Chiral Chemicals Market is expected to reach USD 119.72 billion by 2024. Chiral chemicals are obtained by separating the isomers of racemic compounds using chromatography as a principal method. The chirality plays an important role in fragrance and flavor chemistry. The chiral chemicals market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
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The key driving factors responsible for the growth of Chiral Chemicals market :
The factors that are playing a major role in the growth of chiral chemicals market are rising demand for enhanced healthcare facilities, a government initiative for the development of the pharmaceutical sector in emerging countries, rising demand from agrochemical industries. However, strict government policy and environmental issues on using chiral pesticides may restrain overall market growth in the years to come. Chiral chemicals industry is segmented based on technology, application, and region.
Based on technology, the biological separation method, traditional separation method, asymmetric preparation method, and others could classify chiral chemicals in the forecast period. The asymmetric preparation method sector comprises asymmetric catalysis method and asymmetric synthesis method. The traditional separation method accounted for the significant market share of chiral chemicals and is estimated to continue its dominance in the years to come. The reason behind the overall market growth could be the presence of enhanced technology. Also, asymmetric preparation sector is estimated to grow at the fastest pace in the years to come.
The market may be categorized based on applications like flavors/fragrances, pharmaceuticals, agrochemicals, and others could be explored in chiral chemicals in the forecast period. The pharmaceutical sector accounted for the significant market share of chiral chemicals and is estimated to lead the overall market in the years to come. The reason could be the rising demand for enantiomerically pure products in pharmaceutical preparations, extensive R&D, and rising use of enhanced technology.
Globally, North America accounted for the substantial market share of chiral chemicals and is estimated to lead the overall market in the years to come. The reason behind the overall market share could be the presence of key manufacturers in this region, technological enhancement, and growing pharmaceutical sector in Mexico.
The key players of chiral chemicals market are Chiracon GmbH, BASF SE, Dow Chemical Company, Johnson Matthey PLC, PerkinElmer Inc., Solvias AG, W. R. Grace & Co., Strem Chemicals, Rhodia, Bayer AG, Chiral Technologies, and Codexis Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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