and drive market growth.
The Asia-Pacific market dominated the global trifluoroacetic acid market with a share of 29.45% by value in 2021 and is expected to register the highest CAGR of 3.27% during the forecast period. The market growth in Asia-Pacific is driven by various factors, including rising industrialization and urbanization, increased foreign investments, government subsidies, and rising demand from South Asian countries such as India, Thailand, and Indonesia.
North America held the second-largest market share of 21.50% in 2021 due to the growth of the major end-use industries in the region. The US segment accounted for the largest market share of 64.58% in 2021, with a market value of USD 6,657.9 thousand; it is expected to register a CAGR of 2.58% during the forecast period.The growth in the market is attributed to growth in the agriculture industry.
The European is largely attributed to the pharmaceutical industry in the region. The France segment accounted for the largest market share of 19.30% in 2021, with a market value of USD 1,564.0 thousand; it is expected to register a CAGR of 2.69% during the forecast period.
The Latin American market is divided into Brazil, Peru, and Argentina are the major contributors in the region. The growth in the market is attributed to the growing demand for pesticides in the agriculture industry.
IN Middle East & Africa UAE is the leading country in the region followed by Turkey and Egypt. The Pharmaceuticals segment in the region dominated the market with a share of 39.41 in 2021.The Agrochemicals segment was the second-largest with a share of 28.21% in 2021.
In developing markets such as India and China, the global market for agrochemicals is highly fragmented. The industry is likely to become more competitive as partnerships, mergers, and acquisitions increase. Furthermore, a growing number of players will enter the market within the estimated assessment period, boosting competition in the market. The major players in the market include BASF SE (Ludwigshafen, Germany), The Dow Chemical Company (Michigan, US), Alfa Aesar, Thermo Fisher Scientific (Massachusetts, US), Wujiang New Sunlion Chemical Co., Ltd.(Jiangsu, China), Otto Chemie Pvt. Ltd (Maharashtra, India), Muby Chemicals (Maharashtra, India), TCI (Shanghai) Development Co., Ltd.(Shanghai, China), Salvi Chemical Industries Ltd. (Maharashtra, India), Anmol Chemicals (Maharashtra, India), and Merck KGaA (Darmstadt, Germany).
The Isatoic Acid Anhydride market is segmented by fabric, product and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Isatoic Acid Anhydride emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: 62,624.07 thousand|
|CAGR||2.93% CAGR (2019-2024)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-use industries|
|Geographies Covered||North America ,Europe, Asia-Pacific,South America, Middle East ,Africa|
|Key Vendors||BASF SE (Ludwigshafen, Germany), The Dow Chemical Company (Michigan, US), Alfa Aesar, Thermo Fisher Scientific (Massachusetts, US), Wujiang New Sunlion Chemical Co., Ltd.(Jiangsu, China), Otto Chemie Pvt. Ltd (Maharashtra, India), Muby Chemicals (Maharashtra, India), TCI (Shanghai) Development Co., Ltd.(Shanghai, China), Salvi Chemical Industries Ltd. (Maharashtra, India), Anmol Chemicals (Maharashtra, India), and Merck KGaA (Darmstadt, Germany)|
|Key Market Opportunities||Positive outlook of pharmaceutical industry in South Asia|
|Key Market Drivers||High demand from the pharmaceuticals industry Growth of the agriculture industry|
The global isatoic acid anhydride market would register a growth of 2.93 %.
Availability of substitutes
Leading players in the market include BASF, Dow, and Alfa Aesar, among others.