Pune, India -- (SBWIRE) -- 05/11/2018 -- Catechol Market – Overview
Catechol Market across the world has seen an incremental growth over the past few years. The global market is expected to gain positive growth rate during the forecast year. Growth in agrochemicals sector is one of the major driver for catechol market across the globe. In addition to this, growing demand of catechol in personal care, petrochemicals, food & beverages sectors are expected to drive the market. The global market for Catechol is majorly attributed towards growing agrochemicals and personal care industry. Catechol is easily soluble in water and readily biodegradable in nature and hence is expeted to have high demand in near future.
Industry/ Innovation/ Related News:
July 2016 – Solvay announced the expansion of capacity of the project for para-methoxyphenol (MEHQ or PMP), catechol (PC) and hydroquinone (HQ) at Zhenjiang site, in China. With this innovative of environmentally friendly new capacity, the company is expected to continue to serve the market growth in Asia Pacific and India. The expansion of Solvey is expected to be operational by the end of 2018. Solvey is the global leader in manufacturing of Diphenols and its derivatives. As per the VP & General Manager of Solvey's, Asia Pacific region, the expansion of this hydroquinone and catechol competitive platform, the company is expected to grow in Diphenol, butyl hydroxyl anisole and its derivatives used for feed and food as an antioxidants. Solvey has also recently started plant Vanillin plant, a new plant China due to growing demand of Diphenols and its derivatives in Asia Pacific region.
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Catechol Market - Regional Analysis
Asia Pacific region accounted largest market share in the Global Catechol Market and expected to dominate during the forecast period due to rising demand of it from agrochemicals, personal care, petrochemicals and food & beverages sectors. China being largest consumer, manufacturer and exporter of Catechol. India is the second largest consumer in Asia Pacific region. Several initiatives taken by Government of India will support the growth of chemical sector in India. One of such initiative is 'Make in India'. This initiative is expected to foster growth in Indian Catechol Market by allowing duty rationalization for skill development, feedstock, improving infrastructure and tax incentives for R&D investments. GST billapproval is one of the other key reform that is predicted to decrease the logistics cost by 10 to 16% which make a good market in the country. The launch of Single Window Interface for Facilitating Trade (SWIFT) by government would help importers or exporters to file a common integrated declaration, instead of 9 forms across 6 agencies. Regionally, North America is the second largest consumer of Catechol followed by Europe. Country wise, U.S. is the second largest consumer of catechol after China.
Competitive Landscape
In competitive landscape, the report analyses the extent of competition between the industry players as well as industry growth and market scenario. Globally Catechol Market is at a growing stage which represents healthy growth in terms of market value and overall volume. Over the past few years, Catechol Market has witnessed positive demand from industries like agrochemicals, personal care, petrochemicals and food & beverages industry. Nevertheless, the competition between the players across the market is still less, due to limited market players across the globe however, worldwide, market for Catechol is fragmented in nature and it is moving towards acquisition, product launch and expansion strategies.
Distribution Channel
The distribution channel comprises of distributors, retailers, wholesalers, and e-commerce. The distributors are the companies that are in long-term sales agreement with the manufacturing companies and are engaged in long-term business with the customers from end-user industries. Furthermore, sales of products through e-commerce channels is the new trend in the market; manufacturers are using third party online platforms to sell their products. Prevalence of e-commerce as a distribution channel is expected to increase over the forecast period with the penetration of technology and bolstering the growth of e-commerce market in the world.
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