The Asia Pacific Acetaldehyde Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 525.23 Kilo Tonnes, showcasing a growth of 4.5% (2019-2022).
Acetaldehyde is also called ethanal or MeCHO, a colourless gas or liquid carbonyl compound. It is produced naturally in plants or on a large scale in industries for its commercial application. It is naturally present in coffee and ripe fruits. However, the alcohol dehydrogenase enzyme is largely used in partially oxidizing ethanol and ethylene processes used in commercial production. Primarily, it serves as a precursor and intermediate in synthesizing many compounds, including crotonaldehyde, pentaerythritol, acetic acid, and pyridines.
It is a major building component utilized in synthesizing pyridine when combined with formaldehyde. It is also used as a starting material in the Hantzsch synthesis process, which produces pyridine. Due to its water miscibility and alkaline nature, it is favoured for synthesizing numerous vital substances, including pharmaceuticals, vitamins, and agrochemicals. Significant increases in the demand for pharmaceuticals, vitamins, and agrochemicals will provide the market with lucrative growth opportunities.
China plays a crucial role in global generic drug production. The expansion of generic drug manufacturing can increase demand for chemical intermediates, including those derived from acetaldehyde, in producing active pharmaceutical ingredients (APIs) in the region. The growing focus on biopharmaceuticals and biotechnology in China drives innovation in drug development. As per China.org, in 2021, the combined business revenue of China's pharmaceutical companies increased by 18.7 percent annually, the greatest growth rate in five years. All these factors will uplift the regional market’s expansion in coming years.
The China market dominated the Asia Pacific Acetaldehyde Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $339.3 million by 2030. The Japan market is registering a CAGR of 4.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.1% during (2023 - 2030).
Based on Derivative, the market is segmented into Acetic Acid, Pyridine, Pyridine Bases, Pentaerythritol, Acetate Esters, Butylene Glycol, and Others. Based on Application, the market is segmented into Food & Beverage, Pharmaceuticals & Cosmetics, Chemicals, Paper & Pulp, Plastics & Synthetic Rubber, Paints & Coatings, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Acetaldehyde Market is Predict to reach USD 2.6 Billion by 2030, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Celanese Corporation, Eastman Chemical Company, Sumitomo Chemical Co., Ltd., Solvay SA, Lonza Group Ltd., Arkema S.A., Merck KGAA, LCY CHEMICAL CORP., Jubilant Ingrevia Limited and Ashok Alco-chem Limited.
By Derivative (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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