Leather tanning and rubber processing applications are expected to channel a notable portion of revenue to the market.
DUBAI, UAE / ACCESSWIRE / October 21, 2020 / According to FMI's analysts, crotonaldehyde market players are focusing on expanding organic strategies and incorporating advanced phenomenon to consolidate their market share.
Rising labour wages and strict government regulations will hamper market growth but cost-effective methodologies will continue to facilitate production.
'With the noteworthy expansion of this market, manufacturers are focussing on product innovation and building strong collaborations and acquisitions with major chemical companies', states the FMI Analyst.
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Crotonaldehyde Market- Key Highlights
- Crotonaldehyde market revenues to grow at 4.2% CAGR. Market value will reach US$ 535 million by 2030.
- East Asia will remain a lucrative market due to presence of flourishing chemical industry and easier availability of raw materials.
- On the basis of end-use, rubber processing segment dominates the market by covering 45% of the total market share.
- Chemical intermediate segment accounts 2/3rd of the market value backed by improved use in manufacturing process of varnishes and fuel.
Crotonaldehyde Market - Driving Factors
- Crotonaldehyde finds employment in the production of trimethylhydroquinone which is further used as flow-promoting agent.
- Expanding demand for boric acid in food packaging industry propels market growth of crotonaldehyde.
- Demand for crotonaldehyde keeps surging due to utility in pharmaceuticals, dyes and pesticides, thereby, helping the market gain momentum.
- Owing to use of crotonaldehyde in production of paint and coatings, bolstering demand will be noticed in automotive, construction, transportation and electronics industry.
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Crotonaldehyde Market - Key Restraints
- Health hazards like skin irritation and chemical burns is hampering adoption, as workplace safety becomes more important
- As end-users focus on environmental conservation and sustainability, demand for alternatives and substitutes has grown.
Expected Impact on Market by Coronavirus Outbreak
The outbreak of coronavirus has taken a toll over chemical sector due to imposed restrictions and lockdown. Shutting down of plants and operations have only caused the industry to experience a major downfall. The macro-economic developments will have an impact on crotonaldehyde market during the assessment period.
Companies are planning to follow unique strategies to expand their market by collaborating with major industries. Key players are strengthening their links with industries for developing research and development area while also paying attention towards product innovation with better incorporated techniques. Leading players are focussing on cost-efficiency and acquisitions too.
Manufacturers are trying to get a deeper understanding of the market trends and preferential shifts of end-use segments. Key players in the market include Celanese Corporation, Godavari Bio refineries Ltd., Nantong Acetic Acid Chemical Co., Ltd, Finetech Industry Limited, and Central Drug House.
More on the report
This report presents an analysis on the basis of segments including end-use (textile, rubber, agrochemical, textile, paper, fuel etc.), application (food additives, dietary supplements, warning agent, pharmaceuticals etc.) and region (North America, Europe, Latin America, and APEJ)
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