Crotonaldehyde Market Growth and Opportunities by 2030
Future Market Insights (FMI) projects that the global crotonaldehyde market will grow in value at a CAGR of 4.2% between 2020 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.
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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.
Key Takeaways
- The global crotonaldehyde market is poised to surpass a valuation of US$ 535 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.
“Market players are focusing on improving the product mix and are providing customized & tailored products to meet the customer-specific requirements,” remarks FMI analyst.
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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 2020, 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 2020, 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.
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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.
To Know More About Crotonaldehyde Market
A new market research report published by Future Market Insights (FMI) on the global crotonaldehyde market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2020-2030. The report examines the market through four different segments – application, end-use, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.
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