Global Hexyl Cinnamic Aldehyde Market Highlights over 2022 – 2031
The global hexyl cinnamic aldehyde market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Hexyl cinnamaldehyde is a natural aromatic chemical found in chamomile essential oil. Hexyl cinnamic aldehyde is the chemical derivative of the natural chemical, which is used as an additive in perfumes and other cosmetic items. It is fatty in nature, making it insoluble in water. As a result, hexyl cinnamic aldehyde is used for making soaps, scented candles, deo sticks, and other oil-based products. The growth of the market can be attributed to the increasing use of perfumes and other scented cosmetics amongst the younger population. For instance, the global fragrance industry was worth about USD 45 billion in 2020. Overall, the global cosmetic industry generated a revenue of approximately USD 80 billion in 2020. Moreover, surge in export and import of perfumes worldwide, is estimated to further propel the market growth. According to the data by the International Trade Center (ITC), the total value of the perfume products exported in 2019 globally touched USD 21,201,426. Furthermore, increasing application of natural chemicals in personal use products, and demand for organic products, backed by growing disposable income of the middle class, are foreseen to boost the market growth.
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The market is segmented by application into flavoring agent, fragrance additives, and others, out of which, the fragrance additives segment is anticipated to hold a substantial share in the global hexyl cinnamic aldehyde market over the forecast period on account of increasing demand for perfumes globally. Hexyl cinnamic aldehyde is a common additive in the perfumes and scents, owing to its easy availability and low cost. Moreover, it is a natural compound, which is further expected to boost the use of the chemical as a fragrance additive.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Hexyl Cinnamic Aldehyde Market Regional Synopsis
On the basis of geographical analysis, the global hexyl cinnamic aldehyde market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of growing chemical, as well as, cosmetic industry in the region. For instance, in 2020, the Asia-Pacific region accounted for approximately 40% of the global cosmetics market.
Similarly, the market in the Europe region is estimated to gain the largest share over the forecast period, owing to the increasing import and export of high-end cosmetics in the region. As per the data by the ITC, France was the largest exporter of perfumes, with export value of USD 5,399,921 in 2019, followed by Spain, and Germany at USD 2,269,560 and USD 2,261,480 respectively.
The market in the North America region is anticipated to gain a significant market share throughout the forecast period owing to the high import and export of chemicals in the region. Furthermore, the growing cosmetic industry in the U.S. is also anticipated to boost the market growth. For instance, nearly USD 90 billion revenue was generated in 2018 by the U.S. cosmetic industry.
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The global hexyl cinnamic aldehyde market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global hexyl cinnamic aldehyde market includes the following segments:
By End-Use Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing demand for perfume and other cosmetic products, is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Eternis Fine Chemicals UK Limited, Noble Chemicals, Emerald Performance Materials, LLC, Oxford Lab Fine Chem LLP, Lanxess AG, Graham Chemical Corporation, and Kao Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-use industry, and by region.
The cosmetics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The high cost of storage for the raw hexyl cinnamic aldehyde, owing to the need for storage in nitrogen, is estimated to hamper the market growth.
The Europe region is anticipated to provide more business opportunities over the forecast period owing to the growing export of perfumes in the market.
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