Growing demand of the benzaldehyde in manufacturing fragrances along with rising application in aroma chemical is likely to raise the demand of the product. Increased in per capita income, trendy lifestyle, growing urbanization along with the rising demand for personal care products are the key factors boosting the market growth. Increasing usage of benzaldehyde across agriculture, pharmaceuticals, and coatings sector are further accelerating the market growth.
As per this study, the Global Benzaldehyde Market was valued USD 250.8 MN (by revenue) in 2017 and is anticipated to reach USD 324.02 MN by 2024 with a CAGR of 3.70%. By volume, the market was estimated at XX.X Tons in 2017 and is expected to reach XX.X Tons by 2024 with a CAGR of X.X%.
AROMA CHEMICAL EMERGES AS LEADING SEGMENT
The aroma chemical segment is dominating owing to the rising application of benzaldehyde across aroma chemical. By the end of 2024, the aroma chemical segment is likely to bring nearly USD 133.67 MN. Whereas in terms of volume, the market is expected to reach XX.X Tons by 2024. The increasing demand for cosmetics, personal care products, and household product is propelling the demand for aroma chemicals.
APAC DOMINATES THE GLOBAL BENZALDEHYDE MARKET
Asia-Pacific is emerging as the leading market of benzaldehyde. The market is continuously growing owing to the growth of flourish agriculture industry and high sales of cosmetics products. Further, the increasing population and rising disposable income are the factors driving the market growth in this region. In terms of revenue, APAC is expected to reach XX.X MN at the end of 2024. Whereas in terms of volume, the market is expected to reach XX.X Tons by 2024.
PROMINENT PLAYERS IN BENZALDEHYDE MARKET
Chematek S.P.A., Emerald Performance Materials, LLC., Gujarat Alkalies And Chemicals Limited, Haihang Industry Co., Ltd., Ineos Group Limited, Jiangsu Jiamai Chemical Co., Ltd., Kadillac Chemicals Private Limited, Lanxess AG, Lianyungang Taile Chemical Industry, Co., Ltd., Nantong Tianshi Chemical Co., Ltd., Shenyang Huijinfengda Chemical Co., Ltd., Shimmer Chemicals Pvt. Ltd. and Wuhan Dico Chemical Co., Ltd. are key players in benzaldehyde market.
As per this study, the Global Benzaldehyde Market was valued USD 366.22 MN (by revenue) in 2021 and is anticipated to reach USD 498.37 MN by 2028 with a CAGR of 4.5%. By volume, the market was estimated at XX Tons in 2021 and is expected to reach XX Tons by 2028 with a CAGR of XX%.
Benzaldehyde is an organic compound consisting of a benzene ring. The chemical formula of benzaldehyde is C6H5CHO. It is colorless liquid and has a characteristic almond-like odor. It is the simplest aromatic aldehyde and one of the most widely employed chemicals that owns a significant industrial use. Benzaldehyde is also the basic component of bitter almond oil and can be extracted from a number of other natural sources. On the other hand, the synthetic benzaldehyde is a flavoring agent in imitation almond extract, which is used to provide flavors to cakes and other baked goods.
This chemical is obtained by a number of processes. At the industrial level, it is prepared by a process where the toluene is treated with chlorine to form benzyl chloride, which is further treated with water to form benzaldehyde. Benzaldehyde is also categorized into two segments, namely, the technical grade and FCC grade. The benzaldehyde of technical grade is mostly employed as an intermediate among its end-user industries. It is widely used in the manufacturing of the of odorants and flavoring chemicals. On the other hand, the FCC grade benzaldehyde is employed to impart fragrance in toiletries.
Market Dynamics
Growth in the disposable income of consumers, trendy lifestyle, and growing urbanization are likely to drive the market growth for flavors and fragrances; especially in emerging economies such as Asia Pacific, Central and South America, and the Middle East and Africa region. Rising applications of benzaldehyde in pharmaceuticals, agriculture and coatings sector are further accelerating the market growth. On the other side, volatility in crude oil prices along with regulatory issues may hamper the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of benzaldehyde.
Market Segmentation
The broad benzaldehyde market has been sub-grouped into end-user.. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By End-User
- Aroma Chemicals
- Pharmaceuticals
- Agriculture
- Coatings
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for benzaldehyde in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Benzaldehyde Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the benzaldehyde market includes Chematek S.P.A., Emerald Performance Materials, LLC., Gujarat Alkalies And Chemicals Limited, Haihang Industry Co., Ltd., Ineos Group Limited, Jiangsu Jiamai Chemical Co., Ltd., Kadillac Chemicals Private Limited, Lanxess AG, Lianyungang Taile Chemical Industry, Co., Ltd., Nantong Tianshi Chemical Co., Ltd., Shenyang Huijinfengda Chemical Co., Ltd., Shimmer Chemicals Pvt. Ltd. and Wuhan Dico Chemical Co., Ltd. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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