The Cyclopropanol Market is estimated to be valued at US$ 745.5 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cyclopropanol is a chemical compound that consists of a cyclopropyl ring bonded to a hydroxyl functional group. It finds key applications as an important synthetic intermediate in the pharmaceutical industry for manufacturing various drugs and medicines. The cyclic molecular structure of cyclopropanol provides advantages such as increased chemical stability and slow metabolizing property, making drugs prepared from it long-acting.
Market key trends:
The rising demand for cyclopropanol from the pharmaceutical industry is expected to be a major trend fueling the market growth over the forecast period. Cyclopropanol serves as an essential intermediate in the production of various active pharmaceutical ingredients (APIs) and finished dosage forms. It is used in manufacturing antibiotics, analgesics, anti-allergics, and other clinically important medications. The growing generics market and increasing R&D investments by pharma companies in developing novel drug molecules are supporting the increasing consumption of cyclopropanol.
Threat of new entrants: Low barriers to entry given the presence of established players. However, new entrants face strong competitive pressure from existing large players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes but high switching costs.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of substitute raw materials but differentiated products supplied by major players.
Threat of new substitutes: Moderate threat due to the availability of close substitutes but switch costs involved in replacing existing products.
Competitive rivalry: Intense rivalry among existing players to gain market share through innovations, acquisitions, and competitive pricing.
Strengths: Strong product portfolio, diversified application base, technological leadership.
Weaknesses: High R&D costs, price fluctuations of raw materials, stringent environmental regulations.
Opportunities: Growing end-use industries, emerging markets in Asia Pacific, developing novel application areas.
Threats: Rise of local players in foreign markets, trade barriers, substitute threats.
The Global Cyclopropanol Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand from end-use industries such as pharmaceuticals, agrochemicals, and polymers.
Regionally, Asia Pacific dominates the global cyclopropanol market and is expected to maintain its pole position over the forecast period attributed to rapid industrialization, growing pharmaceutical sector, and favorable government policies supporting chemicals industry in major countries including China and India.
Key players operating in the cyclopropanol market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., and Energy Chemical. BASF SE is the global market leader owning over 20% market share owing to its diversified product portfolio and global production footprint.