Propionaldehyde Market to Grow at a CAGR 4.8% During Forecast Period 2022-2027

Propionaldehyde Market to Grow at a CAGR 4.8% During Forecast Period 2022-2027
Propionaldehyde Market
Increasing Production of Personal Care and Cosmetic Products Would Drive the Propionaldehyde market growth.

Propionaldehyde Market Overview

Propionaldehyde Market size is forecast to reach US$1.6 billion by 2027, after growing at a CAGR 4.8% during 2022-2027. Propionaldehyde is prepared by oxidizing 1-propanol with a sulfuric acid/potassium dichromate solution or using a rhodium catalyst in the hydroformylation process which combines ethylene and synthesis gas. Rapidly rising demand for propanal or propionaldehyde as a disinfectant and preservative in plastic and rubber manufacturing applications has raised the market growth. Generally, propionaldehyde is an organic compound that is used for the production of propanol and propionic acid. Significant expansion in the chemical and pharmaceutical industries around the world, as well as increased production capacity and need for propionic acid, are likely to fuel the demand for propionaldehyde. Additionally, increased demand for propionaldehyde in various end-use industries such as cosmetics, food and beverage, agriculture, among others, is one of the primary driving factors for the propionaldehyde market to rise throughout the forecast period.

Impact of Covid-19

The COVID-19 pandemic disrupted trade activity and continued movement restrictions, which harmed the propionaldehyde market’s productivity rate. In addition, the lack of raw materials for production resulted in the temporary downfall of the Propionaldehyde industry in 2020. However, the substantial increase in demand for pharmaceuticals, personal care & cosmetic products, and others, with the rising normal conditions is anticipated to boost the market growth over the projection period.

Propionaldehyde Market Segment Analysis- By Application

Fertilizers held the largest share in the propionaldehyde market in 2021. Generally, propionaldehyde is used for manufacturing fertilizers such as pesticides and herbicides. To offer insecticidal and nematocidal properties, the demand for propionaldehyde in the production of pesticides is anticipated to increase. The rising demand for fertilizers as a result of the need to improve agricultural yields in the face of variables such as shrinking arable land is estimated to drive the market growth. As a result, the need for propionaldehyde in the production of fertilisers and pesticides is increasing. Therefore, the increasing use of propionaldehyde in the formulation of fertilizers is estimated to drive the market’s growth.

Propionaldehyde Market Segment Analysis- By End-Use Industry

The agriculture segment held the largest share in the propionaldehyde market in 2021 and is projected to grow at a CAGR of 5.5% during 2022-2027. In the agriculture sector, propionaldehyde is utilized for chemical preparations. Governments in both developed and emerging countries are increasingly focusing on increasing agricultural productivity, resulting in increased demand for agricultural products such as pesticides, fertilisers, and other agricultural chemicals. Currently, rising government investments in the agriculture sector is estimated to drive the demand for organic compound such as propionaldehyde in the upcoming years. For instance, according to the press release published by the U.S. Department of Agriculture as of September 29, 2021, USDA has planned to invest US$3 billion in the agriculture, and other sectors. In addition, over the projection period, rising population and food demand is expected to help the agriculture sector, which would, in turn, supplement the propionaldehyde market. Therefore, the increasing usage of propionaldehyde in the agriculture industry is estimated to drive the market’s growth.

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Propionaldehyde Market Segment Analysis– By Geography

The Europe region held the largest share of more than 34% in the propionaldehyde market in 2021. Globally, the region’s growth in the market is mainly due to the rising growth of the agriculture, pharmaceutical, personal care and cosmetics, and other end-use industries. For instance, According to the European Federation of Pharmaceutical Industries and Association, in 2019, Europe accounted for 22.9% of world pharmaceutical sales. According to IQVIA (MIDAS May 2020), 18.4% of new medicines launched during 2014-2019 were from the European market. Moreover, the increasing production of cosmetics and personal care products in the European countries has driven the demand for propionaldehyde. For instance, according to Cosmetics Europe, the personal care association, after Germany France with €11.5 billion (US$ 13.7 billion) was the largest national market for cosmetics and personal care products in Europe in the year 2020. Thus, the rising usage of propionaldehyde in several end-use industries in the European region is further anticipated to drive the overall market in the forecast period.

Propionaldehyde Market Drivers

Increasing Production of Personal Care and Cosmetic Products Would Drive the Propionaldehyde market growth

Rapidly rising demand for fragrance products in the personal care and cosmetics industry is driving the demand for the propionaldehyde which is also an organic compound. In the cosmetics industry, propionaldehyde is utilized in fragrances because of its earthy, alcoholic aroma. The increasing trend of personal grooming, as well as rising demand for premium and exotic aromas, is attributed to the market’s growth. Furthermore, rising consumer expenditure on premium and luxury cosmetic products with rising living standards is further estimated to drive the demand for propionaldehyde. According to the International Trade Administration, in Indonesia, the personal care sector has the largest market category (US$ 3.2 billion), followed by cosmetics (US$ 1.7 billion), and perfumes (US$ 0.4 billion). Furthermore, the total production of cosmetics and personal care products in Mexico was found to be US$ 7.15 billion in 2019. As a result, the growing personal care and cosmetic industries will enhance the demand for propionaldehyde, thus driving the overall market growth.

Rising Usage of Propionaldehyde in the Healthcare Industry

Propionaldehyde or propanal is used in the medical & pharmaceutical industry to create basic pharmaceutical products. Propranolol belongs to the beta-blocker class of drugs. By relaxing blood vessels and lowering heart rate, improves blood flow and decreases blood pressure. Rising deaths due to cardiovascular diseases (CVDs) is one of the major factor driving the demand for propanal or propionaldehyde drugs. For instance, according to the World Health Organization, CVDs claimed the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths. Heart attacks and strokes were responsible for 85% of these deaths. The increasing use of organic compounds such as propanal for the treatment of pheochromocytoma, hypertension (high blood pressure), migraine prevention, anxiety, arrhythmia, heart attack, angina (heart-related chest discomfort), and tremors, is estimated to drive the market growth. Thus, with the rising consumption of propanal tablets, the demand for propanal would increase which is anticipated to boost the market over the forecast period.

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Propionaldehyde Market Challenges

Acute Health Effects Associated With Propionaldehyde Will Hinder the Market Growth

Exposure to propanal or propionaldehyde sometimes develop acute (short-term) health consequences. On contact, propionaldehyde can cause a rash or a burning sensation on the skin, and it can irritate and burn the eyes. Additionally, propionaldehyde inhalation can irritate the nose and throat, resulting in nosebleeds, sore throats, hoarseness, coughing, and phlegm. Furthermore, propionaldehyde can irritate the lungs and cause coughing and/or shortness of breath when inhaled. Higher levels of exposure can lead to pulmonary edoema, a medical emergency characterized by acute shortness of breath. Thus, due to the rising health effects, the market growth for propionaldehyde is estimated to face challenges in the upcoming years.

Propionaldehyde Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the propionaldehyde market. Major players in the propionaldehyde market are:

BASF SE

Eastman Chemical Company

Dow Chemical Company

China National Petroleum Corporation

Royal Dutch Shell Plc.

Mitsui Chemicals Inc.

LG Chem Ltd.

Zhejiang Xinhua Chemical Co Ltd.

Oxea GMBH

ISU Chemical Co Ltd., and Others

Key Takeaways

The European region dominated the propionaldehyde market due to the rising demand for propionaldehyde from various end-use industries such as pharmaceuticals, cosmetics, and other industries in economies such as UK, Germany, and France.

Globally, the increasing demand for propionaldehyde for manufacturing propionic acid, owing to rising demand from the chemical and pharmaceutical sectors is estimated to drive the growth of the propionaldehyde market in the projected period.

However, an increase in various harmful effects caused by the exposure of organic compounds such as propionaldehyde or propanal may create hurdles for the market growth in the projected period.

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