iCrowd Newswire – Jun 11, 2020
Rising demand in array of applications is projected to escalate the acetaldehyde market at a CAGR of 6.7%
Latest market study on “Global Acetaldehyde Market to 2027 – Analysis and Forecasts by Process (Oxidation of Ethylene, Oxidation of Ethanol, Dehydrogenation of Ethanol, and Others), Derivative (Pyridine and Pyridine Bases, Pentaerythritol, Acetic Acid, and Others), Application (Chemicals, Plastics & Synthetic Rubber, Food & Beverages, Paints & Coatings, Pharmaceutical & Cosmetics, Paper & Pulp, and Others), and Geography”, The global acetaldehyde market is accounted to US$ 1,329.4 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 – 2027, to account to US$ 2,367.0 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Based on application, the acetaldehyde market has been segmented into chemicals, plastics, and synthetic rubber, food & beverages, paints and coatings, pharmaceuticals and cosmetics, paper and pulp, and others. The chemical segment dominated the global acetaldehyde market. Acetaldehyde is commercially used as an intermediate in the chemical production of pyridine and pyridine bases, acetic acid, pentaerythritol, and other chemicals. Furthermore, acetaldehyde is a key raw material in the production of a wide range of chemicals such as paint binders in alkyd paints and as a plasticizer for plastics. It is used as a raw material for ethyl acetate, pyridines, pentaerythritol, chloral, lactic acid, peracetic acid, acetic acid, 1,3-butylene glycol, and crotonaldehyde. Acetaldehyde is also used as an intermediate in the manufacturing of dyes, pharmaceuticals, perfumes, and pesticides. These factors boost the acetaldehyde demand in the chemical application.
Acetaldehyde is used in a wide range of industrial applications; it is the most commonly used raw material in the organic chemical industry. As a raw material, it is used in the manufacturing of paint binders, plasticizers, and superabsorbents that go in baby nappies. It is also used in the manufacture of various types of building materials, synthetic lubricants, fire protection paints, and explosives. In the pharmaceuticals industry, it is used in the production of vitamins, sleeping aids, and sedatives. It is also often used as an intermediate in the chemical synthesis of acetic acid. Moreover, acetaldehyde chemical is infused in various types of perfumes and can further be used in decorative cosmetics, fragrances, shampoos, soaps, and oral care products as well as in household cleaners and detergents. It is a part of fuel composition as well as solvents. The solvents containing acetaldehyde are used in the rubber and paper manufacturing, and tanning industries, among others; moreover, it is a major component of the silvering of mirrors. In the food & beverages industry, acetaldehyde is used in the production of preservatives and flavorings. Furthermore, it occurs naturally in fruits and fruit juices, ripe fruits, cheese, and heated milk.
The market for global acetaldehyde is concentrated with some very well-established players. Some of the key players in the global acetaldehyde market include Ashok Alco – chem Limited, Celanese Corporation, Chempure Private Limited, Eastman Chemical Company, Jubilant Life Sciences Limited, Lonza Group Ltd, LYC Chemical Corp, Merck KGaA, Sekab, and Sumitomo Chemical Co., Ltd. among others.
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Rapid industrial growth in APAC provides an opportunity for the acetaldehyde market growth
The developed and developing Asian countries, such as China, India, South Korea, and Australia, provide a huge market growth perspective for many small and large players operating in the acetaldehyde market. The rapid industrial development in these countries is projected to boost market growth over the forecast period. Acetaldehyde has applications in a wide range of industries, including chemicals, plastics, and synthetic rubber, food & beverages, paints and coatings, pharmaceuticals and cosmetics, and paper and pulp, among others. The chemical, plastic, rubber, food, and beverage industries in these countries are well established in this region, which is further propelling the acetaldehyde market in APAC. The low cost of manufacturing in India, China, and South Korea, coupled with the easy availability of raw materials, are the additional factors driving the acetaldehyde market. Further, limited government regulations for the use and manufacture of acetaldehyde in APAC countries also positively influence the growth of the acetaldehyde market in this region.
Rising demand in array of applications is expected to boost the demand for acetaldehyde
Acetaldehyde is used in a wide range of industrial applications; it is the most commonly used raw material in the organic chemical industry. As a raw material, it is used in the manufacturing of paint binders, plasticizers, and super absorbents that are used in baby nappies. It is also used in the manufacture of various types of building materials, synthetic lubricants, fire protection paints, and explosives. In the pharmaceutical industry, it is used in the production of vitamins, sleeping aids, and sedatives. It is also often used as an intermediate in the chemical synthesis of acetic acid. Moreover, acetaldehyde chemical is infused in various types of perfumes and can further be used in decorative cosmetics, fragrances, shampoos, soaps, and oral care products as well as in household cleaners and detergents.
Based on derivative, the global acetaldehyde market has been segmented into pyridine and pyridine bases, pentaerythritol, acetic acid, and others. Under the derivative segment, the pyridine and pyridine bases segment led the global acetaldehyde market. Moreover, the acetic acid segment is anticipated to register the fastest CAGR over the projected period. The pyridines and pentaerythritol derivatives are gaining popularity over the past few years. Pyridine is widely used in the production of food additives and agrochemicals such as herbicides, pesticides, and insecticides. Pyridine is used as a raw material in ethylidene diacetate, which is further used in vinyl acetate production. It is also used as a plasticizer in the plastic industry and as a paint binder in the paint industry.
The global acetaldehyde market by application has been segmented into chemicals, plastics & synthetic rubber, food & beverages, paints & coatings, pharmaceutical & cosmetics, paper & pulp, and others. The acetaldehyde market for the paints & coatings application is projected to grow at the fastest pace over the forecast period. Acetaldehyde is used as a binder in paints and coating substances for the modification of gloss and rheology. It is used as a raw material for the manufacturing of pentaerythritol, which is used in the synthesis of Alkyd resins, fatty acid resin, and tall oil esters; it is also used as intumescents in flame retardant paints. It is used in wooden varnished, laminate, linoleum, and cork/pine flooring. The chemical also finds applications in plastic water-based and matt emulsion paints used for wood ceilings, and wooden, particle-board, plywood, pinewood, and chipboard furniture. Therefore, the elevating use of acetaldehyde in the paints and coating application is projected to boost the demand for this compound over the forecast period.
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