BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global triethyl citrate market size to grow at a steady CAGR of 6.4% during the forecast period between 2022 and 2028. Rising global demand for PVC and plastics is expected to drive the global triethyl citrate market. It is widely used in the production of PVC and plastics. The compound stabilizes the finished product chemically. PVC, vinyl, polyolefins, rubber, and polystyrene are all made using triethyl citrate as a polymer modifier. The triethyl citrate market is expected to be driven by rising demand for these polymers. Triethyl citrate is also a crucial component of lubricants used in numerous industrial processes as well as in automobiles. The triethyl citrate market is expected to grow because of the developing automotive industry in developing nations. The automotive industry is being driven by rising disposable income and shifting consumer lifestyles in developing nations. China's industrialization is also making a significant contribution.
Global Triethyl Citrate Market – Overview
Natural fibers have greater thermal stability after chemical processing than synthetic fibers. Natural fibers' mechanical, thermal, and wettability properties are improved by these processes. The chemical treatment also alters the fiber's morphology, surface chemistry, and pore structure. Natural fibers become stronger, stiffer, and more adherent to the matrix as a result of this process. They are an excellent choice for a wide range of applications, including road and bridge construction, aerospace, and automobile manufacturing. Increasing use of bio-based fiber composites in the automotive industry is driving market growth. Because of their lightweight, they are increasingly being used in the production of electric vehicle components. Furthermore, due to their competitive stiffness and strength to various synthetic fibers and good acoustic insulation characteristics, these composites can be used in floor panels, door panels, seat backs, underfloor pans, headliners, and trunk liners in cars and trucks.
The automotive industry is being driven by rising disposable incomes and changing lifestyles of consumer groups in developing nations. The market for triethyl citrate is being impacted by consumers' increasing preference for skin care products. All types of cosmetic products, including bath products, baby products, soaps, cosmetics, detergents, hair dyes, hair colors, and other skin care items, contain triethyl citrate. Triethyl citrate was used in 10,000 cosmetic products in 2016, according to the Voluntary Cosmetic Registration Program (VCRP) of the US Food and Drug Administration. The main factor driving the growth of the triethyl citrate market is the rising demand for triethyl citrate for use in consumer goods.
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Opportunity: Growing Fashion industry and Use of Triethyl Citrate in Cosmetics
Due to rising middle-class disposable income and rising aspirations for a fulfilling life and attractive appearance, there is a greater demand for cosmetic products. Triethyl citrate is a common ingredient in numerous cosmetic and beauty products. Triethyl citrate is used by perfumers as a fixative, diluent, and solvent. It is believed to be easily biodegradable and low-toxic before degradation. Triethyl citrate is an effective solvent for lacquers, varnish, and deodorants because it mixes easily with water and a variety of organic substances.
Challenge: Stringent Government Regulations and Price Volatility
Triethyl citrate environmental regulations and fluctuating raw material prices are anticipated to restrain market expansion. The substance can enter the body through ingestion and inhalation. Aquatic animals are highly toxic to triethyl citrate. As a result, its production and transportation are governed in developing nations. In South America and the Middle East, growing triethyl citrate demand from a variety of applications is anticipated to present enormous opportunities for market participants.
Impact of COVID-19 on Global Triethyl Citrate Market
The COVID-19 pandemic had a significant impact on the triethyl citrate market. The World Trade Organization anticipated that the COVID-19 pandemic would disrupt regular economic activity and daily life globally in 2022. This decrease in trade is anticipated to be between 13% and 32%. Due to supply chain problems and a labor shortage, manufacturing companies have had to stop production, which has further contributed to their demise. The purchasing power of the construction and automotive industries both fell, which in turn decreased the demand for polymers and slowed the expansion of the triethyl citrate market.
Global Triethyl Citrate Market – By Application
The global triethyl citrate market is segmented into Plasticizers (Plastic, Rubber, Adhesive & Sealants, and Others), Solvent (Paint, Inks, and Coatings), Pharmaceutical Tablet Coating, Cosmetics (Aerosol Hair Sprays, Deodorants and Perfumes, Beauty Creams & Lotions, and Others); Food Additive & Flavoring Agent (Frozen Dairy or Egg Whites). More than 35% of the triethyl citrate market was accounted for by the food additive and flavoring agent segment by 2021. To stabilize foam, triethyl citrate is commonly used as a whipping agent in dried, frozen, or refrigerated egg white products. In oxidation-sensitive foods such as fats and oils, triethyl citrate is also used as a sequestrant or chelating agent.
Competitive Landscape
Global triethyl citrate market is fiercely competitive. Prominent players in global triethyl citrate market includeHangzhou Trylead Chemical Technology, Debye Scientific Co., Ltd, A&J Pharmtech Co., LTD, RennoTech Co., Ltd, Finetech Industry Limited, Sigma-Aldrich, Tokyo Chemical Industry Co., Ltd., MORIMURA BROS. Inc., Viachem Ltd., BASF SE, Huainan Anxintai Science and Technology Co., LTD., FUSO CHEMICAL CO., LTD., Mamta Polycoats, AN PharmaTech Co Ltd, RennoTech Co., Ltd., and Vertellus. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global triethyl citrate market.
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