Moving Away from Single-source Country Helps Diversify Supplies during COVID-19 Outbreak
Isoprenol is under scrutiny for engineering potential antiviral drugs in order to treat COVID-19 (coronavirus). The seemingly unstoppable virus has set records high to threaten human health and well-being. Manufacturers in the isoprenol market are capitalizing on the unprecedented demand for antiviral drugs and increasing efforts to keep economies running during the coronavirus outbreak. On the other hand, agrochemical manufacturers worldwide are limiting their exposure to Chinese distributors, owing to disruptions caused in supple chains.
Companies such as BASF, Bayer, and Corteva Agriscience are diversifying their supply chains amidst the ongoing period of the unprecedented volatility. Agrochemical manufacturers are taking steps to source chemical supplies from multiple locations. The ongoing trade war between the U.S. and China is predicted to affect the U.S. farmers since these farmers are heavily dependent on chemical supplies from China. Various industries associated with the isoprenol market are moving away from a single-source country in order to diversify their trade activities.
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Commercialization of Isoprenol Enable Expansion Business in Agrochemicals and Pharmaceuticals
Innovative production methods for isoprenol are helping companies in the isoprenol market gain global recognition. For instance, Japanese chemical manufacturing company Kuraray is being highly publicized for commercializing its one-step method of synthesizing isoprene monomer using thermal cracking. As such, manufacturers are increasing their production capabilities for isoprenol in order to meet the demanding applications in pharmaceutical and cosmetics production.
The isoprenol market is slated to register a favorable CAGR of 7% during the years 2024 to 2030. This is evident since manufacturers are gaining proficiency in the production of specialty solvents meant for industrial and home cleaners. Companies are tapping into business opportunities in the production of intermediates for aroma chemicals and cosmetics. The ever-increasing agriculture industry is fueling the demand for isoprenol, which is an important ingredient in agrochemicals. Manufacturers are also developing intermediates for pharmaceuticals.
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Innovations in Aviation Biofuels Help Support Defense Organizations
The isoprenol market is predicted to reach the value mark of ~US$ 310 Mn by the end of 2030. However, there is a need for innovations in biofuel production. As such, biofuel production is emerging as a bankable option for innovations using isoprenol. For instance, Berkeley Lab— an innovator in transformational solutions for energy and environment challenges has been awarded US$ 1 Mn from the DOE’s Technology Commercialization Fund (TCF) to foster innovations in biofuels, bio products, and renewable energy technology.
Companies in the isoprenol market are combining state-of-the-art technologies to cost-effectively produce aviation biofuels. Isoprenol is gaining popularity as a promising biologically-derived aviation biofuel precursor from sustainable lignocellulosic biomass. Thus, isoprenol manufacturers are increasing their production capabilities in aviation biofuels to support defense organizations.
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Hunt for New Active Ingredients in Agrochemicals Fuel Demand for Isoprenol
Manufacturers are offering unique terpenoids that can be used to make synthetic aroma chemicals. Citral is being highly publicized for its fresh lemon fragrance and is being commercialized for the production of aroma chemicals. As such, isoprenol is being converted into a variety of authentically scented flavors pertaining to blueberries, grapes, coffee, and even white bread. Companies in the isoprenol market are expanding their revenue streams via air fresheners, perfumes, and flavoring substances to bolster market growth.
The burgeoning growth of the crop protection sector in developing economies is grabbing the attention of companies in the isoprenol market. Robust R&D activities for new active ingredients in agrochemicals involve isoprenol. Isoprenol manufacturers are shifting their focus from North America, Europe, and Japan to the expansion of business in developing economies such as India and Vietnam. Modern sustainable agriculture applications are acting as key drivers for market growth.
Diversity in Pharmaceutical Drugs and Decision-making Bolster Market Growth
Pharma executives are contributing in a big way to conduct R&D activities and carry out marketing strategies for new drugs. However, in the past few years, the global pharmaceutical industry has been lacking diversity in product offerings. This is emerging as a challenge for companies in the isoprenol market. Hence, pharma companies and isoprenol manufacturers are setting their collaboration wheels in motion to redeploy existing technologies into producing new drugs.
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