- The organic compound Benzaldehyde is used for the synthesis of other organic compounds such as dyes and coatings, flavors and fragrances, agrochemicals, and drug intermediaries. The demand for this compound is increasing from end user industries such as aroma chemicals, agriculture, and pharmaceuticals. This is boosting the global Benzaldehyde market. There are two grade categories of Benzaldehyde, namely food chemical codex (FCC) grade and technical grade. The FCC grade Benzaldehyde is used to give flavors such as almond or cherry.
- The FCC grade Benzaldehyde is also used to give fragrances to toiletries and soaps. Thus, FCC grade Benzaldehyde enjoys steady demand. The technical grade Benzaldehyde is used as an intermediary during the production of odorants and flavoring chemicals. Thus, the growth of these end use industries is positively impacting the growth of the Benzaldehyde market.
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What are Key Growth Drivers of Global Benzaldehyde Market?
- The manufacturers of benzaldehyde are highly recommended to invest in aroma chemicals application as based on our analysis aroma chemicals segment not only held a leading position in the market in 2018 but is projected to continue to account for significant amount of shares in the market in the coming years.
- The growth of the aroma chemicals segment is linked to the high usage of Benzaldehyde for acquiring cherry and almond flavors artificially.
- The compound is also being used to produce flavored chemicals such as cinnamaldehyde and cinnamic acid. In the agriculture sector, the use of Benzaldehyde for the production of various pesticides and herbicides is driving the segment towards growth, especially in India and China.
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What are Key Challenges for Global Benzaldehyde Market?
- Crude oil market has been witnessing constant ups and downs and this has resulted in the fluctuation in the prices of crude oil. This is negatively impacting the growth of the global benzaldehyde market.
- Another market challenge faced by players of the global benzaldehyde industry is the regulatory issues. Although benzaldehyde is important for food flavoring, there are set limits for its usage.
- This is also restricting the demand for benzaldehyde. However, regulatory bodies are increasing this limit and this is likely to increase the demand for benzaldehyde.
Lucrative Opportunities for Players in Global Benzaldehyde Market
- The global benzaldehyde market has been expanding on account of advancements in the field of chemical discharge and manufacturing, finds Transparency Market Research (TMR).
- The competitive dynamics of the global benzaldehyde market have been changing in recent times.
- The chemical industry offers lucrative growth opportunities, and this has prompted multiple entities to enter the global benzaldehyde market.
- Moreover, the profit margins of benzaldehyde are wider as against other similar products, and this has also given a thrust to the growth of market vendors.
- The forthcoming years shall be crucial for the newbie vendors, and it would be interesting to witness the course of the global benzaldehyde market.
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Asia Pacific to Dominate Global Benzaldehyde Market
- Asia Pacific accounted for more than 50% of the market in 2018, thus emerging as a leading segment. The Asia Pacific market is anticipated to continue to lead in the market on account of the flourishing agriculture industry and high sales of beauty products.
- The growing population and rise in disposable income are some of the factors which will ensure a continued growth of Asia Pacific in the coming years.
- The North American and European markets for Benzaldehyde are projected to witness a moderate growth, while the Middle East and Africa is estimated to bear a slow growth in the coming years.
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Leading Players in Global Benzaldehyde Market
- The acquisition of smaller players in the global benzaldehyde market has resulted in consolidation of the position of the leading vendors. It is expected that the leading players in the benzaldehyde market would enter into investment deals with global stakeholders.
- The global benzaldehyde market is also expected to witness the entry of amateur vendors in the market. Moreover, the ability of market players to attain supremacy with chemical research and development would largely define their growth graph.
- Some of the leading vendors in the global benzaldehyde market are
- Kadillac Chemicals Pvt. Ltd
- Emerald Kalama Chemical
- Shenyang Huijinfengda Chemical Co., Ltd.
- Lanxess AG
- .Jiangsu Jiamai Chemical Co., Ltd.,
- Lianyungang Taile Chemical Industry Co., Ltd.
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