What Is The Definition Of The Global Release Agents Market?
Release agents are substances used in industrial processes, notably in molding and casting operations, to prevent materials from adhering to molds or equipment surfaces. They facilitate easy removal of finished products from molds, enhancing production efficiency and maintaining product integrity. These agents can be solvent-based or water-based and are crucial for enhancing production efficiency and maintaining product quality.
Release Agents Global Market Report 2024 provides data on the global release agents market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Release Agents market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Release Agents Market Size And Annual Growth Rates?
The release agents market has grown significantly in recent years. It is expected to increase from $1 billion in 2023 to $1.06 billion in 2024, with a compound annual growth rate (CAGR) of 5.4%. This growth can be attributed to the expansion of the automotive industry, a construction boom, the growth of the food processing industry, advancements in chemical formulations, increased industrial automation and efficiency, and evolving environmental regulations. The market is projected to continue its strong growth in the coming years, reaching $1.31 billion in 2028, with a CAGR of 5.6%. This anticipated growth is driven by the expansion of the pharmaceutical industry, advancements in biotechnology, regulatory changes, an aging population, the prevalence of chronic diseases, and patent expirations. Major trends expected in the forecast period include a rising demand for natural ingredients, a growing emphasis on health and wellness, the rise of clean-label products, technological advancements in formulations, and a focus on convenience and efficiency.
Which Key Drivers Are Propelling The Release Agents Market's Growth?
The rise in the bakery and confectionery industries is expected to propel the growth of the release agents market going forward. This market encompasses the production and sale of baked goods such as bread, pastries, cakes, candies, and other sweet treats. The expansion of the food service industry, including cafes, restaurants, and quick-service restaurants, has led to increased demand for bakery and confectionery products. Release agents are essential in bakery operations to prevent baked goods from sticking to baking surfaces, facilitating easy removal and maintaining product integrity. For instance, in February 2024, the Government of Canada, a Canada-based federal administration body, reported that the retail sales of baked goods in the US saw a compound annual growth rate (CAGR) of 5.9%, reaching US$82.9 billion in 2022. Projections indicate a CAGR of 3.1% from 2023 to 2027, with an anticipated value of US$97.7 billion by 2026. Therefore, the rise in the bakery and confectionery industries is expected to drive the growth of the release agents market, projected to reach $D billion in 2023, $E billion in 2024, and $F billion in 2028.
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What Are The Key Segments Within The Global Release Agents Market?
The release agents market covered in this report is segmented –
1) By Product: Emulsifiers, Vegetable Oils, Antioxidants, Wax And Wax Esters
2) By Form: Liquid, Solid
3) By Sales Channel: Direct Sales And Wholesalers, Independent Grocery Retailer, Non-Store Retailers, Other Sales Channels
4) By Application: Bakery, Confectionery, Processed Meat, Convenience Food, Other Applications
How Are New Trends Impacting The Size Of The Release Agents Market?
Major players in the release agent market are concentrating on developing innovative solutions, such as water-based release agents, to gain a market advantage. Water-based release agents are used in industrial processes to prevent materials from sticking to molds or equipment surfaces. For instance, in January 2021, Chem-Trend, a US-based chemical company, launched Chemlease 2754W, a semi-permanent, water-based release agent for composite molding. Designed for various thermosets, it provides minimal transfer of release agent, high-temperature stability, and multiple-use capability, eliminating the need for cooling down molds, unlike other release agents.
Which Region Drives The Highest Growth In The Release Agents Market?
North America was the largest region in the release agents market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the release agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
