Press Release
Press Release
As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
According to a new report by EMR titled, ‘Global Propionaldehyde Market Report and Forecast 2021-2026’, the global market for propionaldehyde is being aided by the rising propionic acid industry, which is further expected to grow at a CAGR of 5% between 2021 and 2026 to attain USD 2 billion by 2026.
Propionaldehyde is used in a variety of industries and applications to manufacture a wide range of products used every day at home, work, or leisure. The growing R&D activities are expected to further aid the market growth. Perstorp Holding AB, a world leader in several sectors of the specialty chemicals market and a key player in the industry, utilises propionaldehyde in the production of Perstorp’s Bis-MPA. Bis-MPA or dimethylolpropionic acid is a major raw material in polyurethane dispersion for coatings. It is also utilised in waterborne alkyds, photographic chemistry, and polyesters. These chemicals are further utilised to produce various end-use products.
Meanwhile, the increasing production of protective face shields for medical personnel and the general population to prevent the spread of COVID-19 is driving the demand for specialty plastics. Plastics form one of the major applications of propionaldehyde. Eastman (NYSE: EMN), a key industry player, along with LAMINEX collaborated with MADiT and GEA Hospital to offer innovative, protective face shields during COVID-19 pandemic. The demand for these protective equipment is expected to remain strong for the next few years, which is anticipated to contribute to the industry growth in the forecast period. Further, with the outbreak of the pandemic, there has been a surge in demand for pharmaceuticals and increasing R&D activities, which is expected to provide a boost to the industry growth.
Market Breakup by Application, End-Use, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global propionaldehyde market are BASF SE, Eastman Chemical Company, Perstorp Holding AB., and Zibo Nuoao Chemical Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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