Catechol market is anticipated to witness lucrative growth over the coming years. Catechol, also known as pyrocatechol or 1,2-dihydroxybenzene is used in rubber, dies, photographic, fat and oil industries. Catechol is a crystalline and colorless solid with a slight phenolic odor. The product as an antioxidant also found applications in the cosmetics, pharmaceuticals, and insecticides industries.
Catechol demand is expected to observe an increase owing to its demand in the agrochemicals, flavors and fragrances industries. In agrochemicals, catechol acts as a intermediate for the synthesis of molecules for insecticide production. In fragrance industry, the product is used as a precursor to fine chemicals. In food & beverage industry, increasing usage of catechol in the form of vanillin and ethyl-vanillin is expected to benefit the market growth.
The catechol industry is projected to observe a critical impact over the short term, this is likely to be affected by volatility in prices along with limited supply on account of few manufacturers. Phenol is the key cost component in the price of catechol. Recent decline in prices of phenol owing to sluggish demand from end-use industries, weak cost support, and fall in consumer sentiments have also affected the prices of catechol.
On the basis of end-use industries, the catechol market is segmented into pharmaceutical, food & beverage, agrochemical, cosmetics, and others. Over the forecast period, the pharmaceutical segment is poised to grow at a moderate rate. In pharma, catechol along with L-dopa can be used in the treatment of Parkinson’s disease. The rising R&D expenditure in biomedical applications is also projected to remain key contributing factor for the market growth.
Asia Pacific emerged as the largest regional market in 2022. The demand in the region is expected to be fueled by a focus on agriculture production in China, and India and thus increase in the usage of pesticide and insecticide products. The government in these countries has also started different initiatives and programs in order to boost the agricultural economy.
The market is consolidated in nature with medium to large companies operating at local and regional levels. Some of the key players include Camlin Fine Sciences, Solvay, UBE Corporation, Lianyungang Sanjili Chemical Industry Co.,Ltd., K.K Poonja & Sons,Sisco Research Laboratories Pvt. Ltd. (SRL) and Alfa Aesar among others.
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