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Albany, New York, Feb. 14, 2019 (GLOBE NEWSWIRE) -- The global benzaldehyde market for aroma demonstrates a fragmented structure, thanks to the presence of large and small players across the globe. The competitive landscape of the benzaldehyde market is marked by intense competition in the global market, finds Transparency Market Research (TMR)
A large number of multinational companies are operating at the regional level and global level. The prominent companies operating in the global benzaldehyde market for aroma are Merck KGaA, Emerald Performance Materials, Shenyang Huijinfengda Chemical Co., Lanxess AG, and Chematek S.p.A.
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As per TMR, the revenue generated by the global benzaldehyde market for aroma stood at US$234.4 mn in 2014 and the market is likely to touch valuation of US$318 mn by the end of 2023. The global benzaldehyde market for aroma is likely to expand at a steady CAGR of 3.40% during the course of the forecast period from 2015 to 2023.
On the basis of end-use, aroma chemical segment accounted for 60% share in 2014 and is likely to remain dominant throughout the forecast period. The aroma chemical segment of benzaldehyde market is likely to be fueled by its growing application in artificial flavoring for almond and cherry. From the geographical point of view, Asia Pacific is likely to dominate the benzaldehyde market for aroma and it held 50% share in the global benzaldehyde market in 2014. However, other economies such as Europe and North America are expected to generate moderate growth over the forecast period.
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Increasing Demand from Industrial Sector to Boost Global Benzaldehyde Market for Aroma
The rising demand for benzaldehyde in various end-user industries such as aroma chemicals, pharmaceuticals, and agriculture is expected to drive market. The demand for these compound in various industries is also propelling market’s growth. Additionally, growing disposable incomes and rapid population growth are few important factors supplementing market growth. In addition, the usage of FCC benzaldehyde for various flavors such as almond and cherry and use in introducing fragrance in soaps and toiletries products are expected to bolster growth of this market. Furthermore, the growth of these end-user companies is one of the key factors positively supporting the growth of the global benzaldehyde market for aroma.
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The increasing demand for benzaldehyde in the agriculture sector is another factor influencing market prospects in the foreseeable future. The latest factor gaining momentum in the benzaldehyde market is rising use of the end product in organic chemistry.
Fluctuation in Price of Crude oil Likely to Limit Market Growth
In contrast, the benzaldehyde are utilized in flavoring food and the regulatory authorities have set certain rules for its limited use. This is negatively impacting growth of the benzaldehyde market. The rapid fluctuation in crude oil prices due to constant ups and downs of the crude oil market is another key aspect restraining growth of the global benzaldehyde market for aroma. However, the use of benzaldehyde for the production of several herbicides and pesticides is favoring the growth of this market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Benzaldehyde Market for Aroma Chemicals, Pharmaceuticals, Agriculture, Coatings and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
This report segments the global benzaldehyde market for Aroma as follows:
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