NEWARK, Del, June 14, 2022 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) projects that the global crotonaldehyde market will grow in value at a CAGR of 4.2% between 2022 and 2030. As consumers seek ready-to-eat and packaged food products owing to hectic lifestyles across the world, the requirement for preservatives such as sorbic acid is poised to remain high, subsequently driving the demand for crotonaldehyde. Crotonaldehyde is gaining prominence in the leather tanning and rubber processing applications, which are expected to channel a significant portion of revenue to the market.
Crotonaldehyde to witness a year over year growth of 4.5% in 2022 reaching a value of about US$ 377.6 Mn by the end of 2022.
In the recent past, the demand for food additives such as preservatives and antimicrobial agents has witnessed a significant upsurge, owing to increased consumption of packaged food products. On a broader scale, the global food industry is under tremendous pressure to cater to the increasing demand for food, due to the growth of the population, and is employing various techniques to achieve the same.
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“Market players are focusing on improving the product mix and are providing customized & tailored products to meet the customer-specific requirements,” remarks FMI analyst.
COVID-19 Impact
The market is expected to witness the negative effects of COVID-19 pandemic. The outbreak of COVID-19 has brought the overall chemical sector to a curt halt and the crotonaldehyde market is no different. Early in 2022, several nations announced lockdowns, compelling manufacturers of non-essential goods to shut down plants and operations. As a result, the demand for crotonaldehyde in rubber processing, leather tanning, paints and coatings, and other applicants beheld a steep decline. However, the situation in East Asia, the most lucrative region, is gradually returning to normality, alleviating the long-term economic impact to an extent.
Who is Winning?
Crotonaldehyde manufacturers are focusing on widening their profit margins by customizing their existing product portfolios, while also reducing the operational costs. By the same token, acquisitions and expansion of manufacturing capabilities have also been identified as key growth strategies On these lines:
In April 2022, Celanese Corporation announced the acquisition of all of Nouryon’s Europe and Asia re-dispersible polymer powders business. In the year preceding it, Celanese Corporation also expanded its Methanol production to 1.7 Mn Tons per annum at their plant in Pasadena, Texas, USA.
FMI’s report includes profiles of some of the most prominent names in the market including Celanese Corporation, Godavari Biorefineries Ltd., Nantong Acetic Acid Chemical Co., Ltd, Finetech Industry Limited, Central Drug House, Haihang Industry Co., Ltd and Tokyo Chemical Industry Co., Ltd amongst others.
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Key Takeaways
- The global crotonaldehyde market is poised to surpass a valuation of US$ 525 Mn by 2030.
- By application, the chemical intermediate segment is poised to hold the lion’s share in the market value, accounting for over 2/3rds of market share.
- Based on end-use, the rubber processing segment is forecasted to channel the majority of revenue, representing a share of over 45% in global value.
- East Asia will retain dominance over the regional landscape, accounting for a share of little less than 40% of market value backed by the presence of flourishing chemical industry and easy availability of raw materials.
- North America & Europe will collectively account for more than 40% of the market share owing to the presence of major market players.
Crotonaldehyde Market by Category
By Application, the Crotonaldehyde Market is segmented as:
- Warning Agent
- Alcohol Denaturant
- Surfactant
- Insecticide
- Rubber Accelerator
- Chemical Intermediate
By End Use, the Crotonaldehyde Market is segmented as:
- Textile
- Paper
- Fuels
- Agrochemicals
- Leather Tanning
- Chemical Industry
- Rubber Processing
- Food Industry
- Other Industrial
Chemical Intermediates are Fueling Crotonaldehyde Market Growth?
The chemical industry has established stability regardless of the adversities in the market. Investments in crotonaldehyde to cater various applications are increasing in the current scenario. Chemical industry in India, China and ASEAN are expected to drive the demand for chemical intermediates.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Strategic Promotional Strategies
5. Global Crotonaldehyde Market Demand Analysis 2015-2021 and Forecast, 2022-2030
5.1. Historical Market Volume (Tons) Analysis, 2015-2021
5.2. Current and Future Market Volume (Tons) Projections, 2022-2030
5.3. Y-o-Y Growth Trend Analysis
6. Global Crotonaldehyde Market - Pricing Analysis
6.1. Regional Pricing Analysis by Application
6.2. Pricing Break-up
6.2.1. Manufacturer Level Pricing
6.2.2. Distributor Level Pricing
6.3. Global Average Pricing Analysis Benchmark
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