Anisole Market Analysis Forecast Till 2025
For instance, in Poland the revenue around USD 3.55 billion has been spent on cosmetics, according to International Trade Administration, in European countries major share of cosmetic market comprises of hair care and skin care products, perfumes hold over 13.5% share of total cosmetic market by 2017. Thus, the growing cosmetic industry is expected to accelerate the demand for anisole over the coming years.
Anisole is used as a substance that dissolve in a solute for manufacturing medicines, these medicines are used for treating and preventing human diseases. The demand for anisole in pharmaceutical sector is likely to grow with rising old age population worldwide. For instance, world population is aging which was around 8.5% in 2015, growth in the older population is majorly influenced by longer life expectancy ratio. In Asia Pacific, Japan have the highest percentage of old aged population, followed by Germany and is expected to double in coming years. As the older population are more prone to non-communicable diseases and have higher risk of illness due to biological changes. Anisole application is likely to propel in pharmaceutical sector with increasing ageing population.
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Old age group contributes major share toward revenue generation owing to higher intake of medicines & drugs. Medical expenses for treating patients above 65 and over are rising in various developed and developing economies. Europe is experiencing demographical change due to higher life expectancy ratio and lower birth rate.
This region accounts for high percentage of old people, which increased from over 18% in 2013 to 25% in 2016. In Europe, the medical industry accounts for over USD 16.0 billion in 2015, and around 10% of their entire GDP is spent on medical industry. Thus, rise in old age population along with their medical expenses will substantially grow the anisole market over the projected timeframe.
Anisole is also known as methoxybenzene, which is derived from benzene. Coal is also one of the sources of benzene other than crude oil. However, in recent years higher volumes of benzene are obtained from crude oil and only a small volume is obtained from coal. The crude oil production has been increasing at a CAGR of 2.3% from 2012 to 2015, while its price per barrel decreased from USD 94.1/barrel in 2012 to USD 48.7/barrel in 2015.
The price of the crude oil is highly fluctuating while the production is increasing at a moderate growth rate. At present, crude oil prices are too low and the prices are expected to boost over the coming years or fluctuate highly. This shows an adverse impact on the global market as the raw materials become unavailable to the manufacturers. Thus, the global anisole market growth may be hindered by variation in crude oil prices over the years.
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Based on application, the market has been segmented into cosmetics, and pharmaceutical. Anisole market for cosmetics is one of the fastest growing segment and is expected to dominate the market owing to rise in consumer self-grooming trends. Pharmaceutical application is estimated to grow with a significant CAGR over the projected timeframe owing to growing percentage of old age population.
North America is one among the fastest growing regions followed by Asia Pacific. Due to shift in consumer preferences towards self-grooming trends generating higher demand for cosmetic products, which is positively favouring the regional product demand over the forecast timeframe. LATAM and Middle East & Africa regional markets are estimated to grow with significant CAGR’s owing to social-economic factors such as rise in income.
The prominent market leaders of the market are Atul Ltd., Sigma-Aldrich, Parchem, Eastman Chemical Company, Benzo Chem Industries, Eastman Chemical Company, Evonik, Camlin Fine Chemical, etc. There are other medium and small-scale industries operating in the market which follow several strategies to achieve significant market share of global anisole market over the coming years.
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