The top three manufacturers of benzaldehyde derivatives in 2015 were Emerald Performance Chemicals, Gujarat Alkalies and Chemicals Ltd., and Haihang Industry Co., Ltd. Their collective share of 51.3% in the market’s revenue for 2015 pointed to a moderately consolidated competitive landscape despite the presence of a massive number of local manufacturers. The key players in the market are showing strong intentions of exploring regions outside their headquarter regions in order to increase demand scale.
As stated in a publication on the global benzaldehyde derivatives market by Transparency Market Research, the degree of competition within the market is expected to remain moderately concentrated in key regions over the coming years. A lot of the key names in the market are already adopting aggressing expansion strategies to generate a greater share in the market. As for the newer players and possible entrants, the global benzaldehyde derivatives market looks to be a promising one with the huge customer pools available in nearly all regio, but are deterred by the high capital required to setup in the market. The global benzaldehyde derivative market is expected to be valued at US$1.43 bn by the end of 2016 and is likely to reach US$2.14 bn by the end of 2024, if the market can maintain a CAGR of 5.1 % in terms of revenue, within a forecast period from 2016 to 2024.
￼Benzaldehyde Derivative Manufacturers Can Expect a Rounded Increase in Demand
“The end users of the global benzaldehyde derivatives market from the industries of chemicals, food and beverages, and agrochemicals are expected to be an inseparable part of the market’s growth rate over the coming years. Benzaldehyde derivatives find a massive scope of use in cosmetics, perfumes, and dyes, making them a highly sought-after chemical in the booming cosmetics markets around the world. The food and beverages industry is also upping its demand for benzaldehyde derivatives due to their high rate of use as a stabilizer and artificial sweetener. The use of cinnamic acid as a pesticide has become extremely popular due to its effectiveness on over 40 of the key crops growing around the world, further boosting the growth rate of the global benzaldehyde derivatives market,” states a TMR analyst.
Over the coming years, the global benzaldehyde derivatives market is expected to generate a high revenue stream from the pharmaceutical industry, where the use of benzaldehyde derivatives is finding greater scope in the manufacture of several drugs, including ephedrine HCL, D-alpha phenyl glycine, and benzyl amine. The pharma industry is also expected to further increase its demand for benzaldehyde derivatives through successful developments in the fields of biotechnology and biosciences. Additionally, some benzaldehyde derivatives are strongly linked to anti-cancer function in the human body and are therefore gaining a lot of attention from those angles.
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Threat of Substitutes Looms Large over Global Benzaldehyde Derivatives Market
There are a large number of substitutes present against benzaldehyde derivatives, such as sodium nitrate, several sulfites, sorbic acid, and propionic acid in the chemicals industry. They perform similar functions and can be easily available in relation to the manufacture and distribution of benzaldehyde derivatives. The food and beverages industry can also look to strong substitutes such as potassium nitrate, erythorbic acid, and calcium ascorbate, further reducing the overall demand for benzaldehyde derivatives. The global benzaldehyde derivatives market is further threatened by the increasing health concerns over some types of benzaldehyde derivatives, such as benzoic acid, which when inhaled in large amounts can cause abnormal bodily functions.
“Manufacturers in the global benzaldehyde derivatives market could look to the pharmaceutical sector for a greater demand over the coming years, as these chemicals provide solid options for several drugs and pharma processes. Additionally, the growing markets for cosmetics, solvents, and dyes are also expected to generate sizeable opportunities in the global benzaldehyde derivatives market over the coming years,” adds the analyst.