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Propionaldehyde Market Segmented By application that is Fragrance intermediate and Chemical intermediate.
Propionaldehyde, formula- CH3CH2CHO, is also termed as propanal. It is an organic compound which is exclusively used as chemical intermediate in the manufacturing of propanol and propionic acid. Propionaldehyde is a structural isomer of acetone, have characteristic properties such as flammable nature, colourless, and a pungent-unpleasant odour, among others.
Generally, Propionaldehyde is manufactured through the hydroformylation reaction in which synthesis gas i.e. hydrogen and carbon monoxide are reacted with ethylene in presence metal catalyst, mainly Rhodium. Propionaldehyde is readily oxidized or reduced in presence of air that leads to numerous addition reactions.
Thus, special care has to be taken during the storage of Propionaldehyde. Propionaldehyde mainly finds application in the manufacturing of alkyd resins as it acts precursor in the formation of triol that further used in manufacturing of alkyd resins. Moreover, Propionaldehyde are used in several applications such as in organic synthesis, oxidation to propionic acid and reduction to propanol, among others.
Significant growth of chemicals and pharmaceutical industry across the globe and increasing production capacity coupled with increasing demand for propionic acid in turn is expected to drive the demand for propionaldehyde market. Along with this, the rising demand for propionaldehyde in various application such as in Perfume, plastics and polyols, among other applications, are the major driving factors for the growth of propionaldehyde market over the forecast period.
Prompt growth of plastic, paint industry, home care and personal care industries in developing & developed region wherein propionaldehyde mainly finds application leads to drive the its market. Apart from this, Regulation in Europe over the propionaldehyde usage owing to its flammable nature as well as the harmful effects on human being that may hamper the growth of propionaldehyde market.
However, the growth of end use industry coupled with rising demand for biodegradable chemicals in developed region especially in U.S. and Europe may help for the growth of propionaldehyde market over the forecast periods. Thus, rising demand for biodegradable compound and government & industrial initiative for sustainability development across the globe that helps to create opportunity for growth of Propionaldehyde market.
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In terms of production and consumption, the global propionaldehyde market is mainly dominated by the Asia Pacific region. Growth of pharmaceuticals, plastics and chemicals are prompt in the APAC region and the increasing demand for propionic acids has translated into rising demand for Propionaldehyde.
In the APAC region, China and India are a major market for Propionaldehyde in terms of volume and value. The APAC Propionaldehyde market is expected to register significant growth over the forecast period. North America holds the second spot in terms of market share owing to rising demand for manufacturing of various chemicals such as pharmaceutical, flavourings, plasticizers, and rubber chemicals, among other that in turn expected to drive the demand for propionaldehyde market over the forecast period.
North America propionaldehyde market is expected to register substantial growth over the forecast market. In Europe, Western Europe dominates the Propionaldehyde market in term of consumption and is expected to register steady growth over the forecast period. The Latin America and Middle East & Africa propionaldehyde market is expected to register steady growth over the forecast period.
Examples of some of the market participants in the global Propionaldehyde market, identified across the value chain include, Perstorp Holding AB, BASF SE, Eastman Chemical Company, The Dow Chemical Company, Zibo Nuoao Chemical Co.,Ltd., and OXEA Corporation, among others.
The market of Propionaldehyde is a highly consolidated market. Manufacturers of Propionaldehyde are adopting the strategy of forward integration to cater increasing demand for Propionaldehyde and to increase their footprint in the global market.