Aromatic chemicals market expected to high growth during the forecast period due to increasing demand from manufacturing companies such as food, soaps and detergents, cosmetics, toiletries, and household products. Meanwhile, Natural fats and oils are used as raw materials for making Aroma chemicals and this result specifically used in a wide variety of lifestyle products. Aroma chemicals are helpful to prepare fragrance formulations for consumer goods so it frequently referred to as odorants or fragrances. However, rapid urbanization across the globe is leading to an increased demand for fragrance products. Simultaneously, favorable economic conditions, increase disposable income, increase in awareness of personal care and hygiene by End Users, which also has an effect on the growth of Aromatic chemical industry. On the other side, factors such as expensive R&D practices and regulatory standards may hamper market growth.
Key impact Factors:
- Increase in awareness about personal hygiene.
- Advance technologies in the chemical industry.
- High cost for R&D hinders the growth of the aromatic chemical market.
- In 2013 – 2018, Companies such as Royal Dutch Shell Plc., SK Global Chemical Co. Ltd., and ExxonMobil Corporation have adopted Expansion strategies to strengthen their market presence to gain a competitive edge in the market.
Based on the region, the global aromatic chemicals market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. On the basis of regional outlook, North America and Europe hold a major market share across the globe for aroma chemical markets, due to a higher demand for lifestyle products in the region.
The Asia Pacific expected to emerge as a relatively fast-growing region owing to increasing disposable income in developing economies such as India and China. Relatively huge domestic consumption of aroma chemicals in India is expected to be the key driver of the market in this region. Furthermore, Brazil led the aromatic chemical market in Latin America due to the growing demand for cosmetics, food & beverages and personal grooming products across the region. Growing income levels in the region resulting to increase demand capacity which may fuel the market.
Companies Covered: Takasago International Corporation, Solvay, Kao Corporation, HINDUSTAN MINT & AGRO PRODUCTS PVT. LTD., and BASF SE, among others.
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Region (South America, Africa)
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- Market size estimation of the aromatic chemical market on a regional and global basis
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