Acrolein Market Surge to Hit US$ 1,496.20 Million By 2030 | Updated Research By Consegic Business Intelligence
Consegic Business Intelligence analyzes that the acrolein market is growing with a healthy CAGR of 3.3% during the forecast period (2023-2030), flued by the increasing adoption of acrolein in methionine, and major participants includes are Evonik, Arkema, Daicel, Hubei Shengling Technology, Hubei Jinghong Chemical, Hubei Xinjing New Material, Oakwood Products
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) — The global Acrolein Market is expected to witness significant growth at a remarkable CAGR of 3.3% during the forecast period of 2023-2030. The factors such as the increasing development of new pesticide manufacturing facilities, growth in the investment in water treatment plants, and others are accelerating the demand for acrolein, which, in turn, is boosting the market growth. In addition, the rising development of a new range of acrolein product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the acrolein market is poised for strong expansion and is expected to reach USD 1,496.20 Million by 2030. The market, which was valued at USD 1,155.93 Million in 2022, is predicted to grow at a compound annual growth rate of 3.3% during the period 2023-2030. The report highlights the increasing adoption of acroleins in water treatment agents, which is supplementing global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the acrolein market.
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Acrolein is deployed in the water treatment agent to efficiently control the spread of water-deteriorating agents such as bacteria, algae, and other microorganisms. The sewage treatment connection rate attached to wastewater treatment plants is rising at the global level. As a result, there is a higher adoption of water treatment agents in wastewater treatment for superior cleaning efficiency. For illustration, according to the Organisation for Economic Co-operation and Development (OECD), in 2020, the sewage treatment connection rate in Austria increased to 96.04% of the Austrian population. As a result, the rising sewage connection rate at the global level is boosting the demand for water treatment agents. This factor is augmenting the demand for acrolein to control plant and algae growth in irrigation canals, which, in turn, is benefiting the market growth.
In addition, acrolein is utilized as a major building block in the manufacturing process of methionine. The deployment of acrolein in methionine ensures efficient synthesis. The increasing awareness about food nutrition, rising demand from the animal feed industry, and others are prompting the development of new methionine plants. Henceforth, the construction of new methionine facilities will fuel the demand for acrolein as it is a vital ingredient in the product. This, in turn, will create a prominent opportunity for the acrolein market growth in the upcoming years.
Global Acrolein Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||USD 1,496.20 Million|
|By Process||Glycerol Dehydration Method and Propylene Oxidation Method|
|By Application||Methionine, Pesticide, Water Treatment Agent, and Others|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Geography||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Evonik, Arkema, Daicel, Hubei Shengling Technology, Hubei Jinghong Chemical, Puyang Shenghuade Chemical, Hubei Xinjing New Material, Oakwood Products, Inc, NSI Lab Solutions, and Thermo Fisher Scientific Inc.|
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Global Acrolein Market Segmentation Details:
Based on Process, the glycerol dehydration method segment contributed the largest shares to the market growth in 2022. The glycerol dehydration method is a major process employed for the production of acrolein. The glycerol is heated in combination with potassium bisulfate or conc, phosphorus pentoxide, or sulphuric acid. This leads to the starting process of dehydration manufacturing. Likewise, the β-elimination reaction takes place to ensure superior quality of acrolein. The adoption of biobased glycerol is increasing in acrolein to reduce the reliance on natural resources. Hence, the superior quality acrolein manufactured from the glycerol dehydration method is utilized in pesticides. This determinant is accelerating segment growth.
Based on Application, the water treatment agent segment accounted for the largest market share in the year 2022. Acrolein has significant biocide properties that frequently result in the adoption of the substance as a water treatment agent. Acrolein is employed in various water treatment agents such as cooling water towers, oil wells, water treatment ponds & tanks, and others. Key trends such as government initiatives for the development of wastewater treatment plans, advancement of water treatment chemicals, and others are fostering the growth of water treatment agent’s adoption. Thus, the increasing adoption of water treatment agents is benefiting segmental growth.
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Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. The vital determinants such as the development of new wastewater treatment plants, increasing adoption of pesticides, and others are promoting the demand for products such as pesticides, water treatment agents, and others in the North American region. Therefore, the rise in the utilization of acrolein in various applications such as pesticides, water treatment agents, and others is accelerating the market growth in the North American region.
Evonik, Arkema, Daicel, and Hubei Shengling Technology are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of acrolein. Further, the acrolein market is expected to grow steadily due to rising demand from water treatment agents applications, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing acquisitions of acrolein players is expected to increase the competition in the market.
- In August 2022, Spex acquired NSI Lab Solutions, a leading United States-based manufacturer. The product portfolio of NSI Lab Solutions includes acrolein, certified reference materials (CRMs), and others. The prime focus of Spex was to increase the market presence at the global level.
Key Market Takeaways
- North America accounted for the highest market share at 35.05% and was valued at USD 405.15 million in 2022, and is expected to reach USD 527.56 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 62.25% during the base year of 2022.
- Based on process, the glycerol dehydration method segment accounted for the highest share contribution to the acrolein market statistics in 2022.
- In the context of application, the water treatment agent segment is expected to contribute significant shares to the growth of acrolein market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for acroleins due to the increasing investments in new pesticide manufacturing facilities in countries such as India, China, and others.
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List of Major Global Acrolein Market:
- Hubei Shengling Technology
- Hubei Jinghong Chemical
- Puyang Shenghuade Chemical
- Hubei Xinjing New Material
- Oakwood Products, Inc
- NSI Lab Solutions
- Thermo Fisher Scientific Inc.
Global Acrolein Market Segmentation:
- By Process
- Glycerol Dehydration Method
- Propylene Oxidation Method
- By Application
- Water Treatment Agent
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Frequently Asked Questions in the Acrolein Market Report
- What was the market size of the acrolein industry in 2022?
- In 2022, the market size of acrolein was USD 1,155.93 million.
- What will be the potential market valuation for the acrolein industry by 2030?
- In 2030, the market size of acrolein will be expected to reach USD 1,496.20 million.
- What are the key factors driving the growth of the acrolein market?
- The rising adoption of acrolein in water treatment agents is fostering market growth.
- What is the dominating segment in the acrolein market by application?
- In 2022, the water treatment agent segment accounted for the highest market share of 39.75% in the overall acrolein market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the acrolein market?
- North America accounted for the highest market share in the overall acrolein market.
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