Demand from the pharmaceuticals can tailwind the growth of the Global Chiral Chemicals Market and assist the sector in scaling a massive USD 96,894.20 million during the forecast period (2015-2023), reveals Market Research Future (MRFR) in a holistic report. Chiral Chemicals are extensively penetrating markets such as that of pharmaceuticals and agrochemicals considerably and have become an integral part of the manufacturing procedure which can backbone the expected CAGR of 17.56% during the same period. Along with it, the sector is also experiencing a boost from the research and development sector where the multinationals and governments are investing heavily in producing essentials using the chemicals. Furthermore, new technology has resulted in the bio-catalytic synthesis of the Chiral Chemicals which has significant market potential.
However, governments are now imposing stringent regulations to prohibit the use of chiral pesticides. Adoption of eco-friendly, organic products is gaining traction which can act as a headwind for the market and hinder the prediction.
The industry is investing heavily in research and developments in a search for better products. In this, efforts made by the Chemists at Scripps Research can be considered exemplary. They have come up with a method which would ease the making of chiral molecules. Now, without enzymes, the feat can be achieved which is revolutionary in several contexts and can open up dimensions that were previously off-limits in chemistry.
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The Global Chiral Chemicals Market is segmented on the basis of Technology and Application.
Based on Technology, the market can be segmented into traditional separation method, asymmetric preparation method, and biological separation method.
Application-Wise, the market includes pharmaceutical, agrochemical, flavors, fragrances, and others. Demand for chiral chemicals in pharmaceuticals takes the sub-segment to the crest.
Regionally, Global Chiral Chemicals Market spans across North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America (LATAM).
North America, as of 2016, has the largest market. By generating USD 32,025.3 million it has secured the top position for itself. The U.S. is contributing the most, and with the presence of several end-use industries in the region, the country is expected to grow further.
The APAC is showing significant possibility of growth as the burgeoning industries are opening up various avenues for market expansion. The increase can be attributed to the rapid industrialization and fast urbanization owing to which the market is expecting a staggering CAGR of 17.56% and grow at the fastest rate during the forecast period.
Europe, with 28% of the market share, is playing an essential role in the global market. Germany contributes the most among the many European nations. However, the MEA and the LATAM are expecting a moderate growth.
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