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Global Benzaldehyde Market InsightJanuary 5, 2022 Comments
Global Benzaldehyde market has growing trends in the past years and expected to grow at a CAGR of 3.8% during the forecast period. According to the World Knowledge Information (WKI) Global Benzaldehyde Professional Survey Report 2021, Forecast to 2026, increasing the use of benzaldehyde in the agriculture, pharmaceutical and coating industries has further accelerated market growth.
“At present, there are many participants in the benzaldehyde industry and the market is highly competitive. With the increase in market demand for benzaldehyde, companies that want to occupy more of the market must strengthen production measures such as the development of benzaldehyde products and capacity expansion. Industry cooperation and mergers and acquisitions are also a good choice.” said Sarah, a senior analyst at the WKI Chemical and Materials Market Research Center.
The global benzaldehyde market is currently developing steadily, and due to its increasing acceptance in the manufacture of perfumes, it may maintain a growth trend in the next few years. In addition, in order to increase the productivity of the available land to increase crop yields, the demand for benzaldehyde in agricultural production may increase. Due to the increasing awareness of personal beauty and personal care, the use of aromatic chemicals in perfumes, flavors and odorants is increasing. These factors have had a positive impact on the growth of the global benzaldehyde market.
Crude oil is the main raw material for the production of benzaldehyde. Therefore, the fluctuation of crude oil prices is the main factor restraining the demand for benzaldehyde. Fluctuations in the price of raw materials for benzaldehyde manufacturing, the emergence of small companies leading to price competition, and federal regulations on the manufacture and consumption of benzaldehyde are potential constraints that hinder overall growth.
Some of the major companies operating in the global benzaldehyde market are Merck KGaA, Lianyungang Taile Chemical Industry Co. Ltd., Emerald Performance Materials, Haihang Industry Co. Ltd., among other players.
Segmentation of Benzaldehyde Market:
According to product types, the benzaldehyde market is divided into industrial grade and FCC grade compounds, and the FCC grade segment has the largest market share. FCC-grade benzaldehyde is mainly used in the production of fragrances and soaps. This compound is generally considered safe (GRAS), so it is widely used in the personal care, food and beverage industries. The U.S. Food and Drug Administration (FDA) has authorized the use of benzaldehyde as a synthetic flavoring agent.
According to the end-use industry, the benzaldehyde market is divided into agrochemicals, pharmaceuticals, aromatic chemicals, cosmetics, dyes, etc. Historically, as an end-use industry, aromatic chemicals have held an important share in the benzaldehyde market. As people’s attention to beauty products increases and awareness of personal care increases, the market for this end-use category is expected to grow significantly in the future.
Benzaldehyde Market: Regional Analysis
Due to the increasing demand for benzaldehyde, the Asia-Pacific region has a dominant position in the benzaldehyde market. Increasingly loose government regulations, the development of many end-user industries, and a huge consumption base will drive the market in the Asia-Pacific region. In addition, manufacturers are constantly working to improve the production capacity of benzaldehyde and to meet the growing demand, which is expected to further promote the growth of the benzaldehyde market in the region in the next few years.
Largest share area：Asia-Pacific
Largest share country：China