Benzaldehyde Market Overview
The major trend gaining momentum in the global benzaldehyde market is the increasing use of the derivatives of the aromatic compound for the synthesis of other organic compounds. The derivatives of the compound, such as benzoic acid, cinnamic acid, benzyl alcohol, and sodium benzoate, are increasingly being employed in organic reactions to produce other chemicals. Thus, the demand for the compound is directly linked to the increasing application of its derivatives for the manufacturing of new compounds. This is expected to augment the production of the compound and positively impact its demand in the market.
Benzaldehyde, also known as benzoic aldehyde, is an aromatic compound that belongs to the functional group of aldehydes. It is widely used in the chemical industry (for the manufacturing of dyes, perfumes, mandelic acid, and cosmetics) and in the food and beverage industry. It is also used as a solvent for oils, resins, cellulose ethers, cellulose acetate, and nitrate. The compound is widely used in organic synthesis, where it is used as a raw material for a large number of products. In the report, the benzaldehyde market is segmented on the basis of product type, end-use industry, and region.
On the basis of product type, the benzaldehyde market is bifurcated into technical grade and FCC grade compound. The technical grade compound is used in the production of perfumes, flavoring chemicals, dyes, and pharmaceuticals. FCC grade benzaldehyde is majorly used for the production of fragrances and soaps. The compound is generally recognized as safe (GRAS) and, therefore, finds wide application in the personal care, and food and beverage industries. The United States Food and Drug Administration (FDA) has authorized application of benzaldehyde as a synthetic flavoring agent.
Based on the end-use industry, the benzaldehyde market is segregated into agrochemicals, pharmaceuticals, aroma chemicals, cosmetics, dyes, and others. The major application areas of the compound are agrochemicals and aroma chemicals. Historically, as an end-use industry, aroma chemicals occupied a significant share in the benzaldehyde market. The major factor driving the demand for the chemical in this industry is its ability to recreate artificial cherry and almond flavors for application in food and beverages. Owing to this, the market is expected to witness significant growth in this end-use category in the future as well. Moreover, in the manufacturing of certain types of fragrances and flavors, such as cinnamaldehyde and cinnamic acid, benzaldehyde is used as a primary element; hence, increase in demand for these fragrances is expected to fuel the demand for the compound in the coming years.
Based on region, the benzaldehyde market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Historically, APAC occupied a significant share in the market. This can be attributed to the high consumption of benzaldehyde in end-use industries, such as food and beverage, and personal care, in the region.
Benzaldehyde Market Dynamics
Drivers
The benzaldehyde market is expected to be driven by socio-economic development across the emerging economies, globally. This is expected to result in increased purchasing power, thereby driving the demand from end-use industries, such as food and beverage, and personal care. The use of the compound in these industries for the production of fragrances and as a flavoring agent is likely to increase its application rate and drive its demand during the forecast period.
Additionally, the benzaldehyde market is anticipated to be driven by the increasing application of its derivatives, such as sodium benzoate, benzoic acid, benzyl alcohol, and cinnamic acid. These products have wide application in agrochemicals, pharmaceuticals, paints, inks, lacquers, waxes, dyes, food and beverages, and coatings. Besides, benzoic acid is used as a precursor for the industrial synthesis of organic substances.
Restraint
Crude oil is a primary raw material for the production of benzaldehyde. Thus, volatility in crude oil prices is a major factor inhibiting the demand for benzaldehyde. Owing to the reduction in crude oil prices in recent years, there has been a substantial decline in revenue from benzaldehyde.
Opportunities
The high demand for the compound (used as a solvent) for the production of cellulose acetates, resins, oils, cellulose ethers, and nitrates is creating ample growth opportunities for the manufacturers of the compound and its derivatives. This, in turn, is expected to positively impact the growth of the benzaldehyde market, globally.
Benzaldehyde Market Competitive Landscape
Some of the major companies operating in the global benzaldehyde market are Kadillac Chemicals Pvt. Ltd., Shimmer Chemicals Pvt. Ltd., Emerald Performance Materials LLC, Gujarat Alkalies and Chemicals Limited (GACL), Haihang Industry Co. Ltd., Nantong Tianshi Chemical Co. Ltd., Jiangsu Jiamai Chemical Co. Ltd., Shenyang Huijinfengda Chemical Co. Ltd., Chematek S.p.A., Wuhan Dico Chemical Co. Ltd., Lianyungang Taile Chemical Industry Co. Ltd., and Merck KGaA.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
