3,4-Dihydroxybenzoic Acid Market - Forecast(2024 - 2030)
3,4-Dihydroxybenzoic Acid Market Overview
The 3,4-dihydroxybenzoic acid market size is
forecast to reach US$657.8 million by 2027, after growing at a CAGR of 3.5%
during 2022-2027. Globally, 3,4-dihydroxybenzoic acid, a balsamic tasting
compound, is utilized as an antioxidant in various end-use industries, as
a chemical synthesis plant extraction, which is driving the market
growth. 3,4-dihydroxybenzoic acid is a form of phenolic acid is a
potential platform for metabolite of antioxidant polyphenols polymer
building blocks such as vanillic acid, muconic acid, vanillin, adipic acid.
This acid is an active component of various medicinal edible plants, which is
surging its demand globally. Moreover, the protocatechuic acid or 3,4-dihydroxybenzoic
acid exhibits many pharmacological characteristics and finds usage in polymers,
bioplastics, also as a bio-based active films to improve food preservation,
which is estimated to propel the demand for 3,4-dihydroxybenzoic acid
market in the forecast period.
COVID-19 Impact
The COVID-19 outbreak widely affected the plastic,
food beverage, herbal medicine industries over 2020. Owing to the nationwide
lockdown, the production process of various products in these industries
declined due to the non-availability of 3,4-dihydroxybenzoic acid.
Economies of each sector got affected, resulting in stagnation of activities
across the sectors that use 3,4-dihydroxybenzoic acid. Business
communities faced several issues related to raw material shortage, labour
shortage, temporary closure of operations, supply chain disturbance and many
more. However, the rising demand for herbal medicines organic food emerged as a
driving factor for the 3,4-dihydroxybenzoic acid market during the
challenging period.
Report Coverage
The “3,4-Dihydroxybenzoic Acid Market Report – Forecast (2022 - 2027)” by IndustryARC, covers an in-depth analysis of the following segments of the 3,4-dihydroxybenzoic acid industry.
By Purity: 97% Purity, 98% Purity, 99% Purity and Others.
By Product Type: Chemical Synthesis Plant Extraction
By Application: Polymer,
Bioplastic, Bio-Based Active Film, Beer, Drugs and Others.
By End Use Industry: Food Beverage, Medical Pharmaceutical, Plastic and Others.
By Geography: North America (U.S.A., Canada, Mexico), Europe (UK, Germany, France,
Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific
(China, Japan, India, South Korea, Australia New Zealand, Indonesia, Taiwan,
Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile,
Rest of South America), Rest of the World (Middle East Africa).
Key Takeaways
- The Asia-Pacific region dominates the 3,4-dihydroxybenzoic acid market owing to the rising growth in the plastic industry. For instance, according to the Indian Brand Equity Foundation, India exported plastics raw material worth US$ 352.04 million in July 2021, the export during April 2021 to July 2021 was US$ 1.57 billion.
- Rapidly rising demand for 3,4-dihydroxybenzoic acid in the food & beverage industry to delay prevent the onset of lipid oxidation during storage processing of food beverage, has driven the growth of the 3,4-dihydroxybenzoic acid market.
- The increasing demand for 3,4-dihydroxybenzoic acid in plastic industry, due to its usage as a chemical building block for polymers plastics, has been a critical factor driving the growth of the 3,4-dihydroxybenzoic acid market in the upcoming years.
- However, the environmental health problems associated with the 3,4-dihydroxybenzoic acid can hinder the growth of the 3,4-dihydroxybenzoic acid market.
Figure: Asia-Pacific 3,4-Dihydroxybenzoic Acid Market Revenue, 2021-2027 (US$ Million)
For More Details on This Report - Request for Sample
3,4-Dihydroxybenzoic Acid Market Segment Analysis – By Application
The drugs segment held the largest share in the
3,4-dihydroxybenzoic acid market in 2021, due to the increasing health issues,
modernization of healthcare infrastructure, growing herbal medicines industry.
3,4-dihydroxybenzoic acid is used as a drug antibacterial in healthcare &
pharmaceutical products. It exhibits many pharmaceutical characteristics such
as anticancer, antidiabetic, antibacterial, antiulcer, antiviral,
anti-atherosclerotic and antihyperlipidemic activities. The growth in the
R&D sector, the increasing government investments in pharmaceutical
industry, will drive the market for 3,4-dihydroxybenzoic acid drugs. For
instance, in 2020, according to the Pharmaceutical Research Manufacturers
Association (PhRMA), in the U.S., R&D in pharmaceuticals stood at US$ 75
billion, about more than half of the world's R&D. Thus, the rising
government investment in drug manufacturing and R&D activities is predicted
to uplift the 3,4-dihydroxybenzoic acid market growth.
3,4-Dihydroxybenzoic Acid Market Segment Analysis – By End-Use Industry
The medical pharmaceutical industry held the
largest share in the 3,4-dihydroxybenzoic acid products market in 2021 and is
expected to grow at a CAGR of 4.5% during 2022-2027. 3,4-dihydroxybenzoic acid
products industry is used in the production of antibiotics, steroids,
chemotherapeutic agents, polysaccharides, other products in the medical
pharmaceutical industry for rising the bioavailability of drugs. The demand for
3,4-dihydroxybenzoic acid market is increasing, due to the use of antioxidant
in the medical pharmaceutical industry for the synthesis of chemical
drugs, chemical compounds, other phenolic acid products. 3,4-dihydroxybenzoic
acid is also used to produce antibacterial drugs to prevent an increasing
number of communicable diseases. Globally, with the rising growth in the
pharmaceutical sector, the demand for 3,4-dihydroxybenzoic acid products is
also estimated to rise. For instance, according to the Invest India, the
pharmaceutical industry in India is estimated to reach US$65 billion by
2024 to US$120 billion by 2030. Thus, with the growing demand for drugs the
3,4-dihydroxybenzoic acid market would further rise over the forecast period.
3,4-Dihydroxybenzoic Acid Market Segment Analysis – By Geography
The Asia-Pacific region dominated the 3,4-dihydroxybenzoic acid market with a share of 38.3% in 2021. APAC region is one of the leading 3,4-dihydroxybenzoic acid manufacturers, with China and India being the key consumers and suppliers of 3,4-dihydroxybenzoic acid. 3,4-dihydroxybenzoic acid is utilized in medical pharmaceuticals, food beverage, plastics, other end-use industries as an antioxidant. It contributes in the production of polymer, bioplastic, bio-based active film, beer, drugs and others. The rising growth of several end-use industries has uplifted the development of the 3,4-dihydroxybenzoic acid market. For instance, according to the China Chain Store & Franchise Association, China's food beverage (F&B) sector reached approximately US$595 billion in 2019, with a 7.8% increase over 2018. In the APAC region, demand for 3,4-dihydroxybenzoic acid with added value is growing substantially. Thus, the increasing government investments in the growing food beverage industry in the APAC region will drive the demand for 3,4-dihydroxybenzoic acid market.
3,4-Dihydroxybenzoic Acid Market Drivers
Increasing Demand for the 3,4-Dihydroxybenzoic Acid in the Food Beverage Industry
In the food beverage industry, 3,4-dihydroxybenzoic acid, also known as
protocatechuic acid, is used in food products in order to delay and prevent the
onset of lipid oxidation during the storage processing of oils, fats,
lipid-containing food beverages. The increasing growth of the food beverage
industry will drive the demand for 3,4-dihydroxybenzoic acid market. For
instance, the Government of Canada, invested US$6 million in projects to help Ontario food beverage processors to
increase their competitive edge, adapt to challenges as we move beyond the
pandemic and improve their operations. Thus, with the growth of food beverage
sector, the market for 3,4-dihydroxybenzoic acid will further rise over the
forecast period.
Growth of the Plastic Industry Will Surge the Demand for 3,4-Dihydroxybenzoic Acid Market
In the plastic industry, 3,4-dihydroxybenzoic acid is used as a
chemical building blocks for polymers plastics. 3,4-dihydroxybenzoic acid
is applied in bioplastics, polymers, also bio-based active films to enhance
food preservation. The increasing growth of the plastic industry will drive the
demand for 3,4-dihydroxybenzoic acid market. For instance, according to the
Indian Brand Equity Foundation, in 2021, the government aimed to grow the
revenues to US$ 130 billion in the next five years from US$ 39 billion. Thus,
with the growth of the plastic sector, the market for 3,4-dihydroxybenzoic acid
will further rise over the forecast period.
3,4-Dihydroxybenzoic Acid Market Challenges
Environmental Health Problems Associated with the 3,4-Dihydroxybenzoic Acid Will Hamper the Market Growth
The usage of 3,4-dihydroxybenzoic acid in food beverages industry is of paramount importance but during food processing the waste generated contains these acids in waste streams, which is considered as pollutants. In order to maintain the standards of disposal owing to its bactericidal properties, its removal from the waste streams is necessary. At higher concentrations, these acids can induce blisters to harm healthy cells, can cause skin irritation, serious eye irritation, and respiratory irritation with long-lasting effects. Thus, the environmental health problems associated with the 3,4-dihydroxybenzoic acid will hinder the market growth.
3,4-Dihydroxybenzoic Acid Industry Outlook
Technology launches, acquisitions, R&D
activities are key strategies players adopt in the 3,4-dihydroxybenzoic acid
markets. 3,4-dihydroxybenzoic acid top 10 companies include:
1. Taizhou
Zhongda Chemical
2. Henan
Lyle Wormwood
3. Aktin
Chemical
4. Xi'an
Season
5. Changzhou
Sunchem Pharmaceutical Chemical
6. Guanyun
Guangda Agrochemical
7. Otto
Chemie Pvt. Ltd.
8. BOC
Sciences
9. TCI
AMERICA
10. Axiom
Chemicals Pvt. Ltd
Relevant Reports
Oxalic Acid Market – Forecast (2022 -
2027)
Report Code: CMR 1012
Fatty Acid Market – Forecast (2022 -
2027)
Report Code: CMR 0377
Organic Acids Market – Forecast (2022
- 2027)
Report Code: CMR 0508
For more Chemicals and Materials Market reports, please click here