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Press Release: NAFTA and Europe Grignard Reagents Market to reach around US$ 4,427.8 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Grignard reagents are highly reactive compound with chemical formula R-Mg-X. It belongs to the organometallic compounds and finds extensive applications in the synthesis of various chemicals. Moreover, in the pharmaceutical industry, it is used to produce various drugs for curing prolonged diseases. Pharmaceuticals, packaging, flavours and fragrances, agrochemicals, and research &developments center are some of the major end-user of the Grignard reagents.
NAFTA and Europe Grignard Reagents market is projected to reach around US$ 4,427.8 million by the end of 2027, in terms of revenue, growing at CAGR of 4.3% during the forecast period (2020-2027).
Drivers
Growing demand for eco-friendly Grignard reagents due to strict environmental regulations is primarily fueling the market growth of the NAFTA and Europe Grignard reagents. According to the Coherent Market Insights analysis, Rieke metals, LLC., an American Grignard reagent manufacturer, produces over 30 Grignard and organozinc reagent chemicals in its naturally derived 2-methyltetrahydrofuran (2-MeTHF).
An increasing number of the manufacturer that produces Grignard reagents are further expected to augment the market growth. According to the Coherent Market Insights analysis, Albemarle Corporation, GFS Chemicals, Pentagon Chemicals, Weylchem international GmbH, and Boulder Scientific Company are among the top producers of Grignard reagents in the NAFTA and Europe region. These companies, collectively, are estimated to hold around 11%-13% market share in the NAFTA and Europe Grignard reagent market.
Market Restraints
Due to the highly strong and unstable nature of the Grignard reagents, extreme care and well-experienced expertise are required during the chemical reactions. This factor is expected to restrict the market growth of the NAFTA and Europe Grignard reagent.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 3,158.2 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.3% | 2027 Value Projection: | US$ 4,427.8 Mn |
| Geographies covered: |
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| Companies covered: |
Albemarle Corporation, FMC Corporation, SABIC, Weylchem GmbH, GFS Chemicals, Rieke Metals Inc., Thermo Fischer Scientific, Boulder Scientific Company, Pentagon Chemicals Ltd, and Chemoxy International Ltd |
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| Restraints & Challenges: |
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Market Opportunities
The growing use of Grignard reagents in the agrochemical industry has significant growth opportunities which can fuel the market growth in the near future. Grignard reagents are used to making leeway in the agrochemical sector due to its soil-enriching properties. Thus, the market growth is also attributed to the growth in the agrochemical sector in the NAFTA and Europe regions.
Increasing demand for Grignard reagents from the packaging industry is expected to have a positive impact on the market of the NAFTA and Europe Grignard reagent market over the forecast period. The market growth is also attributed to the growth in the packaging industry in the NAFTA and European regions due to overall economic development. Therefore, the growing demand for Grignard reagents from the packaging industry is expected to augment the market growth over the forecast period.
Figure 1. NAFTA and Europe Grignard Reagents Market– Opportunity Analysis
Market Trends
Increasing focus of manufacturers in research to explore the chemical functionalities of Grignard chemicals and their derivatives, in order to expand their applications is expected to be a major trend in the market. Moreover, manufacturers are also establishing whole new supply chain departments for suppliers, vendors, and contractors, for ensuring continuous engagement with them. This trend is expected to accelerate the growth of the NAFTA and Europe Grignard reagent market.
Improving lifestyle of the consumer due to increasing disposable income which is creating demand for various consumer products is expected to stimulate the growth of the NAFTA and Europe Grignard reagent market. Moreover, the growing focus of the manufacturer to develop new and products for the Grignard chemistry by adopting various strategic alliance is further expected to accelerate the market growth.
Figure 2. NAFTA and Europe Grignard Reagents Market Share (%) in terms of Value, By End-user, in 2019
On the basis of end-user in 2019, the pharmaceutical segment has accounted the largest market share of 57.0% in terms of value, followed by agrochemical and flavor & fragrance segment respectively.
Coronavirus Impact on Grignard Reagents Market
The Grignard reagents find application in various end-use industries such as Pharmaceuticals, Agrochemicals, Flavors & Fragrances, Packaging, and Research. Except for its application in the pharmaceutical industry, Covid-19 has reduced the demand for Grignard reagents across other industry verticals. The lowest demand has been estimated from the flavors & fragrances industries. Low consumer spending on non-essential items is expected to reduce demand for flavors & fragrances. If the pandemic lasts for a medium or long span of time, it may impact supply of active materials and ingredients, mainly from China, as well as import and export of pharmaceuticals. According to Coherent Market Insights, the Grignard reagents market is expected to grow at a slightly lower CAGR between 2020 and 2021.
Competitive Section:
Company Names
Grignard reagents belong to organometallic compounds with standard formula R-Mg-X, in which R is an organic group whereas X belongs to the halogen group. They have a strong negative charge at the carbon atom and thus are highly attracted to the positively charged atoms. This property of the Grignard makes it highly reactive and suitable for various chemical reactions applications. It has extensive use in the pharmaceutical industry for the manufacturing of various drugs.
Market Dynamics
Growing demand for flavor and fragrances from the cosmetic and personal care industry is projected to bolster the growth of the NAFTA and Europe Grignard reagent market. Rising demand for cosmetics products due to the growing sense of fashion and aspire to look good is another major factor is expected to create demand for Grignard reagent for flavor and fragrance. Therefore, the growing demand for cosmetics products in the NAFTA and Europe region will favor the market growth of the Grignard reagent.
Strict rules and regulations on the use of Grignard reagents as it is highly reactive in nature and have various environmental impacts are expected to restrict the growth of the NAFTA and Europe Grignard reagent market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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