The global propionaldehyde market is expected to witness a strong growth owing to increasing demand from end-use industries such as pharmaceuticals and cosmetics over the forecast period. Propionaldehyde, also known as propanal, is an organic compound and an acetone isomer. Propanal has a fruity smell, is odorless, very reactive, and highly flammable.
Propionaldehyde is manufactured by several processes. These processes include treating propyl alcohol with dichromate mixture and barium propionate dry distillation in the presence of calcium formate by hydroformylation process. The hydroformylation process is combining ethylene and synthesis gas using rhodium catalyst.
Propionaldehyde is used for applications in industries such as pharmaceuticals, home & personal care products, cosmetics, and chemicals. Basic chemicals, agricultural chemicals, pesticides, and fertilizers are a few applications in the chemical industry. Home and personal care industry encompasses applications such as perfumes and fragrances.
Growing medical & pharmaceutical industry in the developing as well as developed regions is expected to be a major driver for this propionaldehyde market. Pharmaceutical applications include basic products such as cellulose alkyd resins. Developed economies such as the U.S., Japan, and a few European countries are characterized by aging population, which in turn is assisting the medical industry.
Developing regions such as Asia Pacific and Central & South America are characterized by rising disposable income, increasing standards of living, and higher accessibility to medical facilities. Government policies and initiatives to improve accessibility to medical facilities is a key factor that is projected to positively impact the propionaldehyde industry. Such a trend is presumed to complement the medical & pharmaceutical industry in these regions.
Rapidly growing home & personal care and cosmetic industries, especially in the emerging regions, are projected to assist the propionaldehyde market over the forecast period. Pharmaceutical applications include basic products such as cellulose alkyd resins. Increasing disposable income and growing population are the key factors that are expected to positively impact the market.
Increasing focus on enhancing agricultural yield by governments in the developed as well as developing regions has resulted in high demand for agricultural products such as pesticides, fertilizers, and other agricultural chemicals. Growing population and increasing food demand are expected to assist the agricultural sector and in turn, complement the propionaldehyde market over the forecast period.
Propionaldehyde is classified as highly flammable and irritant substance by the European Chemicals Bureau. Direct exposure to this organic compound results in minor skin and eye irritations. Such regulatory framework governing usage is anticipated to hinder the global propionaldehyde market growth in future.
R&D investments to develop superior products and novel applications promise ample opportunities for growth and development. Industry participants have taken ardent steps to increase their product portfolio and increase production capacity with an aim to effectively cater to growing demand, especially from the emerging regions such as Asia Pacific and Latin America. Major propionaldehyde industry participants are leaving no stone unturned to gain a strong foothold in growing markets.
Asia Pacific is projected to witness the highest growth rate over the forecast period owing to increasing demand from the end-use markets such pharmaceuticals, agriculture, home & personal care, and cosmetics. Economies such as China, India, and other South East Asia are projected to lead the regional market. Other economies such as Brazil, South Africa, and Saudi Arabia are other emerging economies that are presumed to assist their regional markets.
Economic revival in the developed regions such as North America and Europe is expected to fuel the regional end-use industry demand over the forecast period. European governments have taken several strong steps to bail the European economy out of the turmoil. Such a positive trend is presumed to aid the market.
The companies mostly covering the market of propionaldehyde are DuPont, Eastman Chemical Company, BASF SE, Perstorp Holding AB, and Celanese.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.