New York (US), Sept. 12, 2023 (GLOBE NEWSWIRE) — Benzylamine Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), “Benzylamine Market Information By Type, Application Type, and Region – Forecast till 2032” The benzylamine industry shall expand from USD 0.46 Billion in 2023 to USD 0.62 Billion by 2032, with a 5.8% CAGR between 2023 and 2032.
C6H5CH2NH2 is the condensed structural formula for the organic chemical compound benzylamine, often known as PhCH2NH2 or BnNH2. It consists of a C6H5CH2 benzyl group joined to an NH2 amine functional group. This colorless, water-soluble liquid is a typical precursor in organic chemistry and is utilized in the synthesis of numerous medications on a large scale.
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Market Competitive Landscape:
The important manufacturers in the worldwide market include
- BASF AG
- Huntsman Corporation
- Dow Chemical Company
- Eastman Chemical Company
- Among others.
|Market Size 2032||USD 0.62 Billion|
|Compound Annual Growth Rate (CAGR)||5.8% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2018- 2022|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increase in application in various sector|
Browse In-depth Market Research Report (128 Pages) on Benzylamine:
Market USP Covered:
Numerous medications, including alniditan, lacosamide, moxifloxacin, and nebivolol, are produced industrially using benzylamine. Although less stable than previous nitroamine high explosives like HMX and RDX, it is also used to make the military explosive hexanitrohexaazaisowurtzitane (HNIW). As HNIW offers lower observability features, such as less visible smoke, the US Navy is testing it for use in rocket propellants, such as those for missiles. In order to make HNIW, benzylamine, and glyoxal are first condensed in acetonitrile under acidic and dehydrating conditions.
The market will steadily expand during the anticipated time frame in view of the flourishing chemical and pharmaceutical sectors. The market for compounds manufactured from benzylamine benefits from the rising emphasis on R&D, modern manufacturing techniques, and a well-established healthcare industry.
Additionally, environmental protection and sustainability are highly regarded worldwide. The use of benzylamine in environmentally friendly applications could be impacted by this emphasis on green chemistry and sustainable practices. The demand for benzylamine-based solutions to augment contemporary agricultural practices is also supported by the agrochemical sector.
When applied to the skin or ingested, benzylamine is toxic. Burns can result from it, especially if the skin is exposed to benzylamine for an extended period of time. The market may be constrained by this in the years to come.
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COVID 19 Analysis
The COVID-19 epidemic has hampered the expansion of the world economy. Lockdowns, trade restrictions, and the closing of numerous businesses and workplaces are just a few of the measures that have been taken to combat the epidemic. These measures have the potential to save lives in numerous nations. They do, however, have significant economic effects.
East Asia, South Asia, and West Asia are the regions that will likely see the greatest drop. North America, Latin America, and Europe all experienced a little slowdown in industrial growth in 2020. The market is nevertheless steady in Africa. Markets in Oceania, Eastern Europe, and Central Asia are expected to experience stronger product demand notwithstanding the COVID-19 situation.
Despite the loss in demand and the sharp drop in pricing, it is anticipated that the global sector would react favorably, maintain operations, and guarantee worker safety. Businesses can benefit from the rising demand for disinfectants, antiseptics, and personal protective equipment even when demand for products from key industries has slowed down. The rising need for medical, personal care and pharmaceutical products is also driving up the demand for protective packaging.
The agriculture, pest control, chemical, paint and coatings, automotive & transportation coatings, industrial coatings, and others are included in the market segmentation for benzylamine with regard to type. The paint and coatings sector holds the biggest market share. Its role as an adaptable chemical intermediary, elements influencing the global economy, R&D expenditures, and the emphasis on sustainable practices. Due to its adaptability to support a number of industries and its receptiveness to shifting market demands, the compound is positioned as a critical component of many supply chains.
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By Application Type
The top application types of benzylamine are chemical manufacturing, paint and lacquer manufacturing, pesticide and fertilizer manufacturing, pharmaceutical manufacturing, and other industries. Benzylamine is used as a building block in the synthesis of numerous drugs and agrochemicals. It serves as a precursor for the creation of numerous active pharmaceutical ingredients (APIs) and crop protection substances. As the pharmaceutical and agrochemical industries continue to experience growth, the need for benzylamine as an intermediate for numerous applications may drive market expansion.
Since 2022 (45.70%), North America has held the top place in the benzylamine market. The region has a thriving pharmaceutical industry with large R&D initiatives. Because of this, benzylamine is highly sought after as a catalyst in the synthesis of numerous therapeutic compounds. Additionally, the North American agrochemical industry is vital for providing solutions for modern agriculture. Because it is utilized to create a number of agrochemicals, benzylamine is required.
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