Benzaldehyde Market Size, Share, Growth, and Industry Analysis by Type (FCC Grade and Technical Grade) By Application (Spices, Pharmaceuticals, Agricultural, and Dye), Forecast From 2023 To 2030

Updated On: 20 November 2023

BENZALDEHYDE MARKET REPORT OVERVIEW

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The global Benzaldehyde market size was USD 214.8 million in 2022 and the market is expected to reach USD 291.4 million in 2028, exhibiting a Compound annual growth rate (CAGR) of 4.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with Benzaldehyde experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The aldehyde is well-known for its appealing appearance and aroma. Others that it dissolves include oils, resins, cellulose ethers, cellulose acetate, and nitrate. The compound is frequently used in organic synthesis, where it acts as the foundation for a wide range of other compounds. The Benzaldehyde Market is growing as a result of its growth potential. The market is growing as a result of improvements in benzaldehyde preparation technology and the emergence of important businesses engaged in the creation of goods with varied compositions. Industrial businesses' innovations for usage in sectors like agriculture and health are driving the market. Additionally, the dyes and coatings industries employ it.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Because of the exceptional global general health crisis caused by the coronavirus, which has affected the Benzaldehyde market share sector, long-term effects are anticipated to have an impact on business growth during the estimated period. To ensure that the underlying COVID-19 problems and potential solutions are taken into account, our research is constantly improving our exploration system. Due to COVID-19, there are massive changes in consumer behavior and demands, purchasing patterns, network re-routing of stores, aspects of current market impacts, and crucial government mediations.

LATEST TRENDS

"Rising Popularity of Fragrant Synthetic Fabricates to Boost Market Growth"

The primary trend that is picking up steam in the global benzaldehyde market is the rising use of the aromatic compound's derivatives in the production of other organic compounds. The compound's derivatives, including benzoic acid, cinnamic acid, benzyl alcohol, and sodium benzoate, are more frequently used in organic reactions to create other compounds. As a result, as its derivatives are used more frequently to create new compounds, so does the demand for the chemical. The compound's production is anticipated to increase as a result, which will increase market demand for it. Development in the market for sweet-smelling substances along with rising popularity among synthetic fragrances. The popularity of fragrant synthetic fabricates and development is chiefly driving the benzaldehyde market growth.

BENZALDEHYDE MARKET REPORT OVERVIEW  SEGMENTATION

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• By Type Analysis

As per the type, the market is classified as follows: FCC Grade and Technical Grade. FCC segment is predicted to lead the benzaldehyde market share.

• By Application Analysis

Based on application, the market is segmented as follows: Spices, Pharmaceuticals, Agricultural, and Dye. Pharmaceuticals contributed the most to the industry as a whole, and it is anticipated that it will continue to do so throughout the hypothetical period.

DRIVING FACTORS

"Demand for Benzaldehyde in Pharmaceuticals to Facilitate Market Development"

Benzaldehyde is widely used in the drug market for drug fixing functions. Several pharmaceutical intermediates, including phenyl glycine, (pseudo) ephedrine, and anti-hypertensives, are produced in the presence of benzaldehyde or used as raw material, demonstrating the high application potential of this chemical. In recent years, there has been an increase in demand for benzaldehyde due to the manufacturing of pseudoephedrine, a sinus decongestant, and stimulant (higher doses). Additionally, it is anticipated that as lifestyles change, the use of anti-hypertensives will rise, increasing the demand for benzaldehyde. To become more widely used as a functional drug fixer, benzaldehyde in the pharmaceutical industry (API). The Benzaldehyde Market is noticing sheer growth due to major drivers.

"Utilization in Agrochemical Industry to Promote Industry Progress"

Another driver is the rise in the usage of agrochemicals and the utilization of Benzaldehyde in the food and refreshment industry. Benzaldehyde is a common intermediate in the production of pesticides like Metamitron, Permethrin, and Fenvalerate in the agrochemical industry. It is also used as a pesticide and anticancer agent.  It is also used as a raw material in the production of Difenzoquat, a well-liked herbicide that is used to prevent the growth of wild oats in wheat and barley. The agrochemical industry's consumption of benzaldehyde, which made up one-fifth of all sales in 2018, is anticipated to expand faster than the global average. The soundness of the farming area was restored, and as a result, more agrochemicals were being sought for and used in food and beverages. Ascend expects the need for benzaldehyde in the dye and coatings industry to increase.

RESTRAINING FACTORS

"Fluctuations in Crude Oil Prices to Hinder Market Growth"

Crude material value fluctuations are caused by fluctuations in the cost of raw petroleum. Fluctuations in the price of crude petroleum are one of the more common problems. It is predicted that fluctuations in crude oil prices and the volatility of raw material costs for the production of benzaldehyde will limit the expansion of the benzaldehyde market in the upcoming years. However, the federal regulations governing the production and consumption of benzaldehyde, as well as the advancement of small companies leading to competitive pricing, may further hinder the growth of the benzaldehyde market shortly.

BENZALDEHYDE MARKET REPORT OVERVIEW REGIONAL INSIGHTS

"Presence of Numerous Manufacturing Facilities to Propel Market Progress in Asia"

Due to the presence of numerous manufacturing facilities in the area, which together account for more than half of the world's capacity, Asia will continue to dominate the benzaldehyde industry. The usage of benzaldehyde for flavor and fragrance items as well as F&B products such as ice creams, gelatin, puddings, and various types of beverages is anticipated to climb further with the rise of the middle-class income group in Asia. Additionally, favorable government regulations, the expansion of numerous end-user sectors, and a remarkably sizable consumer base will all contribute to the region's benzaldehyde market expansion throughout the course of the projected year.

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KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Emerald Performance Materials (U.S)
• Lanxess (Germany)
• Kadillac Chemicals (India)
• Shimmer Chemicals (India)
• Jiangsu Jiujiu Jiu Technology (China)
• Jiangsu Jiamai Chemical (China)
• Lihai Chemical (China)
• Wuhan Dico Chemical (China)
• Nanchang Xinggan Sci-tech Industrial (China)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.