Coumarin Market Size, Share, Growth, and Industry Analysis, By Type (Pharmaceutical Grade Coumarin, Cosmetic Grade Coumarin, and Chemical Grade Coumarin), By Application (Medicine, Detergents, Electroplating and Coating, and Other Application), Regional Insights, and Forecast To 2031

Coumarin Market Report Overview

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The global coumarin market size is expected to be USD 159.5 million in 2021 and is projected to touch USD 291.42 million by 2031, exhibiting a CAGR of 6.2% during the forecast period.

Coumarin is an organic compound of chemicals and has an aromatic fragrance. It’s a colorless crystalline substance with a sweet odor that resembles the vanilla scent with a bitter taste. It has a benzene molecule with two hydrogen atoms, which are replaced by a lactone-like chain. The chain of lactone forms a second-six membered heterocycle sharing two carbon atoms with benzene. It can be found in various plants, where it serves as a defense against carnivores. It inhibits vitamin K synthesis, which is a linked compound and is used as an anticoagulant prescription drug warfarin. 

Coumarin word comes from the French word coumarou, which means Tonka bean. Tonka is used for the Tonka bean adapted from the Galibi (Carib) tongue that is spoken by the French Guiana natives. It can be prepared by various name reactions, such as the Perkins reaction between acetic anhydride and salicylaldehyde. This compound can be found in plants that are freshly ground. The newly ground plant parts contain a higher amount of undesired and desired phytochemicals than powder.  It is used in adding fragrance to personal care products and other cosmetics such as toners, body lotions, body-mist, and others. 

COVID-19 Impact: Difficulty in Manufacturing to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with coumarin experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over. 

The unforeseen event of the pandemic prompted the execution of strict lockdown rules across various countries resulting in aggravations in the import and product exercises of the product. Nonetheless, the expansion sought after for excellent items in the market expanded the interest in the chemicals market development during the pandemic. In any case, the market was principally hit by various impediments in the midst of the COVID-19 pandemic, such as the absence of capable labor force accessibility and postponement or end of activities attributable to finish lockdown. Additionally, the flood in the execution of modern automation arrangements globally is expected to build up the market figures post-COVID-19. The epidemic further compelled the developing nations to employ natural and chemical in medicinal applications.

LATEST TRENDS

"Innovation of Advanced Personal Care Products to Boost Growth"

The coumarin market is likely to witness exponential growth due to the rising inclination of the population toward personal, skin, and hair care. The market is estimated to grow owing to the changing consumer preferences for cosmetic and personal care products. It is used in the manufacturing of body lotions, deodorants, and shower gels to add scent to the product. Higher personal and skin care product consumption is anticipated to foster the coumarin market growth in the forecast period. Additionally, rising advancements in cosmetics and personal care products are increasing the adoption of the product.

Coumarin Market Segmentation

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• By Type Analysis

By type, the market is segmented into pharmaceutical grade coumarin, cosmetic grade coumarin, and chemical grade coumarin. 

Cosmetic grade is anticipated to dominate the market due to the rising per capita income and the accelerating spending on personal care products. 

• By Application Analysis

Based on application, the market is classified into medicine, detergents, electroplating and coating, and other application. 

The perfume and fragrance segment is forecasted to dominate the market owing to the rising demand from the end-use industries.

DRIVING FACTORS

"Product Applications in Various Industries to Aid Market Growth"

Use of the product in the hair, body care, and others is expected to aid market growth. The demand for body care products such as body lotions, body massage oil, body butter, and others is increasing. This product is required to add fragrance to the cosmetics. The higher adoption of personal care products is leading to increased demand for body care products. Moreover, the rising awareness of the product benefits is forecasted to aid market growth.  The use of chemical in the treatment of renal cell carcinoma, prostate cancer, and leukemia is increasing the product demand from pharmaceutical industries. These factors are projected to drive market growth. 

"Various Benefits of the Chemical to Surge Product Demand"

Coumarin is a natural bioactive compound that is recognized for its anticoagulant, antifungal, antiviral, antibacterial, and anti-inflammatory properties. It is also an antioxidant for various coagulant materials. It is also used as laser dyes in blue-green tunable organic laser dyes. It is also used to treat skin-related issues such as psoriasis and eczema. Furthermore, this chemical is used in treating lymphedema and asthma. These factors are projected to foster product demand in the global market. 

RESTRAINING FACTORS

"Side Effects Associated With the Chemical to Affect Market Growth"

Higher exposure to this chemical may result in various issues such as dizziness, stomach pain, hair loss, headache, and blood in urine and stools. It may cause allergies or infections in the users.  It has a slight impact on the health of the human exposed extremely. This factor is most likely to impede the coumarin market growth. 

Coumarin Market Regional Insights

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"North America to Lead the Market Owing To the Population’s Rising Per Capita Income"

North America is likely to dominate the global market by gaining the majority of the coumarin market share due to higher per capita expenditure in the region. The U.S. is estimated to be the major contributor to the region’s growth due to higher spending on personal care products and pharmaceuticals. 

Europe is forecasted to hold the second-highest coumarin market share due to the government initiatives to enhance the cosmetic and personal care industry growth in the global market.

KEY INDUSTRY PLAYERS

"Companies to Emphasize On Long-Term Growth Strategies"

The market is fragmented into various sized industries, including regional and global industries. The market revenues and shares are likely to be driven by the constant investment on research and development of the product. Technological advancements are being adopted to gain steady growth in the market. The companies are focused on gaining mergers and acquisitions to enhance the product portfolio. Many companies also launched new products to gain the regional market share. Gaining a regional market will help the player’s further gain the global market. Organic and inorganic growth strategies are adopted by major companies to gain long-term growth. 

LIST OF TOP COUMARIN COMPANIES

• Atlas Fine Chemicals (India)
• Omkar Specialty Chemicals (India)
• N.S.Chemicals (India)
• Yingyang Flavors & Fragrance (China)
• Anhui jinpeng Flavours & Fragrances (China)
• China Tuhsu (China)
• Changzhou XinTongLi Chemicals (China)
• Wuhan Sincere-star Chemical (China)
• Saichuang Technology (China)
• Botai (Tianjin) Fine Chemical (China)
• ZhangJiagang FeiHang industry (China)
• NORBRIGHT INDUSTRY (China)

REPORT COVERAGE

The report offers accurate information about the market insights. It represents an analysis of a competitive edge that seems significant for the formation of business plans. The report defines various paths for the growth and development of the industry. Market segmentation is depicted in the report and highlights the important factors of the sector with various growth opportunities, competitive landscape, and growth strategies of the major key players. The market report focuses on various growth prospects and the factors that may limit the growth of the market. Additionally, this market report represents the key players of the market and their headquarters. The report offers a deep insight into the market.