Acrolein Market Share, Growth Factors, Outlook Analysis and Future Prospects for 2030
Acrolein Market Overview:
The Acrolein market Share valued at USD 1,155.93 Million in 2022 and projected to reach USD 1,496.20 Million by 2030, growing at a steady CAGR of 3.3%. Acrolein, also known as propenal, is a colorless liquid with a sharp, acrid smell. Its primary applications lie in the production of methionine, a crucial amino acid for animal feed, and as a precursor for various chemicals like glutaraldehyde used in water treatment and leather tanning.
Acrolein Market Drivers:
Growing demand for methionine: The rising demand for animal protein, particularly in developing economies, is driving the need for methionine-rich feed. This, in turn, fuels the acrolein market dynamics as a key raw material in methionine production.
Versatility in chemical applications: Acrolein finds use in various other chemicals like glutaraldehyde, pesticides, and acrylic acid. This diverse range of applications opens up new market avenues for acrolein growth.
Environmental concerns with alternatives: Stringent regulations on traditional biocides like formaldehyde are pushing the adoption of acrolein-based alternatives in water treatment and other industries.
Acrolein Market Key Players:
The market is characterized by a mix of established global acrolein market key players and regional competitors. Some prominent players include:
Evonik, Arkema, Daicel, Hubei Shengling Technology, Hubei Jinghong Chemical, Puyang Shenghuade Chemical, Hubei Xinjing New Material, Oakwood Products, Inc, NSI Lab Solutions, and Thermo Fisher Scientific Inc.
Acrolein Market Segmentation:
By Process: Glycerol Dehydration Method and Propylene Oxidation Method
By Application: Methionine, Pesticide, Water Treatment Agent, and Others
By Region: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Acrolein Market Regional Analysis:
North America and Europe: These regions boast the largest acrolein producers, including the US, Japan, and major European countries. Their well-developed chemical manufacturing industries and stringent environmental regulations demanding sustainable practices have fueled market growth. Here, acrolein finds extensive use in pharmaceuticals, agriculture, and various chemical processes. The US is expected to see a significant rise in acrolein exports and trade due to its strong intermediate chemicals sector.
Maturing Markets with Potential:
Europe, while a major producer, is anticipated to experience a slight decline due to its maturing market. However, this creates an opportunity for other regions. Countries like Brazil, Saudi Arabia, and Argentina are expected to witness potential growth driven by their booming lacquers and polymer industries.
The Rise of the Asia Pacific:
The Asia Pacific region is projected to be the frontrunner in terms of growth rate. This surge is attributed to the phenomenal expansion of the plastic industry in this region. Additionally, rapidly growing markets for paints and polymers, coupled with a favorable cost structure, are significant factors. China, with its ever-growing plastic sector, is anticipated to be the leading importer of acrolein, while India is expected to follow suit due to its flourishing paint and polymer industries.
A Look at Biocides:
The US holds the distinction of being the biggest importer of acrolein biocides, a testament to its focus on water treatment and agricultural applications. Countries like Indonesia and Vietnam are key beneficiaries of these imports.
Latin America and the Middle East & Africa are expected to see significant growth in the coming years due to rising acrolein market demand for animal protein and infrastructure development.
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