Crotonaldehyde Industry Size, Share, Demand & Growth by 2033
The demand for crotonaldehyde is projected to scale at a decent pace in the assessment period, thus invigorating the market. Surging utilization of the chemical in numerous end-use industries like agriculture, chemicals, food and beverages, and pharmaceuticals, is expected to propel the compound growth.
The global crotonaldehyde industry size is predicted to register a CAGR of 4.2% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 393.46 million in 2023 to US$ 593.71 million by 2033 end.
The accelerating demand for crotonaldehyde to synthesize a multitude of drugs and intermediates like analgesics and anti-inflammatory agents is pushing the compound demand in the pharmaceutical industry. Also, crotonaldehyde is utilized as a starting material to develop vitamin B6 and other vitamins.
The chemical further finds usage in the food and beverage industry where it is used as a preservative to prolong food products’ shelf life. As far as agriculture is concerned, crotonaldehyde is extensively employed as an herbicide to regulate the growth of weeds in crops like soybeans, corn, and cotton. Apart from that, the product also finds use as an insecticide and fungicide.
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The compound is utilized as a solvent, raw material, and as a chemical intermediate, in the chemical industry, to produce various chemicals like ethyl crotonate, crotonic acid, and butyl crotonate.
Over the forecast period, the market is expected to push forward on the back of increasing focus of producers to develop new and inventive products to cater to the ever-increasing demand and remain competitive in the market.
Top Highlights from the FMI’s Analysis of the Crotonaldehyde Market:
- The China industry is expected to trail at a CAGR of 5% over the review period. Increasing investments by manufacturers and cheap labor in the country are key elements that are projected to help the market advance in the country.
- On the basis of application, the chemical intermediate segment is projected to hold 66.4% of the entire sales of crotonaldehyde in the worldwide market.
- Based on the end-use industry, the food industry is projected to be a leading market in the coming years. The segment is forecast to expand at 4.4% CAGR over the forecast period.
Stay Abreast with Market Ongoings as Observed by FMI
The market is extremely competitive, and manufacturers are emphasizing the production of new and advanced products to cater to the rising demand from multiple end-use industries. Mentioned below are some of the key strategies employed by the key players active in the crotonaldehyde industry to acquire a massive share than the extant share.
- Production Capacity Extension: Many manufacturers are increasing their production capacities to cater to the rising demand for crotonaldehyde. With the help of this strategy, the manufacturers can extend their market share by maintaining enough supply of crotonaldehyde to cater to the demand from multiple end-use industries.
- Investment in Research and Development Activities: Manufacturers are allocating funds to investigate and develop new and efficient products. With this strategy, the manufacturers intend to capture a greater market share by presenting products that meet certain requirements of customers.
- Emphasis on Sustainability: The manufacturers in the market are gradually implementing sustainable production methods to curb the environmental impact. Due to the rise in environmentally conscious consumers, manufacturers are expected to gain an edge in advertising products that are sustainably produced.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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