Global Chiral Chemicals Industry segmented on the basis of technology, application, and region.
Based on the technology, the global chiral chemicals market is segregated into traditional separation method, asymmetric preparation method, and biological separation method. Among them, the traditional separation method is dominating the market with 48% share of the market in 2016. In the coming years, the traditional separation method is anticipated to retain its dominance due to ease of operation and high knowledge about the technology. Yet the asymmetric separation method is estimated to grow at the highest CAGR during the forecast period due to increasing demand from the swiftly growing pharmaceuticals industry.
On the basis of the applications, the global market is categorized into pharmaceutical, agrochemical, flavors, and fragrances, among others. The pharmaceutical application segment is the largest among other segments, in terms of market size. It has been estimated to reach USD 65,662.7 Million by the end of 2023. This is attributed to the regulatory requirements and competitive advantages promote the development of new and reformulated drug containing single isomer active ingredient. The agrochemical is another i5mportant application of chiral chemicals, which is expected to witness a considerable growth at the highest CAGR, among other application segments.
The Chiral Chemicals Market Size is estimated to reach USD 96,894.20 million by the end of 2023 and is projected to grow at a CAGR of 13.67% during the forecast period. This is attributed to the surging demand for the product from pharmaceuticals applications. In addition to this, the chiral chemicals are readily penetrating the steadily growing agrochemicals industry. Moreover, the major market players are investing a sizeable share of their revenue for the innovation and development of new product range, which is expected to drive the growth of the market during the forecast period. Lastly, with the emergence of bio-catalytic synthesis of chiral chemicals is likely to favor the growth of the market during the years to follow. However, the restraining factor operating against the growth trajectory of the market is the stringent government regulations in place to limit the use and production of chiral chemicals based pesticides to prevent environmental and health issues.
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Market Research Future (MRFR) recognizes the following companies as the key players in the global market that includes BASF SE (Germany), Solvias AG (Switzerland), Strem Chemicals, Inc (U.S.), Johnson Matthey Plc (U.K.), W. R. Grace & Co.-Conn (U.S.), Chiral Quest (Suzhou) Co.,Ltd (China), Tyche Industries Limited (India), Nanjing Legend Pharmaceutical (China), The Dow Chemical Company (U.S.), and Flamma S.p.A (Italy), and others.
Geographically, the global chiral chemicals market is spanned across five major regions namely North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. As per the analysis of MRFR, North America dominated the global chiral chemicals market and accounted for the largest share of the market in 2016 owing to the significant presence of end-use industries such as foods & beverages and pharmaceuticals. Yet, Asia Pacific is the fastest growing region in the global chiral chemicals market. The region is expanding at a CAGR of 17.56%, which is attributed to the rapid industrialization in the region along with the presence of a considerable number of producers coupled with research & development in application industries. The Asia Pacific is following European market, in terms of market size, which is accounted for the second largest share in the global market, as of 2016. Europe is estimated to reach USD 25,236.3 million by the end of 2023.
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