Global Phenylacetic Acid Market: Overview
Phenylacetic acid (PAA) is an organic compound containing a phenyl and a carboxylic acid functional group. Phenylacetic Acid naturally occurs in various types of fruits and plants. Phenylacetic Acid is a fragrant phenolic used as a perfume agent and food additive. Phenylacetic Acid is an important organic chemical material, which is extensively used in medicines, pesticides, and aromatizers. Phenylacetic acid can be synthesized using various processes such as cyanobenzyl hydrolysis, phenylacetamide hydrolysis, electrochemical, and carbonylation. Poor quality phenylacetic acid is formed by cyanobenzyl hydrolysis process, which also causes pollution. Phenylacetic acid synthesized using carbonylation reaction has the advantage of offering a milder condition, better product quality, and less polluting emissions.
Global Phenylacetic Acid Market: Drivers & Restraints
Phenylacetic acid is used in some perfumes, as it possesses a honey-like odor even in low concentrations. Phenylacetic Acid is used in the production of penicillin G and diclofenac. The Phenylacetic Acid is also employed in the treatment of type II hyperammonemia, which helps to help reduce the amount of ammonia in a patient’s bloodstream by forming phenylacetyl-CoA, which then reacts with nitrogen-rich glutamine to form phenylacetylglutamine. This compound is then excreted from the patient’s body. Phenylacetic acid is also used in the illicit production of phenylacetone, which is used to manufacture methamphetamine.
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Global Phenylacetic Acid Market: Key Segments
In terms of application, the phenylacetic acid market can be divided into pharmaceuticals, pesticides, perfumes, and others. The pharmaceuticals segment dominates the phenylacetic acid market. The drugs produced by from the phenylacetic acid by the pharmaceutical companies play a fundamental role in improving the health, preventing health complications, and increasing the lifespan of individuals. Although the pharmaceutical industry is capital intensive and highly regulated, the phenylacetic acid industry is witnessing high demand for innovations that are anticipated to reduce life-threatening conditions and diseases. The pharmaceuticals segment is followed by the perfumes segment. Globalization and urbanization have significantly increased the demand for perfumes. In developing economies, especially India and China, major factors such as increase in affluent and middle class population, rise in disposable income, and surge in expenditure on luxury contributed to the increase in sales of perfumes in these economies.
Rise in demand from the pharmaceutical industry drives the phenylacetic acid market. In the pharmaceuticals industry, phenylacetic acid is employed for the treatment of hyperammonemia for patients with deficiencies related to the urea cycle and as a side-chain precursor in the production of penicillin G. It is also used in the production of Camylofin, Bendazol, and Triafungin. Phenylacetic acid is a controlled substance due to its use in the production of phenylacetone, which is used to manufacture substituted amphetamines, including methamphetamine.
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Global Phenylacetic Acid Market: Regional Outlook
Based on region, the global phenylacetic acid market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global phenylacetic acid market, followed by Europe. This is due to the rising demand from the pharmaceutical industry. Asia Pacific is expected to witness significant growth in the near future. This is attributed to the rise in demand for phenylacetic acid in pharmaceutical industry during the forecast period. The phenylacetic acid market in Asia Pacific is anticipated to expand during the forecast period due to the increasing demand from end-user industries such as chemical.
Global Phenylacetic Acid Market: Key Players
Key players in the global phenyl acetic acid market include Cayman Chemical, LOBA CHEMIE PVT.LTD, and Shanghai M & U International Trade Co., Ltd.
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Companies in the Phenylacetic Acid market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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