- Increased demand from various end-use industries including aroma chemicals is stimulating exceptional expansion avenues in the Benzaldehyde market, global valuation is projected to reach US$ 368 Mn by 2027
- Due to thriving agriculture sector and increased demand for beauty products, the market for Benzaldehyde will experience lucrative avenues in Asia Pacific
Transparency Market Research, New York: Benzaldehyde is an organic compound that finds application in the synthesis process of various organic compounds including agrochemicals, fragrances and flavors, drug intermediaries, and dyes and coatings. Thus, it is in high demand from diverse end-use industries including pharmaceuticals, aroma chemicals, and agriculture.
According to grade, technical grade and food chemical codex (FCC) grade are two categories of Benzaldehyde available in the market. Of these, FCC grade Benzaldehyde finds high application, owing to its use in imparting cherry or almond flavors.
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Analysts at TMR highlight that the global Benzaldehyde market will witness remarkable development opportunities in Asia Pacific. Increasing sales of beauty products and a thriving agriculture sector are some of the key factors generating prominent demand avenues in the Asia Pacific Benzaldehyde market.
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Key Findings of Benzaldehyde Market Report
- Among all applications, aroma chemicals was leading segment of the global Benzaldehyde market in 2018.
- Abovementioned segment is pegged to grow at rapid pace during the forecast period of 2019 to 2027.
- Geographically, Asia Pacific was one of the prominent regions in Benzaldehyde market in 2018
- This region accounted for over 50%of the market in 2018
- Asia Pacific Benzaldehyde market is estimated to gain prodigious development avenues during 2019–2027
- The global Benzaldehyde market is consolidated in nature.
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Benzaldehyde Market: Key Driving Factors and Promising Avenues
- In recent period, Benzaldehyde is gaining traction across end-use industries including aroma chemicals. Key reason behind this high demand is the ability of Benzaldehyde to impart cherry or almond flavors. As a result, the global Benzaldehyde market is expanding at swift pace.
- FCC grade Benzaldehyde finds application in the manufacturing of soaps and toiletries. The compound is used to give to fragrances to these products. Thus, growing demand for soaps and toiletries will impact positively on the growth of the Benzaldehyde market.
- The global Benzaldehyde market is expected to gain lucrative avenues from the chemical sector.
- Benzaldehyde is used to manufacture flavored chemicals including cinnamic acid and cinnamaldehyde.
- Technical grade Benzaldehyde finds application as an intermediary in the manufacturing of flavoring chemicals and odorants. This factor is pushing the market growth.
- Increased utilization of this compound in the manufacturing of various pesticides and herbicides used for agricultural purposes will drive the Benzaldehyde market development in the years to come.
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Benzaldehyde Market: Competitive Assessment
Owing to entry of gamut of new players, the competitive landscape of the Benzaldehyde market is highly intense. Thus, vendors in this market are compelled to take initiatives in order to sustain in this highly competitive atmosphere.
In recent times, major enterprises in the global Benzaldehyde market are growing efforts to acquire their smaller competitors. These moves are helping vendors strengthen their footprints in this market.
Apart from this, many players operating in the Benzaldehyde market are increasing spending on research activities. Using this move, they are mainly focused on the development of better-quality products.
The list of important players working in the global Benzaldehyde market includes following names: Lanxess, Emerald Kalama Chemical, Kadillac Chemicals Pvt. Ltd, Lanxess AG, Shenyang Huijinfengda Chemical Co., Ltd., Lianyungang Taile Chemical Industry Co., Ltd., and Jiangsu Jiamai Chemical Co., Ltd.
Benzaldehyde Market: Regional Analysis
The Benzaldehyde market is foreseen to gain stupendous expansion opportunities in Asia Pacific owing to plethora of factors. Improved disposable income of major populace in this region will support market growth in the years ahead. This aside, the market is expected to gain moderate growth opportunities in North America and Europe.
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The Benzaldehyde Market can be segmented as follows:
End User
- Aroma Chemicals
- Pharmaceuticals
- Agriculture
- Coatings
- Others (Including Dyes, etc.)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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