As per the current market research conducted by CMI Team, the Global Acrolein Market size is expected to record a CAGR of 3.4% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 1186.64 Million. By 2032, the valuation is anticipated to reach USD 1288.65 Million.
Rapidly increasing demand for Acrolein in the polymer industry and the agrochemical sector has emerged as some of the reasons which shall provide for the rapid growth of the market during the forecast period. The acrolein market will grow at a faster rate owing to the increased application of Acrolein for coatings and adhesives all over the world.
A huge number of applications include the use of Acrolein as it forms a unique chemical compound. It is mainly obtained from the petrochemical feedstocks like propylene and glycerin and is put into use for industrial purposes. The paint and plastic industry mainly utilizes Acrolein which is helping it to record considerable revenue and provide growth opportunities in the future.
Regional Snapshots
The geographical region of North America has emerged as the largest global market for Acrolein pertaining to the extensive use of this component in the industrial sector for manufacturing a number of products that are used on a daily basis. The highly developed chemical sector in the region of North America has emerged as a major growth factor for this particular market in this region.
The heavy export of this material also proves to be the driving force for the growth of the market in the region of North America. The region of Asia Pacific has emerged as a potential market for the growth of Acrolein due to the increasing demand for plastic materials among potential consumers.
The lower manufacturing cost that is provided by the region of Asia Pacific has emerged as one of the important reasons for the rapid growth of this market which is expected to continue in the future as well.
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Market Dynamics
Drivers
The rapidly increasing demand for Acrolein has transformed the global market due to its implementation in a number of applications such as the manufacturing of paint and adhesives. The agrochemical industry is also making use of this product on a large scale which is helping the market to record considerable revenue over the period of time.
The polymer industry makes use of this product on a large scale. This product forms a super absorbing agent for hygienic pads and diapers. The algae growth can be controlled with the help of this product which is utilized for floating weed. These multiple reasons emerge as the driving forces for the growth of the market during the forecast period.
Restraints
The extensive use of Acrolein in multiple industries all over the world is increasing the concern for cancer causing agents among the people. Increasing awareness among the people regarding the various factors that lead to cancer has hampered the growth of Acrolein market to a great extent.
Certain target applications make use of this product only huge scale which makes it much more harmful for the vulnerable population. The other options available in the global market have hampered the growth of this product to a great extent which is emerging as a major obstacle. These multiple reasons have emerged as the restraining factors for the growth of the market during the forecast period.
Opportunities
The rapid application of acrylic acid polymers for adhesives, coatings and emulsifiers has helped the market to find new opportunities and hence emerge as a global market. The increasing use of this product for baby diapers and hygienic pads as it absorbs moisture very quickly has helped the market to devise a new opportunity for its growth.
The application of Acrolein in the oil industry has also emerged as a major opportunity for the growth of the market. The water treatment plants make use of Acrolein on a large scale which is also proving to be a tremendous opportunity for the growth of the market. These multiple applications of Acrolein have emerged as a major opportunity for the growth of the market during the forecast period.
Challenges
The depletion of the resources that help to produce this product has emerged as a major challenge for the growth of the market. The availability of glycerol as a suitable alternative again Acrolein has hindered the growth of the market significantly and is hence challenging the key market players.
The harmful effects of this product have challenged the growth of the market considerably due to the increasing awareness among the people regarding the importance of health and the factors deteriorating it. The heavy usage of this product among many commonly used articles has emerged as a common causative factor for cancer which has hindered the growth of the market tremendously.
Report Highlights
Based on product type, the segment of glycerol dehydration method has emerged as the largest global market pertaining to the increasing use of this product among potential consumers and industries.
Recent Developments
In May 2019 – Shell started its production at Appomattox which is a deep-water gas and oil plant. This is the biggest unit in the region of the Gulf of Mexico for this company.
In April 2018 – an investment idea was implemented by Shell to propose the project of veto deep water which forms one of the biggest projects in the region of Gulf of Mexico. This project will be one of the important steps taken by the organization. It will be the 11th deepwater development in this particular region of Mexico.
List of the prominent players in the Acrolein Market:
- Akzo Nobel N.V.
- The Dow Chemicals Company
- Shanghai Huachen Energy Company Ltd.
- The Shell Oil Company
- Others
Table of Contents: https://www.custommarketinsights.com/report/acrolein-market-2023-2032/#table-of-contents
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