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.
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 Shenyang Huijinfengda Chemical Co., Ltd., Lanxess AG., Jiangsu Jiamai Chemical Co., Ltd., and Lianyungang Taile Chemical Industry Co., Ltd.
Transparency Market Research (TMR) predicts that the global benzaldehyde market would expand at steady CAGR of 3.40% over the period between 2015 and 2023. The total value of the global benzaldehyde market stood at US$234.4 mn in 2014, and this figure is projected to reach a value of US$318 mn by 2023. On the basis of application, the use of benzaldehyde in the pharmaceuticals industry has increased in recent times. Based on geography, the growth of the global benzaldehyde market is led by the North American region.
Improved Chemical Research to Aid Market Growth
The past decade has witnessed a plethora of advancements in the field of chemical research, testing, and analysis. These developments have in turn played to the advantage of several sectors that use chemicals as intermediary products. Hence, the global benzaldehyde market has been expanding at a stellar pace over the past decade. Moreover, the pharmaceutical industry has also become a key consumer of benzaldehyde in recent times which has further propelled market demand. The manufacture of soaps, shampoos, and toiletries also involves the use of benzaldehyde, and this factor pushed market growth.
Growing Popularity of Fragrances and Flavours to Propel Demand
The use of benzaldehyde in the manufacture of perfumes, dyes, and coatings has played a starry role in the growth of the global market. Furthermore, the popularity of organic compounds in the chemical industry has also brought in voluminous revenues into the global market. The use of benzaldehyde in the agriculture sector is another recurring driver of demand within the global market. The wide-scale demand for aroma chemicals and specialised pharmaceuticals has created several lucrative opportunities in the global benzaldehyde market. There is a high possibility of fresh revenues flowing into the global benzaldehyde market.