Palmitoyl chloride is colorless liquid chemical compound with string odor. Palmitoyl chloride is also known as hexadecanoyl chloride, palmitic chloride and palmitic acid. Efficacy to act as an intermediate, palmitoyl chloride is emerged as an ideal ingredient in pharmaceutical industry. Palmitoyl chloride is used as an organic synthesis chemical to prepare antibiotics such as chloramphenicol hexadecane carbonate and odorless chloramphenicol.
On the basis of application, palmitoyl chloride is mostly used as in intermediate in organic synthesis of pharmaceutical drugs. Pharmaceutical is poised to remain largest consumer of palmitoyl chloride during the forecast period. Global pharmaceutical industry is projected to experience growth rate of 4% during the forecast period surpassing market valuation of US $ 1.5 Trillion by the midterm forecast.
The global palmitoyl chloride market is bifurcated into three major segments: purity, application, and region.
On the basis of application, palmitoyl chloride market has been segmented as follows:
Palmitoyl Chloride Market: Key Players.
Global palmitoyl chloride market is highly consolidated in nature in which top six prominent company’s accounts for over half of the global production and sales. Currently, BASF, Shiva Pharmachem Ltd., Rudong Lianfeng Chemical industry Co., Ltd, Haihang Industry Co.,Ltd and Santa Cruz Biotechnology, Inc. are the key stakeholders in global palmitoyl chloride market.
Palmitoyl Chloride Market: Regional Outlook
The report on the global palmitoyl chloride market covers six major regions that include North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA. United States has been remained the largest consumer of palmitoyl chloride during the historical period and is set to reign its supremacy over the forecast period. The growth is attributed to huge presence of pharmaceutical and cosmetic industry in the region.
United States being the largest pharmaceutical importer and one of the key exporter with an import valuation of over US$ 99 Bn in 2019 is set to drive the global palmitoyl chloride market. On the back of United States, North America is projected to lead the demand for palmitoyl chloride accounting for over third of the global demand. However, China is emerging as global hub for pharmaceutical production and India is set to experience high growth rate. Both the countries are poised to emerge highly lucrative pockets by the end of forecast period.
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