Aldehydes is an organic compound containing functional group called as formyl group, which has numerous applications in medical disinfectant and antiseptic, food and cosmetics among others. It is anhydrous salt, a form of sodium bicarbonate, also called as washing soda. There are numerous types of aldehydes available such as butyraldehyde, acetaldehyde, propionaldehyde, formaldehyde, benzaldehyde, and others. However, there quantities are produced according to application and utilization. In industrial applications, it is used as precursor to numerous chemicals such as alcohols, resins, and acids.
Aldehydes Market Dynamics
Formaldehyde is among the most common type of aldehydes and is widely used aldehydes across the globe. It is prominently used in the manufacturing of numerous types of resins such as melamine formaldehyde resins, urea formaldehyde resins, and others, which is driving the global aldehydes market growth. Moreover, formaldehyde is largely used in the downstream chemicals including 1, 4- butanediol. Owing to its other capabilities such as inhibition of bacteria and other microbes, the formaldehyde is used in as medical disinfectant and antiseptic.
Benzaldehyde is another common type of aldehyde widely used in production of chemicals such as acrydine dyes, styrene, and others. It is widely used to manufacture downstream chemicals including 2-ethylhexanol and n-butanol. Furthermore, acetaldehyde has its applications in plastic industry as plasticizer. It is used as paint binder in paints and coatings industry.
Excessive use of fertilizer such as urea across the globe is expected to propel demand for aldehyde. Urea formaldehyde is used as soil fertilizers in the agriculture industry. According to the World Bank, in 2015, fertilizer consumption increased to 94% from 89.9% in 2010.
However, some aldehyde are highly toxic, which could be harmful to environment and human beings, which in turn is expected to restrain growth of the market.
Asia Pacific is anticipated to hold the significant market share during the forecast period. The rising manufacturing sector coupled with the rising demand for urea from agriculture industry particularly from emerging economy such as India is expected to boost the aldehydes market growth. In manufacturing sector, aldehyde are widely used in alcohol, resins, and acids. According to the India’s Brand Equity Foundation (IBEF), in 2017, the market size of India’s manufacturing sector was US$ 347.18 billion, which increased from US$ 300.76 billion in 2012. Manufacturing sector includes automobile, drugs & pharmaceuticals, chemicals, textile, food processing, and others.
Key players in the Aldehydes Market
Key players operating in the market include Celanese Corporation, Georgia Pacific Corporation, BASF SE, Huntsman Corporation, Dynea Oy, Sumitomo, CNPC, Simalin Chemicals Industries Limited, Gujarat Alkalies and Chemicals Limited, and Sinopec.
Major players are adopting numerous strategies such as product launches, business expansions, mergers & acquisitions and partnerships & collaborations to gain strong foothold in the market. For instance, in 2018, Dynea announced completion of new facility named Silver Formaldehyde Plant in Jubail, KSA. The unit has capability to produce 105.00 metric ton annual capacity and is expected to deliver 55% of formaldehyde solution.
Aldehydes Market Taxonomy
The Aldehydes market is segmented into:
By Product Type
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