Global Aldehydes Market size is forecast to reach around $2,110 million by 2025, after growing at a CAGR of 7.2% during 2020-2025. Aldehydes are organic compounds containing a formic group. The surging uses of Aldehydes across various applications like medical, automobiles, agrochemicals, dyes, and food applications are driving the growth of Aldehydes market size during the forecast period. Whereas, the growing uses of aldehydes as medical disinfectants further drives the demand for Aldehydes during the forecast period. Furthermore, growing demand of Aldehydes in the agriculture industry as a fertilizer is also driving the Aldehydes market growth during the forecast period.
Global Aldehydes Market Segment Analysis – By Type
The formaldehyde segment holds the largest share of more than 30% in 2019 in the aldehydes market owing to the rising uses for the production of urea formaldehyde resins, phenol formaldehyde resins, and melamine formaldehyde. Furthermore, surging uses of melamine formaldehyde derivatives across various applications like adhesives, paints, electrical moldings, and glass reinforces substrates further drive the market growth. Moreover, formaldehyde is used as intermediate in the production of industrial chemicals like bactericide and fungicide and as medical disinfectant and antiseptic.
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Global Aldehydes Market Segment Analysis – By Application
The agrochemical segment holds the largest share of more than 30% in the global market in 2019. Whereas, the growing uses of Aldehydes as germicide, fungicide, and insecticide for plants and vegetables. Furthermore, the surging consumption of urea formaldehyde resins in the agrochemical sectors as pesticide further drive the market growth. Whereas, growing focus to increase farming productivity to meet growing food demand further contribute to the market growth.
Global Aldehydes Market Segment Analysis – Geography
Among the regions, the APAC region holds the largest share of more than 45% in 2019 and is projected to witness the highest CAGR of around 8.5% in the global Aldehydes market followed by North America and Europe during the forecast period. The growing disposable income, rise in population, and growing uses of aldehydes as surfactants propels the growth of this market in the APAC region. In addition, increase in adoption of urea formaldehyde for application in new industrial verticals, and emerging economies such as China, India and others, will create new opportunities for the urea formaldehyde market.
Aldehydes Market Drivers
Growing demand for Buthylaldehyde across various industries
Buthylaldehyde is a 4-carbon aldehyde which is used for the processes of organic syntheses for the production of n-butanol, 2-ethylhexanol, 2-Ethylhexanoic acid, trimethylolpropane, and polyvinyl buthylal. Due to the varied applications of the downstream derivatives of butyraldehyde, the high demand from various end use industries is estimated to drive the market. Butyraldehyde is used as an intermediate catalyst for manufacturing of alcohols, paints and lacquers and plant protection pesticides among others. It is also used as an intermediate to manufacture pharmaceuticals, agrochemicals, antioxidants, textile auxiliaries, perfumery, flavors and other types of additives. N-butyraldehyde is used as a primary raw material in production of alcohols, acids, amines and esters. In addition, it is key raw material for the production of films used in safety glass.
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Aldehydes Market Challenges
Emergence of COVID-19 the Pandemic
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. According to International Monetary Fund, the global GDP is expected to decline by 0.3% in 2020. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19. The pandemic is affecting operations of various industries such as agriculture, oil and gas, aerospace, and others, as most of countries have issued “stay at home guidance”. Moreover, it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. As, Aldehydes products are extensively used in these industries, the declining operations of these industries is directly affecting Aldehydes market growth.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Aldehydes market report. In 2019, the market of Aldehydes top 10 companies accounting for xx% of the share. Major players in the Aldehydes Market industry outlook is China National Petroleum Corporation, Sinopec Corporation, Sumitomo Corporation, UK Aromatics & Chemicals, Dynea AS (Dynea), Huntsman Corporation, Eastman Chemical Company, BASF SE, Celanese Corporation, Gujarat Alkalies and Chemicals Limited, Georgia Pacific Corporation, Simalin Chemicals Industries Limited, Ascent Finechem (P) Ltd, and Atul Ltd., among others.
In July 2018, Dynea AS (Dynea) announced the commencement of its latest Silver Formaldehyde Plant FASIL® license to SAMAC. SAMAC is a JV between SABIC and Mitsubishi Chemical Corporation. The plant located on the Ibn Sina site in Jubail, and will deliver 55% formaldehyde solution for the manufacturing of MMA.
In the Latin America region, in 2019, Brazil is the major market for the aldehydes owing to a rise in the purchasing power of consumers and rise in demand for surfactants across the country further drive the demand for Aldehydes.
Stringent government regulations and harmful effects on human skin of Aldehydes acts as a hindrance to the overall market growth.
Unstable economic condition and Covid-19 outbreak may cause major hindrance to the overall market growth.
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