- A new study by Grand View Research, Inc. notes the worldwide propionaldehyde market to grow strongly from 2015 to 2022. Robust demand from end-use industries like cosmetics, pharmaceuticals, etc. will drive this growth. Developed countries like the U.S. and Japan are home to a large aging population. This will trigger demand for propionaldehyde in the medical sector.
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Developing regions of Central and South America, and Asia Pacific are witnessing better incomes and life styles. Governments are implementing plans for improved access to medical facilities. These factors will boost the propionaldehyde market in the sectors of pharmaceuticals and medical.
Emergent economies are also characterized by rapidly growing cosmetics, and home & care industries. Burgeoning worldwide population is resulting in higher food demand. Hence, various governments are focusing on improving agricultural yield. This is fueling the demand for fertilizers, pesticides, and other chemicals.
Propionaldehyde manufacturers are hugely investing in superior products (with diverse applications). They are increasing their product offerings and manufacturing capacities to meet the rising demand. Global propionaldehyde vendors are increasingly attracted to the growing markets of Asia Pacific and Latin America.
Direct exposure to propionaldehyde leads to eye and skin irritation. The European Chemicals Bureau has declared it as highly flammable and an irritant. Its usage is hence, subject to various guidelines. This is expected to inhibit the propionaldehyde market.
The market applications include chemicals, pharmaceuticals, cosmetics, and home and personal care. Chemicals comprise agricultural chemicals, fertilizers, basic chemicals, and pesticides. The home and personal care segment encompasses perfumes and fragrances.
Economic recovery in North America and Europe will lead to higher demand for propionaldehyde from end-use industries. Egypt and Israel are witnessing infrastructural developments. These developments are facilitating the manufacture of chemicals and chemical-related products catering to demands.
The research also forecasts Asia Pacific to be the fastest-growing propionaldehyde market over the next seven years. India, China, and some South East Asian nations will be among the leading consumers of the region. Brazil, Saudi Arabia, and South Africa will hugely profit in the years to come.
Eminent players in the worldwide market include Eastman Chemical Company, Perstorp Holding AB, DuPont, BASF SE, and Celanese Corporation.
Information Source: Grand View Research
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