Key Highlights of Global Benzaldehyde Market
- Benzaldehyde is a colorless-to-yellow liquid and has a bitter almond odor to it. It is commonly found in many types of foods and is broadly utilized in the chemical industry, where it is utilized to prepare a number of other organic compounds such as aniline dyes, flavorings, coatings, agrochemicals, and perfumes, among others.
- This increasing demand from several end-use industries is poised to accelerate the growth of the benzaldehyde market the coming years.
- Transparency Market Research (TMR) predicts that the global benzaldehyde market would expand at steady CAGR of 3.60% over the period between 2019 and 2027. The total value of the global benzaldehyde market stood at US$268.4 Mn in 2018, and this figure is projected to reach a value of US$368 Mn by 2027.
Key Drivers of Global Benzaldehyde Market
- Benzaldehyde has been sanctioned as safe to be utilized in various applications by the FDA. Benzaldehyde is of two main types, namely FCC grade and technical grade.
- The technical grade is utilized as an intermediate for the manufacturing of flavored chemicals and odorants. On the other hand, benzaldehyde of the FCC grade is broadly utilized in flavors such as cherry and almond and in the form of fragrances in toiletries and soaps.
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- The agriculture and aroma end-use segments represented a share of more than 50% in 2018 and stood as the prime end-use segments of the benzaldehyde market. The end-use segment of aroma chemicals is fuelled by the distinct utility of benzaldehyde in imparting artificial cherry and almond flavors.
- The end-use segment of agriculture trailed the aroma end-use segment in 2018 owing to the rising usage of benzaldehyde in numerous herbicides and pesticides.
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Liquid-Phase Air Oxidation Process: A Widely Preferred Process for Making Synthetic Benzaldehyde
- Benzaldehyde is majorly derived through petroleum, however, it is also found naturally in cherry stones or almonds and is extracted with the help of an enzyme. In addition, the benzal chloride hydrolysis and toluene’s air oxidation produces benzaldehyde.
- Amongst these, toluene’s air oxidation is a widely preferred process for making synthetic benzaldehyde and comprises both liquid-phase air oxidation process and vapor-phase air oxidation process.
- The vapor phase air oxidation process alone is not utilized very often nowadays. On the other hand, the liquid-phase air oxidation process is utilized extensively for making both benzoic acid and benzaldehyde.
- The benzaldehyde produced through liquid-phase air oxidation is pasteurized using continuous distillation or batch process.
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Improved Chemical Research to Aid Market Growth
- The past decade has witnessed a plethora of advancements in the field of chemical research, testing, and analysis. These developments have in turn played to the advantage of several sectors that use chemicals as intermediary products. Hence, the global benzaldehyde market has been expanding at a stellar pace over the past decade.
- Moreover, the pharmaceutical industry has also become a key consumer of benzaldehyde in recent times which has further propelled market demand. The manufacture of soaps, shampoos, and toiletries also involves the use of benzaldehyde, and this factor pushed market growth.
Growing Popularity of Fragrances and Flavours to Propel Demand
- The use of benzaldehyde in the manufacture of perfumes, dyes, and coatings has played a starry role in the growth of the global market. Furthermore, the popularity of organic compounds in the chemical industry has also brought in voluminous revenues into the global market.
- The use of benzaldehyde in the agriculture sector is another recurring driver of demand within the global market. The wide-scale demand for aroma chemicals and specialised pharmaceuticals has created several lucrative opportunities in the global benzaldehyde market. There is a high possibility of fresh revenues flowing into the global benzaldehyde market
Asia Pacific Dominates Global Benzaldehyde Market
- On the basis of geography, in 2018, Asia Pacific dominated the benzaldehyde market, representing more than 50% of the market.
- It is predicted that the demand for benzaldehyde in this region will grow at a swift rate through 2027 owing to rising consumption, flexible government regulations, and expansion of numerous end-use industries.
- Europe followed Asia Pacific in the same year, but the benzaldehyde market is expected to exhibit restricted growth in Europe till 2027 owing to reduced product innovations and a mature application status.
Fragmented Nature of Global Benzaldehyde Market
- The global Benzaldehyde market is dominated by large-scale companies operating around the world. Key players such LLC, Lanxess AG, Emerald Performance Materials, Jiangsu Jiamai Chemical Co., Ltd., Chemicals Limited, Haihang Industries Co., Ltd., and Gujarat Alkalies are amongst the prominent players in the market significantly dominate the market.
- It is expected that the leading players in the benzaldehyde market would enter into investment deals with global stakeholders. The global benzaldehyde market is also expected to witness the entry of amateur vendors in the market.