Anthracene Market to Reach USD 625.6 Million by 2034 Amid Growing Demand for Anti-cancer Drugs and Rising Middle-class Population

Anthracene, a solid polycyclic aromatic hydrocarbon (PAH) with the formula C14H10, is composed of three fused benzene rings and is commonly found in coal tar. It is widely used in the production of red dye alizarin, insecticides, anti-cancer agents, wood preservatives, and organic light-emitting diodes (OLEDs).

NEWARK, Del, July 08, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights (FMI), the worldwide anthracene market is expected to reach USD 395.2 million in 2024 and USD 625.6 million by 2034. The market is projected to rise at a CAGR of 4.7% by 2034.

With improved technology in coal-based plants and wood-based industries, the anthracene market is expected to benefit from increased availability of raw materials and supply. Demand for anthracene is expected to grow during the forecast period due to stringent quality, performance, and environmental standards.

Low- and middle-income nations are expected to experience a surge in cancer cases, with an estimated 30 million more cases worldwide by 2040. This increase in cancer patients is driving demand for anti-cancer agents, leading to a rapid growth of the anthracene market.

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Anthracene is extensively used in the agriculture sector as an herbicide, insecticide, and fungicide. As the world population grows, more crops are produced to provide food for people. Pesticides are being extensively used during crop production to improve yield and provide proper nutrients. As a result, demand for pesticides is driving the anthracene market in the agriculture sector.

Key Takeaways from the Anthracene Market Report:

  • The anthracene industry is expected to reach a value of USD 625.6 million by 2034.
  • The market is projected to surge at a CAGR of 4.7% by 2034.
  • China’s anthracene market is expected to grow at a CAGR of 5.3% by 2034.
  • In terms of product type, the crude anthracene segment is set to account for a 71.3% share in 2024.
  • Based on the end-use industry, the textile segment is expected to hold a market share of 26.7% in 2024. 

“Anthraquinone derivatives are vital in the development of anticancer drugs due to potency in treating hematological and solid tumors. Cancer is a leading cause of death worldwide, with an estimated 10 million deaths and 20 million new cases in 2023. By 2040, the cancer burden is expected to rise by 60%, driving demand for anthracene in the healthcare sector.” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Competition Outlook

SAE Manufacturing Specialties Corp, KANTO CHEMICAL CO., INC, Junsei Chemical Co., Ltd., Kishida Chemical Co., Ltd., Fisher Scientific, Tokyo Chemical Industry Co., Ltd., Anward, CHEMOS GmbH & Co. KG, and Vitas-M Laboratory Ltd. are the key manufacturers in the industry. The anthracene market is highly competitive due to numerous key competitors.

Manufacturers use inorganic growth techniques such as acquisitions, mergers, and regional expansion to gain market share and a competitive edge. Key strategies used by leading companies include technology launches, acquisitions, and research activities.

Industry Updates-

  • In 2023, Researchers discovered intermolecular hydrogen bond’s role in separating and purifying structurally similar compounds, including aromatic hydrocarbons from coal tar, using carbazole and anthracene as intermediates.

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Anthracene Market Drivers

Increasing Prevalence of Cancer Patients

The increasing prevalence of cancer patients is driving the demand for anthracene-based anti-cancer agents, contributing to the growth of the anthracene market. This rise in demand is pivotal in advancing research and production efforts within the pharmaceutical industry.

Soaring Demand from the Agriculture Industry

The agriculture industry is experiencing a soaring demand for anthracene-derived insecticides, further propelling market expansion. The effectiveness of these insecticides in enhancing crop protection and yield underscores their growing importance in modern agricultural practices.

Key Segments of Market Report

By Product Type:

As per product types, the sector has been categorized into crude and refined anthracene.

By Grade:

Based on grades, the sector is split into pharmaceutical and industrial grades.

By End-use Industry:

In terms of end-use industries, the business is segmented into textiles, paints and coatings, pharmaceuticals, chemicals, and others.

By Region:

Business analysis has been carried out in key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, and the Middle East and Africa.

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Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Anthracene Market to Reach USD 625.6 Million by 2034 Amid Growing Demand for Anti-cancer Drugs and Rising Middle-class Population

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Originally published at https://www.einpresswire.com/article/725914404/anthracene-market-to-reach-usd-625-6-million-by-2034-amid-growing-demand-for-anti-cancer-drugs-and-rising-middle-class-population-future-market