Sellbyville, DE -- (SBWIRE) -- 10/09/2018 -- The Dipentene Market is set to grow from its current market value of more than $.5 billion to over $1.9 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Dipentene (limonene) market will be chiefly driven by significantly growing product demand from paints & coatings industry, which has shown excellent revenue numbers over past few years. Increasing applications from the end-user industries such as automobile, aerospace, general manufacturing, wood and marine have augmented the paints & coatings industry growth in 2017. It is projected that by 2025, paints & coatings market shall cross the USD 227 billion, thus creating a bright growth prospect for limonene market. In addition, product applications in food & beverage industry is increasing. This growing demand in food & beverage industry is likely to propel the product demand over the forecast period.

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High product prices and seasonal availability of the raw material may hamper the limonene market in the coming years. Moreover, increasing trend of isolation and on-going trade wars between the major economies are likely to disrupt the product raw material supply over the forecast timespan.

Food grade was the largest dipentene market grade segment in 2017. This can be attributed to the high product usage in food & beverage and personal care due to its non-toxic nature. Technical grade is likely to be the fastest growing segment in limonene market over the forecast period.

Chemical industry is likely to witness maximum gains during the forecast period, followed by paints & coatings. Dipentene is used in formulation of household as well as industrial cleaners and spot & stain removers due to its superior cleansing properties and excellent solvency. It is due to its versatile properties, that dipentene has started replacing conventional cleaners and solvents used in industrial applications and automobile parts cleaning. the product is an important ingredient of general purpose and hand cleaners. Food & beverages was the biggest limonene market in the 2017 and is likely to remain the biggest end-user during 2018 to 2024.

North America led the dipentene market in 2017 and shall remain the market leader over the forecast period. The growing number of manufacturing plants in the U.S. and Canada is likely to increase the product demand in the region. Asia Pacific is likely to create major chunk of the product demand in the coming years and is projected to expand at highest CAGR during the forecast timespan. This can be attributed to the increasing disposable income of consumers and thereby rising spending on food & beverage and personal products, which will subsequently fuel limonene demand in the region over the next few years.

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The limonene market is fragmented and has presence of medium & small-scale companies also. The dipentene market includes players such as Florachem Corporation, Himachal Terpene Products, Mangalam Organics Ltd, Mentha & Allied Products Private Limited, Penta International Corporation, Green Pine Industries, Vigon International, Fujian Green Pine Co. Ltd, Envirosafe Chemicals Canada, Gogia Chemical Industries Pvt Ltd, A. B. Enterprises, Toronto research Chemicals, Manish Minerals & Chemicals and Shanti Chemicals.

To increase their business presence and customer reach, companies are trying to establish their own distribution network or engaging in alliance with others. For instance, Vigon International has strategic partnerships with Givaudan, Evonik Industries, Rhodia Inc., Symrise Inc., Firmenich, BASF and DRT.

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