Global Benzaldehyde Market was valued at USD 225.0 million in 2015 and is expected to reach USD 282.7 million by the end of 2022, expanding at a CAGR of 3.5 % from 2016 to 2022. Benzaldehyde is an aldehyde, also known as benzenecarboxy aldehyde and benzoic aldehyde. Benzaldehyde is colorless in appearance and have a pleasant odor, widely used in synthesis of various aromatic chemicals and as additives. Benzaldehyde is traditionally manufactured by the chlorination of toluene, however, it is not regarded as safe for use in food industries, due to the presence of chlorine traces. Hence, benzaldehyde manufactured by toluene oxidation process is gaining popularity across industries, prominently among the food & beverage manufacturers. Aroma chemical industries are the prominent end-user of benzaldehyde, followed by pharmaceutical and agrochemical industries.
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Key Players and Competition Analysis
The key players of Global Benzaldehyde Market are 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, and Taj Pharmaceutical Limited,
Global Benzaldehyde Market is projected to reach USD 282.7 million by 2022 with 3.56% CAGR during review period of 2016-2022
Asia-Pacific accounted for largest share due to growing application industries in this region
Benzaldehyde market is consolidated in the developed regions with limited number of manufacturers dominating the market, whereas, in the developing markets the market is fragmented with dominance of small manufacturers from the Asia-Pacific region.
By Derivatives: Benzoic Acid, Sodium Benzoate, Benzyl Alcohol, Cinnamic Acid, and Others. By Production Process: Toluene Chlorination Process, Toluene Oxidation Process. By Application: Aroma Chemicals, Pharmaceuticals, Agrochemicals, Food & Beverages, Dyes & Coatings, and Others. By Regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
The global Benzaldehyde Market is expected to register steady growth of 3.5% over the forecast period. The prominent factors fuelling the growth of global benzaldehyde market are, rise in demand among the aromatic chemical manufacturers along with the growth in aromatic chemicals market, increasing demand for benzaldehyde as an active pharmaceutical ingredient (API) in the pharmaceutical industries. Agrochemicals industry being one of the key consumers of benzaldehyde in the developing markets is further expected to augment the demand for benzaldehyde. Apart from the above mentioned factors, demand for food grade benzaldehyde obtained from toluene oxidation process in food and beverage industry. Furthermore, consumption of benzaldehyde in manufacturing of dyestuff, flavors and fragrances is propelling the demand for benzaldehyde, which in turn is adding value to the global benzaldehyde market. However, the crude oil price fluctuations leading to the volatility of raw material prices for benzaldehyde manufacturing and federal regulations associated with manufacturing and consumption of benzaldehyde, emergence of small players leading to competitive pricing are some of the restraining factors identified in the global benzaldehyde market.
Geographically, Asia-Pacific region dominates the benzaldehyde market both in terms of volume and value and is expected to grow significantly at a CAGRs of 3.3 % and 4.2 % respectively. China is major revenue generating country due to growing end user industry and increase in consumption rate of chemicals by manufacturers. Europe, North America accounts for second and third market share in the global benzaldehyde market.
Browse the market data and information spread across 140 pages with 215 data tables and 38 figures of the report “Benzaldehyde Market Research Report- Forecast to 2022” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/benzaldehyde-market-2040
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