Companies covered in the Acetaldehyde Market Solvay SA, Eastman Chemical Company, Jubilant Life Sciences, Sumitomo Chemical Co. Ltd., Arkema, Honeywell International, Laxmi Organic Industries Ltd., SHOWA DENKO K.K., Wacker Chemie AG, Celanese Corporation and more players profiled
Pune - India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global acetaldehyde market size was valued at USD 1.53 billion in 2021. The market is projected to grow from USD 1.58 billion in 2022 to USD 1.98 billion by 2029, exhibiting a CAGR of 3.3% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Acetaldehyde Market, 2022-2029.”
By Product Type, By Age- Group, By Distribution Channel, By Region
Acetaldehyde Market Growth Drivers
Increasing Demand from High-income Groups to Favor Growth
Rising Number of Wealthy Population to Boost Market Expansion
Segments:
Surging Demand for Basic Dyes and Polymer Resins to Promote Market Augmentation
As per application, the market is divided into chemical synthesis, food & beverages, pharmaceuticals & cosmetics, paints & coatings, and others. Chemical synthesis segment captured 52.9% of the market share in 2021 owing to rising demand for basic dyes and polymer resins in end-use industries. This will contribute to the rising demand for derivatives in the coming years.
Regionally, the global market is fragmented into North America, Europe, Asia Pacific, and Rest of the World.
The report examines the market systematically and thoroughly by dividing it into segments and regions. Growth rate estimates, market share held, and revenue predictions for each segment and region are also given. A deep-dive analysis of leading companies in the domain and strategic moves undertaken by them to maximize sales and profits generated is given in the document. A comprehensive COVID-19 impacts section is included to inform investors about the after-effects of the pandemic on the market.
Drivers and Restraints:
Expanding Pharmaceutical and Chemical Industry to Generate Product Demand
Acetaldehyde, also known as ethanal, is used as a raw material in the production of various pharmaceutical products and chemicals. It is widely used to manufacture pentaerythritol and peracetiac acid. These chemicals find a wide range of applications in chemicals and pharmaceuticals industries. The expansion of chemical and pharmaceutical industries will thus aid the global acetaldehyde market growth.
On the other hand, increasing concerns regarding the toxic effects of ethanal such as irritation, headaches, and dizziness have prompted governments to regulate the usage of such chemicals. This will act as a challenge for businesses operating in this domain.
Browse Detailed Summary of Research Report with TOC:
Asia Pacific to Lead Backed by Surging Demand for Chemicals and Food & Beverages
Asia Pacific captured the largest global acetaldehyde market share in 2021 owing to growth of leading consumer industries. The food & beverage and chemical industries have grown rapidly in recent years due to the availability of raw materials. This, in turn, will boost the demand for ethanal and contribute to market expansion.
Meanwhile, Europe is slated to record significant expansion in the coming years due to surging product demand from cosmetics and pharmaceuticals industries. Surging demand for derivatives such as pyridine bases, pyridine, ethyl acetate, and acetic acid from pharmaceuticals & paints & coatings sectors will facilitate market escalation in this region.
The Latin America market is propelled by easy availability of alternative raw materials such as bioethanol. Bioethanol is used in the production of acetaldehyde and is available in corn and sugarcane, which are grown in significant quantities in Mexico and Brazil.
Competitive Landscape:
Key Players Announce Acquisitions to Increase Net Sales
Leading companies use several tactics to strengthen their foothold in the market. One such move is acquiring other prominent players in the domain to expand their reach, increase product sales, and improve brand value. Launching new products to meet consumer requirements is another essential strategy to generate massive revenues.
July 2022: Sumitomo Chemical Co., Ltd. announced its decision to acquire Nativa through its subsidiary Agro Amazonia Produtos Agropecuários S.A. This move will expand its geographical footprint in Brazil and help the company in achieving growth in net sales.
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