Acetaldehyde Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Acetaldehyde Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for acetaldehyde is expected to grow at a CAGR of less than 6% during the forecast period. The major factor driving the growth of the market studied is the increasing demand from the aerospace industry. However, the decline in the automotive industry is expected to hinder the market’s growth.

Key Highlights

• By end-user industry, the paints and coatings segment dominated the market owing to the increasing construction activities primarily in Asia-Pacific.
• Asia-Pacific Dominated the market and is expected to witness the fastest growth during the forecast period.

Key Market TrendsIncreasing Demand from Food and Beverage Sector

• Acetaldehyde is known as aldehyde of acetic acid. It is also known as ethanal, acetic aldehyde, and ethyl aldehyde. It is mostly found in low levels in some foods prepared by fermentation, such as in milk products, soya products, canned vegetables, and non-alcoholic beverages.
• Additionally, it is also found in fruit and fruit juices. The chemical is also used as a food flavoring agent, that is further added to some pastries, fruit juices, desserts, and milk products.
• The global food and beverage industry are growing at a rate of almost 5% and expenditure on food products by consumers is expected to reach approximately USD 20 trillion by the year 2030. This growth is mainly driven by the rising healthier lifestyle and middle-class income along with the rising population worldwide.
• The food and beverage industry is one of the key markets of Japan, the United States, and Europe. Emerging economies, particularly in Asia is becoming the major contributor to the food and beverage industry’s growth.
• Additionally, the United States food industry is expected to grow at an annual rate of 2.9% through 2022, as per the data by Food Packaging Trends and Advances report from PMMI (The Association for Packaging and Processing Technologies).
• Such above-mentioned growth factors are expected to drive the market for the food and beverage industry, which, in turn, drives the acetaldehyde market during the forecast period.

Asia-Pacific to Dominate the Market

• Asia-Pacific was the largest market for acetaldehyde primarily due to the robust demand from China.
• Increasing demand from the paints & coatings combined with adhesives segments is likely to act as a driving factor for the market studied in Asia-Pacific.
• Also, the market competition in the country has become increasingly fierce in the food and beverage industry, which has enabled the companies to tap into overseas markets, with an aim to seek more resources and business opportunities.
• The demand for acetaldehyde is expected to grow in the food processing industry in China. The country has more than 35,000 processing and manufacturing plants churned out food products for the country’s residents.
• With the rapid growth of food start-ups, industrial giants are increasingly investing in promoting innovation across the food supply chain. For instance, Jubilant Foodworks Ltd, the operator of Domino’s Pizza and Dunkin’ Donuts, has started test runs of a Chinese fast food venture, its third restaurant brand in the country. This growth in the food and beverage sector in China is expected to create newer avenues for acetaldehyde demand.
• Such factors in turn are likely to create a promising opportunities in the country for acetaldehyde and thus in the region.

Competitive Landscape

The market for acetaldehyde is consolidated in nature. Some of the prominent players in the market include Celanese Corporation, Eastman Chemical Company, LCY GROUP, Sumitomo Chemical Co., Ltd., and Jubilant Life Sciences Limited, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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