Limonene Market (2018-2024): Analysis by Source and Application | Florida Chemical Company, Fujian Green Pine Company Limited

The dipentene (limonene) market is anticipated to gain sizable growth on account of rapid advancements in the paints & coatings industry. Back in 2017, the paints and coating industry recorded commendable revenue strides from the aerospace, automobile, wood & marine, and general manufacturing sectors. On this note, it is estimated that, by the year 2025, the industry may exceed USD 227 billion mark, which could aid dipentene market outlook.

Apart from the paints and coatings industry, dipentene is extensively used in the food & beverage, personal care, electronics, pharmaceutical, chemicals, agriculture, and rubber spheres. Out of these industries, the food & beverage industry is expected to register considerable demand for limonene over the forecast timeline. In 2017, food grade was slated the biggest dipentene market grade. The product’s non-toxic nature has allowed manufacturers to use it in numerous personal care and food & beverage products.

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Lately, dipentene has been experiencing steady demand from the pharmaceutical sector as researches showcase new benefits of limonene in clinical treatments. Taking September 2020 for instance, Owlstone Medical revealed the results from its latest patient studies where they were able to showcase the use of exhaled limonene as a breath biomarker to analyze stage liver disease and liver function. According to a study conducted by Global Market Insights, Inc., the dipentene market could reach USD 1.9 billion by the year 2024.

North America dominated the global dipentene industry in 2017 and will remain the leading market in the forthcoming years. The presence of numerous advanced manufacturing plants in the U.S. and Canada will complement the product demand in the region. Increased disposable income of consumers in the Asia Pacific has led to rising spending on personal grooming products and food & beverage, which will eventually augment the demand for limonene in the region.
Shanti Chemicals, Mentha & Allied Products Private Limited, Green Pine Industries, Penta International Corporation, Fujian Green Pine Co. Ltd, Envirosafe Chemicals Canada, Toronto research Chemicals, A. B. Enterprises, and Florachem Corporation, are some of the prominent producers and suppliers of dipentene worldwide.

These companies are focusing on creating a robust distribution network through strategies of mergers and partnerships in order to expand their business reach and generate more revenue. For example, Givaudan, along with Rhodia Inc., Evonik Industries, Firmenich, Symrise Inc., DRT, and BASF are strategic partners of Vigon International. Such partnerships among the majority of industry players are quite beneficial in developing new products.

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Asia Pacific is expected to evolve as one of the most significant regional grounds for dipentene market share over the projected period. Robust production of orange in countries like China is supplementing the production of limonene. According to Food and Resource Economics Department, Florida, the total citrus food production in China is constantly growing and had reached close to 31 million tons in the year 2015-2016.

Moreover, the rise in disposable incomes among people has led to significant consumption trends across the region. The food and beverage sector in the region is witnessing surging demand to introduce innovative food items. Additionally, the enhanced lifestyle has also led to increased spending on personal care items, thereby driving the regional limonene market trends.

The dipentene market is highly competitive with major players holding more than 50% of market share in 2017. The key market share contributors in dipentene industry include Florida Chemical Company, Fujian Green Pine Company Limited, Mangalam Organics Limited, Florachem
Corporation and International Flavors & Fragrances Inc. The companies involved in limonene business have mergers & acquisitions as their prime expansion strategy. In addition, switching cost for suppliers is very low in the industry. This makes the market more competitive by decreasing entry barriers for the new entrants. Producers are expanding their manufacturing capacity and majority have their own distribution network.

Get More News:
https://www.globenewswire.com/news-release/2018/08/13/1550649/0/en/Dipentene-Market-to-reach-1-9bn-by-2024-Global-Market-Insights-Inc.html

https://www.globenewswire.com/en/news-release/2021/05/03/2221172/0/en/U-S-Aroma-Chemicals-Market-projected-to-surpass-1-5-billion-by-2027-Says-Global-Market-Insights-Inc.html

https://www.prnewswire.com/news-releases/the-sodium-sulphate-market-is-slated-to-reach-1-335-million-by-2027--says-global-market-insights-inc-301274486.html

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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