Benzaldehyde Market size was USD 225.0 million in 2020 and is projected to reach USD 282.7 million by 2030 annual growth rate (CAGR) of 3.5 % from 2021 to 2030.
Market Boosters and Barriers
The Benzaldehyde Market is witnessing a healthy growth backed by consistent socio-economic improvement in developing countries. This has led to a higher purchasing capacity of people and has resulted in the growth of major end-use sectors like personal care and food and beverage. The compound’s escalating use as a flavoring agent and in the manufacturing of fragrances can translate into significant market growth over the coming years. Since the COVID-19 outbreak, the demand for soaps and detergents has risen strikingly, as the population is focusing on hygiene and cleanliness. As a result, the demand for the Benzaldehyde Market is projected to heighten rapidly in the following years.
The Benzaldehyde Market is also fuelled by the rising application scope of its derivatives, like benzoic acid, sodium benzoate, cinnamic acid and benzyl alcohol. These derivatives have extensive use-cases in pharmaceuticals, agrochemicals, inks, paints, waxes, lacquers, food and beverages, coatings, and dyes. Manufacturers of processed and packaged food products are striving to maintain the safety level and are therefore, adopting food preservatives with benzoic acid to ensure the freshness for a long time. Benzoic acid has calcium salts, potassium and sodium content containing impressive antifungal properties, making it ideal for food preservation. This derivative helps protect the food item against mold and yeast as well as bacteria.
Vendors in the market are shifting their focus on technical integration during the value chain, which should foster the competitive quotient. Rising deployment of innovative technologies such as drones, Internet of Things (IOT), robotics, blockchain, artificial intelligence and cloud computing is expected to change several aspects of benzaldehyde manufacturing process, for the better. The use of these technologies has increased majorly for bolstering the safety level, fostering efficiency as well as reliability and facilitating accurate monitoring across the supply chain.
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Segmental Analysis
Benzaldehyde Market can be segmented with respect to derivatives as well as application.
The derivatives of benzaldehyde are benzoic acid, cinnamic acid, benzyl alcohol, sodium benzoate, and others. The benzoic acid segment has captured the biggest share in the global market as this derivative is widely used in pharmaceutical, chemical and food and beverages industries. It has a number of functional features such as antifungal and antibacterial effects and is a natural compound present in fruits like raspberries, prunes, prunes, cranberries, and plums.
The top applications of benzaldehyde are pharmaceuticals, dyes & coatings, agrochemicals, aroma chemicals, and others. The lead has been taken by aroma chemicals, which extensively use benzaldehyde for recreating almond and artificial cherry flavors for applications in the food and beverage sector. Moreover, during the manufacturing of a few flavor and fragrance types, such as cinnamic and cinnamaldehyde acid, benzaldehyde acts as an essential component; and therefore, the segment is expected to maintain its lead throughout the review timeframe.
Regional Outlook
The uses of benzaldehyde Market has been geographically categorized as Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), Latin America along with North America.
Asia Pacific forms the biggest market for benzaldehyde and can continue to soar at a rate of 4.2% from 2020 to 2027. By 2022, the market size in APAC is expected to be USD 152 million, thanks to the strong presence of established manufacturers, cheap labor costs, and the surge in industrialization rate. China stands at the vanguard of the regional market, mostly due to the low labor costs and the significant quality control and the rampant use of modern technologies during the manufacturing process. Other countries like South Korea, Indonesia and Japan are also making remarkable progress, as a result of the expanding industries like beauty, personal care products and cosmetics that make heavy use of benzenoid chemicals.
North America is touted to be one of the strongest players in the global market, given that the region is home to several renowned manufacturers that focus on innovations in benzaldehyde and explore new applications for its derivatives for use in major end-use industries. Benzaldehyde’s escalating use as an anticancer agent as well as a pesticide in the United States should also help North America attain a higher position in the global market.
Eminent Companies
Some of the leading manufactures of benzaldehyde include Wuhan Dico Chemical Co. Ltd, Kadillac Chemicals Pvt Ltd, Emerald Performance Materials LLC, Penta S.R.O, LANXESS AG, Taj Pharmaceutical Limited, Gujarat Alkalies and Chemicals Limited, Jiangsu Jiamai Chemical Co. Ltd.
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