According to the recent report by Future Market Insights (FMI), the crotonaldehyde market is expected to witness a CAGR of 4.2% in the forecast period, reaching a value of about USD 393.46 million in 2023.
Growing demand for crotonaldehyde in food processing is anticipated to bolster its consumption rate in the coming years. Considering this, FMI has projected the global crotonaldehyde industry to reach a value of USD 593.71 million by 2033 end. Given below are the key factors pushing the market forward:
| Attribute | Details |
|---|---|
| Crotonaldehyde Market Value (2022A) | USD 377.6 million |
| Crotonaldehyde Market Estimation (2023E) | USD 393.46 million |
| Crotonaldehyde Market Projection (2033F) | USD 593.71 million |
| Value CAGR (2023 to 2033) | 4.2% |
| Collective Value Share: Top 3 Countries (2023E) | 51.3% |
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The chemical industry has established stability regardless of the adversities in the market. Investments in crotonaldehyde to cater to various applications are increasing in the current scenario. Chemical industry in India, China and ASEAN are expected to drive the demand for chemical intermediates.
Of the total expenditure, chemical intermediates are expected to account for a key share of the overall market with a sizeable scope of demand generating for crotonaldehyde.
With growing global food industry, the demand for preserved food items continues to grow owing to the ease of access, less preparation time, and longer shelf life, making them a very convenient meal/snack option. One of the key preservatives used in the food industry is sorbic acid, which is a derivative of crotonaldehyde.
There is an increasing demand for the use of sorbic acid salts due to their ease in solubility, ideal antimicrobial activity, and ability to inhibit the growth of molds, yeasts and bacteria as compared to other preservatives, and it has been labelled as safe to use by the United States food and drug administration. There is no substitute, which offers the same advantages as sorbic acid, that can replace it from its applications in the food industry.
With a rising population, the demand for food preservatives continues to grow, hence the demand for sorbic acid is expected to promote growth of the crotonaldehyde industry during the forecast period.
Principal Consultant
| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 4.2% |
| H1,2022 Projected (P) | 4.4% |
| H1,2022 Outlook (O) | 4.5% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | (+) 10 ↑ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | (+) 30 ↑ |
A half-yearly comparison and insightful analysis of crotonaldehyde market growth outlook is presented by FMI, which is primarily subjected to an array of industry factors such as rapidly growing chemical industry and increasing applications of crotonaldehyde among diverse end-use industries, such as food processing, agrochemicals, and pharmaceutical industries.
Significant increase in the investment of research and development for the production of efficient product to cater to diverse applications in chemical manufacturing, textile, paper, and fuel industries, are also boosting the market growth.
The global sales for crotonaldehyde witnessed a growth rate of 4.2% over the first half of 2021. According to FMI, the market growth for H1 2022, was estimated to increase at a CAGR of 4.5%.
Key reasons for this change in growth rate include significant increase in the population, growing global food industry, rising demand for preserved food items, and rising adoption of crotonaldehyde as chemical intermediate in food processing.
Rapid growth for food processing and chemical industries and increasing usage of crotonaldehyde as a liquid in alcohol and ether based organic solvents for various waxes, synthetic resins, minerals & vegetables, fats, and oils are also bolstering the market growth.
Apart from these factors, there are some more likely opportunities for the industry, which include the growing packaged food consumption, rising demand for the use of sorbic acid salts, owing to their ease in solubility and ability to inhibit the growth of molds, yeasts, and bacteria compared to other preservatives.
Growing investment in the chemical sector by various leading players and established domestic players in the emerging economies like China, India, Brazil, and ASEAN are also enhancing the crotonaldehyde market.
Sales of the crotonaldehyde increased at 2.6% CAGR, between the period of 2018 and 2022. This is due to the pandemic impact on the global market impacting historical growth rate. Significant rise in the use of crotonaldehyde in food industry, agrochemicals, pharmaceuticals, and others, all over the globe is expected to boost the demand for crotonaldehyde in the coming years.
One of the key growth factors enhancing the demand for crotonaldehyde is its increasing demand in the food industry as a chemical intermediate in food processing. Recovery of chemical sector after the pandemic crisis all over the globe is being accelerated by growing per capita disposable income and growth in the end use of chemical intermediates.
Further, the compound’s application as a precursor to vitamin E production and intermediate to sorbic acid production is also benefiting the market growth. Countries like China and the United States have witnessed a significant growth in the demand for crotonaldehyde. Also, developing countries like India, Brazil and ASEAN have registered significant investments for enhancement of the chemical industries. The growth in food industry sector is anticipated to boost the business of crotonaldehyde.
Crotonaldehyde Industry Over the Forecast Period
| Duration | Market Analysis |
|---|---|
| Short-term Growth | The market is anticipated to stand at a valuation of USD 427.20 million by 2025. The extensive utilization of the chemical in food packaging industry to preserve food, and the booming food industry to cater to the increasing population base is projected to be a key growth-inducing factor over the coming years. Demand for crotonaldehyde from numerous end-use industries like textile, paper, agrochemicals, fuels, chemical industry, leather tanning, etc., is expected to have a positive influence over the crotonaldehyde end use market. |
| Medium-term Growth | By 2028 end, the market is estimated to surpass market worth of USD 483.32 million. The surging growth of plastic industry is also expected to propel market development in the years to come. This is due to the fact that crotonaldehyde finds application as a solvent for plastic and PVC synthesis. |
| Long-term Growth | The market is expected to amass a total of USD 593.71 million by 2033. Over the forecast period, the market is projected to observe many profitable prospects on account of surge in investments for the betterment of chemical industries. In addition to this, important strategies adopted by key players like product innovation, product portfolio expansion, and facility expansion, etc., are expected to bolster the market growth by satiating the crotonaldehyde industrial market demand. |
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Sales of crotonaldehyde in China is estimated to witness a growth rate of 5.0% over the forecast period. Strong development in the application sectors has bolstered the market demand outlook in the country. The growth of the crotonaldehyde industry is highly dependent on the growth of application in sectors like food and chemical.
The chemical industry in China has witnessed a considerable growth over the recent past and growth prospects are expected to remain strong throughout the forecast period. Increase in the investment in research and development for production of efficient product catering to various applications in chemical manufacturing process is enhancing the market scope of crotonaldehyde. As a result, key market participants are heavily investing in the crotonaldehyde industry in the country.
Significant growth in the urbanization in South Korea is boosting the demand for crotonaldehyde. Demand for crotonaldehyde in the country is expected to reach a value of USD 60.5 million by the end of the forecast period.
Significant investment in the chemical sector by several multinational players and well-established domestic players is also expected to propel the growth of the market. Growing demand of chemical intermediate is further enhancing the crotonaldehyde industry by adding a huge value till forecast period.
Owing to the strong growth in the chemical sector, demand for crotonaldehyde is witnessing a substantial growth in the United States. Growing adoption of chemical intermediate is bolstering the utilization of crotonaldehyde in the country.
The United States is anticipated to reach a value of USD 96.8 million in between the assessment period. Strong presence of the application sectors is pushing the product demand at a considerable rate. Further, the presence of several key market participants in the country is ensuring the supply of the product as the demand is increasing.
Higher applicability, and significant properties surface tension, leak detectors, precursor and reacting agent had made chemical intermediate a key choice to utilize as a crotonaldehyde application. Further, its significant applications where crotonaldehyde is used as a liquid, which can easily dissolve in alcohol and ether based organic solvents, is pushing the product growth. It is an excellent solvent for various waxes, synthetic resins, mineral & vegetables, fats, oils, and also for elementary sulfur has also benefited its growth outlook. All these factors have resulted in the high consumption rate of chemical intermediate application of crotonaldehyde in the market.
Chemical intermediate segment has been estimated to account for about 66.4% of the overall sales of crotonaldehyde in the global market. Crotonaldehyde significant role as a chemical intermediate in various chemical reactions as compared to other intermediates with limited to particular reactions is also bolstering the growth rate of the segment.
The crotonaldehyde is estimated to get consumed at 4.4% CAGR over the period of 2023 and 2033 in food industry. The food industry sector is projected to register steady growth owing to demand in emerging countries of Asia Pacific. Rapid growth in use of chemical additives and intermediates in some food packaging industries in this region is projected to contribute significantly to the growth of the concerned market.
With a rising population, the demand for food preservatives continues to grow, hence the demand for sorbic acid is expected to promote growth of the global crotonaldehyde market during the forecast period.
The global crotonaldehyde industry is estimated to be a consolidated market with key manufacturers accounting for a key share of the overall market. Key players are investing in research and development for the production of new and innovative products, technology and solutions to cater to the growing demand from the end use industries. Key market participants are also focusing on expansion strategies by establishing new manufacturing units, acquisition of other players and collaborating with other market participants to enhance their market footprint.
For instance,
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; the Middle East & Africa; Oceania |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa, Northern Africa, Türkiye |
| Key Segments Covered | Application, End Use, and Region |
| Key Companies Profiled | Celanese Corporation; Godavari Biorefineries Ltd; Nantong Acetic Acid Chemical Co., Ltd; Finetech Industry Limited; Central Drug House; Haihang Industry Co., Ltd; Tokyo Chemical Industry Co., Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
By 2033, the market will expand at a 4.2% CAGR
From 2018 to 2022, the market expanded at a 2.6% CAGR.
The United States is anticipated to reach USD 96.8 million by 2033.
Packed food products are expected to grow in popularity.
A CAGR of 4.4% is predicted between 2023 and 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Warning Agent 5.2. Alcohol Denaturant 5.3. Surfactant 5.4. Insecticide 5.5. Rubber Accelerator 5.6. Chemical Intermediate 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Textile 6.2. Paper 6.3. Fuels 6.4. Agrochemicals 6.5. Leather Tanning 6.6. Chemical Industry 6.7. Rubber Processing 6.8. Food Industry 6.9. Other Industrial 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 14.1. Celanese Corporation 14.2. Godavari Biorefineries Ltd 14.3. Nantong Acetic Acid Chemical Co., Ltd 14.4. Finetech Industry Limited 14.5. Central Drug House 14.6. Haihang Industry Co., Ltd 14.7. Tokyo Chemical Industry Co., Ltd 14.8. Vitas-M Laboratory 14.9. China Overseas Pioneer Chemicals 14.10. Shandong Kunda Biotechnology 15. Assumptions & Acronyms Used 16. Research Methodology
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Crotonaldehyde Market
