The phloroglucinol market's growth is aided by an increase in the incidence of chronic diseases and the absence of pharmacological side effects.
Covid-19 Impact & Market Status
Due to the unexpected development of the COVID-19 epidemic, certain countries enacted tight lockdown regulations, leading Phloroglucinol import and export to be blocked. However, on the whole the emergence COVID-19 has a positive impact on the rise of the Phloroglucinol market. During the pandemic, several different applications like routers and switches also experienced high growth.
The impact of COVID-19 on the worldwide Phloroglucinol market was examined in this analysis from both a global and regional standpoint. The paper focused on market analysis under COVID-19 and associated reaction policies in several regions from production to consumption.
Phloroglucinol Market by Application
Based on application, the market is divided into the following types: Tests, Printing, Pharmaceuticals, and others. The pharmaceuticals category is expected to lead the market for Phloroglucinol during the analysis period. The number of chronic diseases has increased rapidly in today’s time, hence there is a dire need for medication for these diseases which will improve the market.
North America expected to have Highest Growth
Due to an increase in the ageing population in the area, North America was the leading contributor to the growth of the phloroglucinol market in 2015. Furthermore, the expansion of medical facilities in the region promotes the phloroglucinol market.
During the forecast period, Asia-Pacific is expected to be the fastest-growing market. The emerging markets like China, India are expected to enhance the growth of this market during the analysis period due to the high number of diseases in those regions.
The necessity for and use of pholoroglucinol has increased as the number of patients with irritable bowel syndrome has increased.
Phloroglucinol is a chemical molecule that is mostly employed in the pharmaceutical industry. C3H6O3, with a molecular weight of 126.11004 g/mol, is its chemical formula. As a bulk pharmaceutical, phloroglucinol can be used to treat convulsions and as a pharmaceutical chemical intermediary in the production of numerous medications. Phloroglucinol can be used in aqueous adhesives and as a coupler in the textile dyeing the industry.
It is also used in the production of medicines and explosives. It's a phenol derivative that works as an antispasmodic. Colic, spastic pain of the digestive and biliary tracts, irritable bowel syndrome, bladder spasm are some of the conditions that are treated with phloroglucinol.
The phloroglucinol market is predicted to grow to about USD 21 million by 2029 at a Compound Annual Growth Rate (CAGR) of 3.6 percent during the forecast period 2022-2029.
Increased rates of chronic diseases are driving the worldwide phloroglucinol market. Moreover, during the projection period, reduced undesirable effects of medication supplements are expected to improve phloroglucinol demand.
However, frequent and expanded usage of phloroglucinol may have negative health consequences, which is limiting market expansion. Furthermore, the strict regulatory rules required for phloroglucinol manufacturing stifle the worldwide phloroglucinol market's expansion. Nonetheless, leading manufacturers' increased investment in the production of phloroglucinol products is likely to create significant growth prospects during the projection period.
The technology for producing phloroglucinol is currently well-developed. The process for generating phloroglucinol from TNT is gradually being phased out of the market. Other methods of producing phloroglucinol may be used by manufacturers.
There are several established firms in the phloroglucinol market like Beijing Wisdom Chemicals Co. Ltd., Sunny Industry Pvt. Ltd., Taixing Yinxin Chemical Co.Ltd, Clent Chemicals, Sunglong Biotech Co. Ltd., Shouguang Fukang Pharmacy, V&V Pharma Industries, Sanify Healthcare PVt. Ltd. etc.
Latest Innovations in the Phloroglucinol Market: A Snapshot
- Bionova Scientific, a US-based provider of contract process development and GMP-compliant contract manufacturing services to biopharmaceutical firms, has been acquired by Asahi Kasei Medical. Asahi Kasei Medical claims that the acquisition of Bionova will help it grow its bioprocessing business due to Bionova's scientific strength, best-in-class facilities, and dedicated workforce, which is both highly technically capable and exceptionally attentive to client needs.
- The generic pharmaceuticals division of Fresenius Kabi has agreed to buy Ivenix Inc, a provider of infusion therapy, as well as a majority share in Insud Pharma's mAbxience subsidiary, which makes affordable biosimilar copies of cancer medications. The purchases, according to Fresenius Kabi, are part of a larger growth strategy aimed at expanding the company's foothold in the biopharmaceuticals and medical technology markets. Ivenix is also expected to revamp its product portfolio, according to the business.
Phloroglucinol Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 21 million|
|Growth Rate||CAGR of 3.6 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Beijing Wisdom Chemicals Co. Ltd., Sunny Industry Pvt. Ltd., Taixing Yinxin Chemical Co.Ltd, Clent Chemicals, Sunglong Biotech Co. Ltd., Shouguang Fukang Pharmacy, V&V Pharma Industries, Sanify Healthcare PVt. Ltd. etc.|
Key Segments of the Phloroglucinol Market
Type Overview, 2022-2029 (USD Million)
Application Overview, 2022-2029 (USD Million)
Regional Overview, 2022-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa