Benzaldehyde Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1391
Global Benzaldehyde Market Size is currently developing and is likely to grow at an exponential rate in future years owing to its increasing acceptance in manufacturing fragrances. Benzaldehyde is a colorless liquid with a pleasant almond aroma and is the simplest form of organic compound prepared by the oxidation of benzal chloride or treating toluene with an alkali such as sodium hydroxide. It is also naturally found in several foods such as peach pits, apricots, almonds, and cherries.
As a result of rapid urbanization, the amount of agricultural land per person is drastically getting decreased. To increase the productivity of the lesser available land for more crop production, the demand for benzaldehyde market is likely to rise, as it is used in agrochemicals which in turn increases the land productivity. Global agrochemicals market in 2016 was valued at over USD 200 billion worldwide and will likely witness a substantial growth in coming years.
Product usage as a precursor in pharmaceuticals is expected to drive the global benzaldehyde market demand. Pharmaceutical industry is growing rapidly owing to new developments and inventions in medicines. Growing awareness about these developments and increasing affordability of the global population will enhance the product demand in pharmaceuticals. The worldwide revenue of the pharmaceutical industry in 2016 is estimated to be over USD 1 trillion.
The benzaldehyde market will also be driven by the growing demand in the aroma chemicals industry. Use of aroma chemicals in fragrances, flavors, and odorants in increasing owing to the rise in awareness of personal grooming and personal care. The aroma chemicals market in the U.S. is likely to grow around 5% CAGR from 2017 to 2024.
Based on the product types, benzaldehyde market has been segmented into two sub categories. These are the technical grade and the FCC grade. The technical grade is an adaptable chemical used in the production of flavoring chemicals, perfumes, dyes and pharmaceuticals whereas, the FCC grade is majorly used for various fragrances in toiletries and soaps. The United States Food and Drug Administration (FDA) has authorized product usage as a synthetic flavoring agent that is generally recognized as safe (GRAS).
Based on the end-user industry, the benzaldehyde market can be segregated into different segments such as dyes, coatings, agriculture, pharmaceuticals, and aroma chemicals to name some. From these, agriculture and aroma chemicals sectors are the major end-user segments and account for more than half of the total market share. Due to the unique product properties, such as artificial almond and cherry flavors, the aroma chemicals segment will witness significant growth. Moreover, in the manufacture of certain unique fragrances and flavors such as cinnamaldehyde and cinnamic acid, it is used as a primary element thus, enhancing the benzaldehyde market demand.
Following the aroma chemicals segment is the agriculture segment. The product is widely used in numerous pesticides and herbicides. Benzaldehyde market demand is increasing in the agriculture segment due to rising usage of these pesticides and herbicides, especially in the developing agro-based economies like India and China. Other end-user segments such as coatings and dyes are also anticipated to display a higher demand in the coming years.
Taking into consideration the regions, for the benzaldehyde market in 2016, Asia Pacific held a major chunk of share which was over 50% of the total share. Benzaldehyde market demand in the region is set to witness an exponential growth in the forecast period owing to lenient government regulations, development of numerous end-user industries, and a very large consumption base. Based on the demand, countries like Japan, India and China are likely to hold sway the Asia Pacific benzaldehyde market. Following the Asia Pacific is the European Region. Due to the mature market in Europe, the benzaldehyde market demand is anticipated to remain flat. For the North American region, benzaldehyde market is likely to depict a slow growth as no significant innovation has been reported in the last few years.
The major players operating in benzaldehyde market include Haihang Industries Co. Ltd, Gujarat Alkalies and Chemicals, Jiangsu Jiamai Chemical, Shijiazhuang Chemical Industry, Tokyo Chemical Industry, Jiangsu Jiujiu Jiu Technology, Lanxess, LCC, Emeralds Performance Materials, Chematek, Shimmer Chemicals, Lianyungang Taile Chemical, Kadillac Chemicals Pvt. Ltd, Merck KGaA, Wuhan Dico Chemical to name a few.
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