Key market participants are positively engaged in sustainable methods of production, expansion, and development activities for malonic acid to cater to the rising demand from aforementioned sectors.
Future Market Insights (FMI) predicts that the value of the global malonic acid market will be US$ 56,058.6 thousand in 2023. Malonic acid sales are projected to grow at a 5.7% CAGR from 2023 to 2033. The entire market valuation is anticipated to reach US$ 97,277.2 thousand by 2033.
Malonic acid is a very adaptable chemical intermediate that is widely used in the synthesis of a variety of plastics and polymers.
One of its key applications is producing polyester resins, which are widely used in the manufacturing of films, fibers, and packaging materials. The synthesis of diesters, which are crucial intermediates in the production of polyester resins, requires malonic acid as a raw material.
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Malonic acid serves as a fundamental building block for specialty polymers such as polyesters and polyamides that exhibit unique properties. This makes them ideal for high-performance applications in industries such as aerospace and automotive.
Another application of malonic acid is in the production of polyurethanes, where it acts as a cross-linking agent. Polyurethanes are extensively used in the manufacture of adhesives, coatings, and foams.
Given the polymer industry's considerable reliance on malonic acid, its growth is expected to drive demand for malonic acid in the market. Malonic acid continues to remain an essential chemical intermediate in the polymer industry with a broad range of applications.
Similarly, increasing applications in pharmaceutical and food & beverage industries will elevate malonic acid demand.
Key Takeaways from the Malonic Acid Market:
“Advances in technology have led to improvements in the quality of malonic acid products, making them more reliable and consistent. This has increased the appeal of malonic acid in the global market." - says a Future Market Insights analyst.
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Who is Winning?
Key manufacturers of malonic acid market report
The market has witnessed a surge in product development activities, with leading manufacturers focusing on launching new products to stay ahead of the competition.
Key companies are investing heavily in domestic production and are integrating new technologies in the manufacturing process to improve production efficiencies and reduce costs. They are also using strategies such as partnerships, collaborations, and acquisitions to expand their footprint.
For instance,
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Malonic Acid Market Outlook by Category
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 06, 2024