According to a new research report by Global Market Insights Inc., the Tetraethyl Benzene Market size will exceed USD 530 thousand by 2027. Increasing adoption from pharmaceutical intermediates will drive industry growth.
Strong growth of the active pharmaceutical ingredients industry to drive product demand
The proliferating pharmaceutical industry will primarily drive tetraethyl benzene market expansion during the forecast period. Growth is due to growing use of tetraethyl benzene in various pharmaceutical intermediates as an ingredient, such as 1,2-Benzenedicarboxamide and N1,N1,N2,N2-tetraethyl.
Increasing use of active pharmaceutical ingredients due to the emergence of novel & innovative delivery systems and the evolution of personalized medicines will emphasize product demand in the market. Furthermore, expanding scope for chemicals in research applications to explore new compounds or methods to enhance the properties of the existing chemical compounds is likely to boost product demand during the forecast period.
Browse key industry insights spread across 115 pages with 90 market data tables & 20 figures & charts from the report, “Tetraethyl benzene Market Size, By Application (Research Applications, Downstream Products Production, Pharmaceuticals Intermediates), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The pharmaceutical intermediates holds over 20% share in tetraethyl benzene market size. Growth is due to extensive use of the product as an ingredient in various pharmaceutical intermediates. Increasing demand for drugs to treat the aging population will boost the sales of active pharmaceutical ingredients due to a growing pool of geriatrics across North America and Europe. This will positively increase pharmaceutical ingredient usage and boost the demand for tetraethyl benzene in the sector.
Furthermore, improving access to healthcare and the rising demand for drugs in Asia Pacific are likely to create lucrative growth opportunities for the tetraethyl benzene in the market over the coming years. In 2018, the India Biotechnology Industry Research Assistance Council was established to encourage research and innovation competences in India’s biotech sector. It will provide funding to biotech businesses for technology and product development, further supporting the industry growth.
The Middle East & Africa will witness around 2% CAGR by 2027 in tetraethyl benzene market volume. Tetraethyl benzene suppliers are required to balance opportunities against related risks such as substitute products, legal conditions, and potential political instabilities. The present COVID-19 crisis has created a halt in downstream product production. However, increasing demand for generic drugs, such as Propofol, due to its use as an anesthetic is expected to provide significant opportunities for tetraethyl benzene market across the regional market participants over the coming years.
Product innovation to enhance competition in the industry
Prominent manufacturers in the tetraethyl benzene industry include Angene International, ChemSampCo, LLC., LEAPChem Co., Ltd., Leap Chem Co., Ltd, AHH Chemical Co., Ltd, BOCSCI Inc., Henan Tianfu Chemical Co., Ltd., Sagechem Limited, and Antimex Chemical Limited. Industry players are focusing on product innovation and collaboration with research firms to attain a competitive edge in the market.
For instance, in 2018, BOC Sciences launched new pharmaceutical intermediates, Losartan potassium and Sorafenib tosylate, which can be used in the synthesis of the final product or drug. This strategy will provide the company new opportunities in the pharmaceutical industry, thereby strengthening their foothold in tetraethyl benzene market size.
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