Global Propionaldehyde Market Report and Forecast 2024-2032

Global Propionaldehyde Market Outlook

The global propionaldehyde market is being aided by the growth of the propionic acid industry. The global propionic acid market reached a value of about USD 1.64 billion in 2023. The propionic acid industry is further expected to grow at a CAGR of 6.40% in the forecast period of 2024-2032 to reach a value of approximately USD 2.83 billion by 2032.

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Growing Demand from the Major End-Use Sectors to Aid the Propionaldehyde Industry Growth

Propionaldehyde, a chemical intermediate, finds use in various applications ranging from fertilisers to rubber chemicals and cellulose. The growing demand from pharmaceuticals, and home and personal care industry are particularly aiding the market growth. In the home and personal care sector, the product finds application in the manufacturing of aroma chemicals, which are further utilised in various products to impart fragrances. In the pharmaceutical industry, it is used to prepare various formulations. Meanwhile, propionaldehyde is also used to produce basic and organic chemicals, agricultural chemicals, pesticides, and fertilisers. The growing consumer demand for these end-use products is expected to drive the demand for propionaldehyde in the next few years.

Rising Industrialisation in the Asia Pacific to Augment the Demand for Propionaldehyde

The Asia Pacific is expected to provide enhanced growth opportunities for the expansion of propionaldehyde industry. The demand is growing in the region due to the rapid urbanisation and industrialisation in the emerging nations like India and China. This rising demand for pesticides, fertilisers, pharmaceuticals, and personal care products in the region is pushing the growth of the regional market. The sharp increase in the demand for pharmaceuticals amidst the COVID-19 pandemic is anticipated to boost the product demand over the forecast period.

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Propionaldehyde: Market Segmentation

Propionaldehyde, also known as propanal, is an organic compound and an isomer of acetone. In appearance, it is a colourless liquid with a pungent, fruity odour. It is represented by the formula C3H6O and serves as a chemical intermediate in the production of propionic acid and alkyd resins. Industrially, it is produced on a large scale via the hydroformylation reaction, where synthesis gas and ethylene react in the presence of a metal catalyst, mainly rhodium.

The major applications of propionaldehyde are as follows:

• Pesticides
• Plastics
• Flavours and Fragrance
• Rubber Chemicals
• Cellulose Alkyd Resins
• Others

Based on end use, the industry can be segmented into:

• Agriculture
• Food and Beverage 
• Home and Personal Care 
• Cosmetics 
• Pharmaceuticals 
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Personal Care Products to Boost the Propionaldehyde Industry

The growing awareness regarding hygiene, particularly in the emerging nations, is driving the demand for personal care and home care products, which is further bolstering the demand for propionaldehyde. This is further supported by the improving standards of living, escalating disposable incomes, and the thriving retail industry. Moreover, the growing global population is creating a need to enhance agricultural produce. The adoption of modern farming methods and favourable government initiatives to support the farmers are expected to drive the demand for agricultural chemicals, thus, supporting the growth of the propionaldehyde industry. Other factors like rapid technological advancements, increasing R&D activities, and growing mergers and acquisitions by the major players are anticipated to bolster the industry growth in the next five years.

Key Industry Players in the Global Propionaldehyde Market

The report gives a detailed analysis of the following key players in the global propionaldehyde market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BASF SE 
• Eastman Chemical Company 
• Perstorp Holding AB. 
• Zibo Nuoao Chemical Co.,Ltd 
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report