The dipentene (limonene) market is anticipated to gain sizable growth on account of rapid advancements in the paints & coatings industry. Back in 2017, the paints and coating industry recorded commendable revenue strides from the aerospace, automobile, wood & marine, and general manufacturing sectors. On this note, it is estimated that, by the year 2025, the industry may exceed USD 227 billion mark, which could aid dipentene market outlook.
Apart from the paints and coatings industry, dipentene is extensively used in the food & beverage, personal care, electronics, pharmaceutical, chemicals, agriculture, and rubber spheres. Out of these industries, the food & beverage industry is expected to register considerable demand for limonene over the forecast timeline. In 2017, food grade was slated the biggest dipentene market grade. The product’s non-toxic nature has allowed manufacturers to use it in numerous personal care and food & beverage products.
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Lately, dipentene has been experiencing steady demand from the pharmaceutical sector as researches showcase new benefits of limonene in clinical treatments. Taking September 2020 for instance, Owlstone Medical revealed the results from its latest patient studies where they were able to showcase the use of exhaled limonene as a breath biomarker to analyze stage liver disease and liver function. According to a study conducted by Global Market Insights, Inc., the dipentene market could reach USD 1.9 billion by the year 2024.
This growth can be contributed to some of the ongoing trends listed below:
Surging demand from the chemical industry –
Limonene is often used in creating industrial and household cleaners as well as spot & stain removers. Features like excellent solvency and exceptional cleansing properties have led to its profound application in cleaners and stain removers. Its versatile properties have also aided its use in automobile parts cleaning & industrial applications. Limonene has also become a significant component for general-purpose hand cleaners.
Promising opportunities across North America and APAC –
North America has managed to lead the dipentene market since 2017 and is expected to maintain its dominance over the coming years. Presence of manufacturing units in Canada and the U.S. might help in meeting the product’s regional demand.
Meanwhile, in Asia Pacific, the dipentene industry is likely to gain greater prominence and expand at highest CAGR during the forecast timespan. Increasing disposable income and rising consumer spending on food & beverage as well as personal care products may stimulate limonene demand in the region.
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Adoption of innovative business strategies –
The worldwide dipentene market consist of prominent players like Himachal Terpene Products, Florachem Corporation, Mentha & Allied Products Private Limited, Mangalam Organics Ltd., Green Pine Industries, Penta International Corporation, Fujian Green Pine Co. Ltd, Vigon International, Gogia Chemical Industries Pvt Ltd., Envirosafe Chemicals Canada, Toronto research Chemicals, A. B. Enterprises, Shanti Chemicals, and Manish Minerals & Chemicals, to name a few.
These firms are currently focusing on signing strategic partnership agreements as well as trying to launch their own distribution networks to increase customer reach and business presence. Citing an instance, Canna Hemp introduced a new product, dubbed Endurance 2x Elixir, that uses extracts of limonene along with cannabis.
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