Global [FURL=https://www.industryarc.com/Report/15385/aldehydes-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=Paidpressrelease]Aldehydes Market[/FURL] size is forecast to reach around $2,110 million by 2025, after growing at a CAGR of 7.2% during 2020-2025. Aldehydes are organic compounds containing a formic group. The surging uses of Aldehydes across various applications like medical, automobiles, agrochemicals, dyes, and food applications are driving the growth of Aldehydes market size during the forecast period. Whereas, the growing uses of aldehydes as medical disinfectants further drives the demand for Aldehydes during the forecast period. Furthermore, growing demand of Aldehydes in the agriculture industry as a fertilizer is also driving the Aldehydes market growth during the forecast period.Key Takeaways
In the Latin America region, in 2019, Brazil is the major market for the aldehydes owing to a rise in the purchasing power of consumers and rise in demand for surfactants across the country further drive the demand for Aldehydes.
Stringent government regulations and harmful effects on human skin of Aldehydes acts as a hindrance to the overall market growth.
Unstable economic condition and Covid-19 outbreak may cause major hindrance to the overall market growth.
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Global Aldehydes Market Segment Analysis - Geography
Among the regions, the APAC region holds the largest share of more than 45% in 2019 and is projected to witness the highest CAGR of around 8.5% in the global Aldehydes market followed by North America and Europe during the forecast period.
Aldehydes Market Drivers
Growing demand for Buthylaldehyde across various industries
Buthylaldehyde is a 4-carbon aldehyde which is used for the processes of organic syntheses for the production of n-butanol, 2-ethylhexanol, 2-Ethylhexanoic acid, trimethylolpropane, and polyvinyl buthylal. Due to the varied applications of the downstream derivatives of butyraldehyde, the high demand from various end use industries is estimated to drive the market.
Aldehydes Market Challenges
Emergence of COVID-19 the Pandemic
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. According to International Monetary Fund, the global GDP is expected to decline by 0.3% in 2020. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19.
Aldehydes Market top 10 companies are China National Petroleum Corporation, Sinopec Corporation, Sumitomo Corporation, UK Aromatics & Chemicals, Dynea AS (Dynea), Huntsman Corporation, Eastman Chemical Company, BASF SE, Celanese Corporation, Gujarat Alkalies and Chemicals Limited, Georgia Pacific Corporation, Simalin Chemicals Industries Limited, Ascent Finechem (P) Ltd, and Atul Ltd.,
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