The Global Market for Acetaldehyde is Projected to be 1.6 Million Tons by 2024
Rising Use of Acetaldehyde in
the Production of Various Organic Chemicals Sustain Market Growth, According to
a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, size and demand forecasts on the global Acetaldehyde
market. The global market for Acetaldehyde
is projected to be 1.6 million tons by 2024, driven by the growing use
of acetaldehyde as a platform chemical in the production of various organic
chemicals.
Acetaldehyde, known by the chemical name CH3CHO, is a colorless and
pungent-smelling compound that occurs naturally. The compound can also be synthesized
artificially, through methods such as Wacker process. Acetaldehyde is used as a
chemical intermediate and platform chemical for the production of organic
chemicals such as acetate esters, pentaerythritol, and pyridine & pyridine
bases among others. These derivatives in turn serve as precursor chemicals for
the production of a host of compounds with wide-ranging applications spanning
multiple sectors including construction chemicals, paints & coatings, food additives,
pharmaceuticals, cosmetics and agrochemicals, among others.
Acetaldehyde was originally utilized in the production of acetic acid,
however recent decades saw massive decline in consumption volumes in this
end-use vertical amid proliferation of more viable methods such as
methanol-based technique. Despite the decline in the traditional application
segment, consumption of acetaldehyde is expected to remain stable in the coming
years on the back of increasing use in new and existing application markets. New opportunities in the food & beverages
sector as a flavoring agent, adjuvant, and food
additive to enhance taste and aroma of baked goods, soft drinks, deserts, milk,
candy products would support market expansion in a major way. The chemical is
also gaining traction in the production of yeast and vinegar and also as base
chemical for fish and fruit preservatives. At the same time, stable momentum in
the world economy and the industrial sector, as is gauged through relatively
stable GDP data and manufacturing PMI figures, will aid the market to post
growth in the immediate term. Proliferation
of advanced production methods along with growing importance of bio-based
acetaldehyde would play an important role in future growth. However, market has
to deal with certain issues and challenges such as emergence of scientific evidence
highlighting the carcinogenic, toxic and air-polluting properties of acetaldehyde
and its derivatives, and growing publicity for associated health risks.
As stated by the new market research report on Acetaldehyde, China
represents the largest market worldwide. Although use of acetaldehyde in the
production of acetic acid was discontinued in majority of the countries worldwide,
China continued to use the same process until recently. Japan represents the
fastest growing market registering a CAGR of 3.2% over the analysis period
driven by the usage of acetaldehyde for the production of butadiene on a
commercial scale.
Key players in the market include Ashok Alco - chem Limited, Celanese
Corporation, China National Petroleum Corporation, Eastman Chemical Company,
Jubilant Life Sciences Limited, KH Neochem Co. Ltd., Laxmi Organic Industries
Ltd., LCY GROUP, Lonza Group Ltd., Naran Lala Pvt. Ltd., SEKAB, Showa Denko
K.K., Sigma Aldrich Corp. and Sumitomo Chemical Co., Ltd. among others.
The research report titled “Acetaldehyde: A Global
Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review of market trends, issues, and drivers. The
report provides market estimates and projections in volume (Tons) for major
geographic markets including the US, Canada, Japan, Europe, China, Asia-Pacific
(excluding China and Japan), Middle East & Africa, and Latin America
(Brazil, and Rest of Latin America). Key end-use segments analyzed for the
global market include Acetate Esters, Pentaerythritol, Pyridine & Pyridine
Bases, and Others.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
To connect with us, visit our LinkedIn page.
Comments
Post a Comment