It is employed as a precursor to insect pheromones and also acts as a solvent in the synthesis of organic compounds. The increasing purchasing power, demand for enhanced skin-care products and growing image consciousness among middle and high income working class has resulted into growing utilization of the product in cosmetics industry. Favorable demographics and social media are playing an active role in increasing awareness about personal care products along with developing fashion consciousness in metropolitan as well as tier-1 & 2 cities. Such improvements in lifestyle and increasing adoption of western culture will accelerate global anisole market during the forecast spell.
Supportive governmental regulations in various regions for using anisole in manufacturing pharmaceutical products for both internal and external purposes will fuel demand for the product over the forecast timespan. The product serves as a key precursor in producing various pharma compounds, for instance, mequinol- a type of phenol used in dermatology and organic chemistry. In developed regions, it is presumed that aging populations will continue to be a prominent factor mainly in Japan and Western Europe where people over the age of 65 will extend to almost 30% and 21% respectively by 2021. Further, growth in the pharmaceutical industries in Argentina, Venezuela Chile and Brazil and will likely have a positive impact on the industry.
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With over 50% of market share, anisole with purity up to 99.5% will witness growth at a significant pace owing to its huge popularity in cosmetics and fragrance industry. The product also has extended applications in cosmetic products such as blush and lipsticks that comprise of anisole to add fragrance to the finished product. Anisole is prepared by methylation of sodium phenoxide with dimethyl sulfate or methyl chloride.
Based on volume, Pharmaceuticals segment will exhibit growth with a CAGR of around 4.4%. The product is extensively used as a chemical intermediate in manufacturing of bulk pharmaceuticals like Dextromethorphan, Raloxifene and substrates of expectorant and antiseptics etc. By 2024, cosmetics industry will account for around a third of the global anisole market. Increasing population coupled with advanced living standards has significantly upsurge the production of perfumes and fragrances products. This trend is projected to boost the overall industry growth during the forecast spell.
Global anisole market is quite competitive due to presence of several industry players such as Evonik, Westman Chemicals Pvt. Ltd., Sigma-Aldrich, Solvay, Huaian Depon Chemical Co., Ltd., Camlin Fine Chemicals, Eastman Chemical Company to name some.