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Isobutyraldehyde Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | BASF SE, Merck & Co. Inc., Dow Inc., Mubychem Group, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd
Isobutyraldehyde Market Characteristics
The Business Research Company offers in-depth market insights through Isobutyraldehyde Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The isobutyraldehyde market size has grown strongly in recent years. It will grow from $1.91 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to chemical intermediates production, growing demand in the automotive industry, adhesives and sealants manufacturing, rubber chemicals manufacturing, paints and coatings industry demand.
The isobutyraldehyde market size is expected to see steady growth in the next few years. It will grow to $2.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to increasing focus on bio-based chemicals, growth in renewable energy sector, advancements in the automotive fuel additives market, expansion of the adhesives and sealants market, rise in consumer demand for specialty flavors and fragrances. Major trends in the forecast period include innovations in paints and coatings formulations, increasing demand in pharmaceuticals, rising demand in agrochemicals, focus on bio-based production, technological advancements in production processes.
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Market Segmentation:
The main types of isobutyraldehyde are food grade, pharma grade, industrial grade, and other types. Food grade refers to the materials used in equipment that are safe for human consumption and suitable to come into direct contact with food products. The various forms involved are powder, liquid and other forms which consists of synthesis methods such as hydroformylation of propene and oxidation of isobutane include applications involved with chemical intermediates, pharmaceuticals, food and fragrances, fertilizers, lubricants, other applications.
Major Driver - Growth In Consumption Of Fertilizers Is Anticipated To Drive The Isobutyraldehyde Market
The growth in the consumption of fertilizers is expected to propel the growth of the isobutyraldehyde market going forward. Fertilizers refer to chemical compounds applied to plants to enhance their development by supplying necessary nutrients. These substances boost the plant's yield. Isobutyraldehyde is utilized in the production of fertilizers and pest control products. Isobutyraldehyde, in its liquid form, combined with the solid compound urea, acts as an uncoated nitrogen provider in fertilizers, gradually delivering essential nutrients to plants. For instance, in 2021, according to data from The World Bank Group, a US-based international organization providing loans to developing countries, the fertilizer consumption in Ireland was 130.1 kilograms per hectare of arable land in 2020, which increased to 139 kilograms per hectare of arable land in 2021. Therefore, the growth in consumption of fertilizers is driving the isobutyraldehyde market.
Competitive Landscape:
Major companies operating in the isobutyraldehyde market report are BASF SE, Merck & Co. Inc., Dow Inc., Mubychem Group, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Arkema S.A., Eastman Chemical Company, Celanese Corporation, Airgas Inc., Formosa Plastics Corporation, Hangzhou DayangChem Co. Ltd., Grupa Azoty S.A., Luxi Chemical Group Co. Ltd., Yangmei Chemical Co. Ltd., JNC Group, Tokyo Chemical Industry Co. Ltd., Alfa Aesar, KH Neochem, Aceto Corporation, Kanto Chemical Co. Inc., Dairen Chemical Corporation, Inoue Perfumery MFG Co. Ltd., Otto Chemie Pvt. Ltd, Yancheng Chunzhu Aroma Co. Ltd., Shandong Jianlan Chemical Co. Ltd., Beijing Eastern Petrochemical Co. Ltd., Sinopec Qilu Petrochemical Corporation
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Top Trend - Adoption of LP Oxo Technology by Industry Leaders to Drive Efficiency and Expansion
Major companies operating in the isobutyraldehyde market are using advanced technology, such as LP Oxo Technology, to enhance production. LP Oxo Technology is a low-pressure hydroformylation process that uses rhodium-catalyzed hydroformylation of an olefin with syngas (CO and H2) followed by hydrogenation of the intermediate aldehyde to produce alcohols from olefins. For instance, in September 2022, Johnson Matthey, a UK-based specialty chemicals company, and Dow Inc., a US-based materials science company, licensed LP Oxo Technology to Anqing Shuguang Petrochemical Oxo Co. Ltd. The LP Oxo Technology is a process that primarily involves the use of propylene and synthesis gas, a blend of hydrogen and carbon monoxide, to generate normal isobutyraldehyde. This technology will help Anqing Shuguang Petrochemical Oxo Co. Ltd. in expanding its oxo business in the growing oxo alcohol market and will produce approximately 200 kta 2-ethylhexanol and 25 kta iso-butyraldehyde.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Isobutyraldehyde Market Characteristics
3. Isobutyraldehyde Market Trends And Strategies
4. Isobutyraldehyde Market - Macro Economic Scenario
5. Isobutyraldehyde Market Size And Growth
…..
27. Isobutyraldehyde Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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