Limonene Market share research by applications and regions for 2016-2023
U.S. limonene market size was dominant and accounted for over 50% of the total demand in 2015. Central and South America, mainly driven by Brazil economy and orange production & export, is likely to be the fastest growing region up to 2023.
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The limonene market price trend experiences fluctuation which is expected to squeeze company profit margins. This is likely to challenge industry growth and price management efforts by manufacturers and blenders which use the product in degreasers or citrus cleaner applications. This is due to the orange production lag owing to innumerable weather which creates supply demand deficit.
Their use is curtailed under regulations or eliminated. Also, many solvents are flammable, thereby restriction use in situations where explosion and fire are safety concerns. Manufacturers are increasing preferring to green solvents, particularly, d-limonene to avoid the potential hazards. Global green solvent market size was over 2.5 million tons in 2015 and is likely to reach over 3.3 kilo tons by 2023, growing at a CAGR of more than 4.2%.
Halogenated hydrocarbons or Petrochemical derived solvents were majorly used for cleaning applications such as dirt, greases, asphalt deposits, oxidized films and grime. These cleaning materials used can be either hazardous or leave residues responsible for environmental pollutants. This factor is likely to drive limonene demand over the coming seven years.
Increasing personal care product demand owing to health concerns is likely to drive limonene industry over the coming years. Global personal care ingredients market size was is likely to be worth over USD 18 billion by 2023, with estimated gains at over 5%.. Solvent derived hand cleaners contain almost 30% solvent. With 10%, d-limonene is proven to be much more effective than solvent derived hand cleaners.
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Myralene use as industrial solvent is likely to challenge industry growth. Myralene is used as a substitute product owing to low cost and better cleaning properties without environmental concerns. Increasing investment in by companies to develop product at low costs for niche applications is likely to open new growth avenues for industry players.
The global limonene market share is characterized by competition based on prices and service provided to clients. Major industry participants are based in the U.S. and Brazil. Major companies include Florida Chemical Company, Lemon Consentrate S.L., XR-2000, Inc. and Schepise Chemical Sales, LLC. Other prominent players include Orchidia Fragrances, Sharp Methanol India Ltd, Citroflavor Essential Oils, Hunter Sales, Inc., EZclean and Frutech International.
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