Global Benzaldehyde Market - Overview
Benzaldehyde also referred to benzoic aldehyde or benzenecarboxy aldehyde. It is a colourless substance and holds a pleasant odour. Benzaldehyde is extensively used as a synthesiser in various chemical additives and aromatic chemicals. As per a report published by Market Research Future (MRFR), the global benzaldehyde market was esteemed at USD 225.0 million of every 2015 and is required to arrive at USD 282.7 million before the finish of 2022, extending at a CAGR of 3.5 % from 2016 to 2030.
Benzaldehyde Market is commonly produced by chlorination of toluene, however, manufacturers are opting for other ways of production owing to safety issues associated to chlorination. Benzaldehyde, which is produced by chlorination of toluene is not permitted for use by the food industry. The toluene oxidation process is gaining traction across various end-use industries including the F&B sector owing to higher safety parameter.
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Global Benzaldehyde Market – Prominent Players
Emerald Performance Materials LLC,Gujarat Alkalies and Chemicals Limited,LANXESS AG,Kadillac Chemicals Pvt Ltd,Jiangsu Jiamai Chemical Co. Ltd,Wuhan Dico Chemical Co. Ltd,Penta S.R.O,Taj Pharmaceutical Limited, are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Benzaldehyde Market.
Market Boosters and Barriers
The benzaldehyde market is witnessing a healthy growth backed by consistent socio-economic improvement in developing countries. This has led to a higher purchasing capacity of people and has resulted in the growth of major end-use sectors like personal care and food and beverage. The compound’s escalating use as a flavoring agent and in the manufacturing of fragrances can translate into significant market growth over the coming years. Since the COVID-19 outbreak, the demand for soaps and detergents has risen strikingly, as the population is focusing on hygiene and cleanliness. As a result, the demand for the benzaldehyde market is projected to heighten rapidly in the following years.
A significant percentage of global benzaldehyde consumption is accounted by aroma chemical manufacturing. Agrochemical and pharmaceutical are the other major end-use industries of benzaldehyde. Growing demand for aromatic chemicals worldwide is proving an impetus to the global benzaldehyde market. The product is also witnessing widespread popularity in in the pharmaceutical sector; it is increasingly used as an active pharmaceutical ingredient (API). The agrochemical sector also presents lucrative opportunities to market players. Demand for benzaldehyde is rising sharply in the agrochemicals industry.
Demand for food grade benzaldehydes is also growing at a substantial pace. Growth of the F&B sector and increased consumption of packaged food worldwide is fuelling the demand for food grade benzaldehyde. The product also finds application in dyestuff manufacturing and fragrance and flavour creation. Such factors are expected to support the growth of the global benzaldehyde market during the assessment period. Nonetheless, unstable crude oil prices may have ramification on supply and availability of raw materials use for benzaldehyde production. At the same time, stringent regulations on manufacturing and used of benzaldehyde is somewhat undermines the market potential. In developing countries, the unfragmented nature of the market also remains a challenge.
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Benzaldehyde Market - Segments:
Benzaldehyde industry can be segmented with respect to derivatives as well as application.
The derivatives of benzaldehyde are benzoic acid, cinnamic acid, benzyl alcohol, sodium benzoate, and others. The benzoic acid segment has captured the biggest share in the global market as this derivative is widely used in pharmaceutical, chemical and food and beverages industries. It has a number of functional features such as antifungal and antibacterial effects and is a natural compound present in fruits like raspberries, prunes, prunes, cranberries, and plums.
The top applications of benzaldehyde are pharmaceuticals, dyes & coatings, agrochemicals, aroma chemicals, and others. The lead has been taken by aroma chemicals, which extensively use benzaldehyde for recreating almond and artificial cherry flavors for applications in the food and beverage sector. Moreover, during the manufacturing of a few flavor and fragrance types, such as cinnamic and cinnamaldehyde acid, benzaldehyde acts as an essential component; and therefore, the segment is expected to maintain its lead throughout the review timeframe.
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Global Benzaldehyde Market -Regional Analysis
The benzaldehyde industry has been geographically categorized as Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), Latin America along with North America.
Asia Pacific forms the biggest market for benzaldehyde and can continue to soar at a rate of 4.2% from 2020 to 2027. By 2022, the market size in APAC is expected to be USD 152 million, thanks to the strong presence of established manufacturers, cheap labor costs, and the surge in industrialization rate. China stands at the vanguard of the regional market, mostly due to the low labor costs and the significant quality control and the rampant use of modern technologies during the manufacturing process. Other countries like South Korea, Indonesia and Japan are also making remarkable progress, as a result of the expanding industries like beauty, personal care products and cosmetics that make heavy use of benzenoid chemicals.
North America is touted to be one of the strongest players in the global market, given that the region is home to several renowned manufacturers that focus on innovations in benzaldehyde and explore new applications for its derivatives for use in major end-use industries. Benzaldehyde’s escalating use as an anticancer agent as well as a pesticide in the United States should also help North America attain a higher position in the global market.
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