Salicylaldehyde Market Size, Share, Growth, and Global Industry Growth by Purity (Purity 97%, Purity 99%, and Purity 99.5%), By Application (Flavors and Fragrances, Agrochemicals, Pharmaceuticals, Dyes Industry, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2030

Updated On: 15 May 2023

SALICYLALDEHYDE MARKET REPORT OVERVIEW

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The global salicylaldehyde market size is expected to be USD 28 million in 2022 and is projected to touch USD 41 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.

The sudden spike in CAGR is attributable to the salicylaldehyde market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with salicylaldehyde experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Salicylaldehyde is an organic compound that has a chemical formula of C6H4CHO-2-OH. It is a colorless liquid that is oily in nature and has an almond odor at a higher concentration. It is made from chloroform and phenol by treating the combination with heat. It is usually prepared by other ortho-selective formulation reactions. It is also found in natural occurrences such as an aroma component of buckwheat.      

Developing demand for salicylaldehyde is due to increasing application in the chemical industry owing to its properties. It is used in producing coumarin, salicylaldoxime, and saligenin which is anticipated to fuel the demand for the product. It is also used in analytical chemistry to detect hydrazine.  It is also as a key precursor for chelating agents and also as a flavoring ingredient which is expected to increase product demand. It is also used in the food and beverage industry for flavor and fragrances which is anticipated to facilitate market development. 

COVID-19 Impact: Cessation of Operations in Various Industries to Delay Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global salicylaldehyde market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The demand for the chemical is derived from various industries such as food and beverage, agrochemicals, pharmaceuticals, dyes industry, and other industries. Halt on operations in such industries resulted in decrease in the demand for the chemicals used to make end-user products. Owing to the disruptions in the supply chains requirements from various industries were ceased. The recovery for the market is attributed to the recovery of end-user industries.

LATEST TRENDS

"Presence of Product in Natural Food Products to Support Market Expansion"

The global salicylaldehyde market growth is anticipated to increase due to its presence in natural food products. It is also naturally found in tomato, grapes, peppermint oil, baked potato, cinnamon bark, pennyroyal oil, cassia leaf, mushroom, butter, and many other food products. Need for the product is increasingly owed to its applications in various industries. It is preferred due to its properties such as low solubility in water and highly soluble in ether and ethanol. It finds application in various industries such as food and beverage, agrochemicals, pharmaceuticals, dyes industry, and other industries. Such applications of the product in various industries is expected to pose an opportunity for market growth during the forecast period.

SALICYLALDEHYDE MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into purity 97%, purity 99%, and purity 99.5%.

• By Application

Based on application; the market is divided into flavor and fragrance, agrochemicals, pharmaceuticals, dyes industry, and others. 

DRIVING FACTORS

"Application in Pharmaceutical Industry to Aid Market Development "

The global salicylaldehyde market growth is estimated to witness development owing to the demand from pharmaceutical industry. Coumarins is made by treating salicylaldehyde with acetic anhydride. It is used in producing coumarins which is used in treating prostate cancer, leukemia, and renal cell carcinoma. It also has the ability to counter the side effects of radiotherapy which is projected to fuel market expansion. It is also used as a precursor reagent in synthesizing anticoagulant pharmaceuticals which is expected to drive demand for the chemical. Such growing uses of the chemical in the pharmaceutical industry are anticipated to drive the demand for salicylaldehyde and provide profitable opportunities for the market.

"Application in Developing Flavors and Fragrances to Drive Chemical Demand"

Growing demand for salicylaldehyde owing to the growth and demand from the food and beverage industry, which is estimated to drive the product demand. Growing demand from the food and beverage industry to make flavors and fragrances. One of the primary uses of the product is to make flavor and fragrance of various nature and different compositions. It is used to flavor drinks, foods, and tobacco which is projected to create demand for the product. It is used in flavoring bakery products, yogurts, drinks, milk, pastry products, and tobacco products. Such demand from the food and beverage industry is anticipated to drive the market growth during the forecast period.     

RESTRAINING FACTORS

"Damaging Effects from the Product to Hamper Product Demand"

There are a number of factors that can drive the growth of the salicylaldehyde market. Restraining factors such as exposure to chemicals can cause health side effects. There are serious health issues that can harm humans. Side effects such as abnormalities, post implantation morality, and fetal death. Such negative effects of the product are anticipated to restrict and limit the market growth.   

SALICYLALDEHYDE MARKET REGIONAL INSIGHTS

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"Presence of Market Players in Asia Pacific to Push Market Share"

Asia Pacific holds the largest part of the global salicylaldehyde market share owing to the presence of the majority of market players. Increasing demand from various countries such as China, India, and other countries of the region is expected to drive the market growth. The demand is anticipated to heighten owing to growing demand from various industries such as food and beverage, agrochemicals, pharmaceuticals, dyes industry, and other industries in the region. Presence of natural foods that naturally contain salicylaldehyde such as leaf beetle, buckwheat, and other food products in the region is estimated to increase the market share.  

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Anhui Jinpeng (China)
• Zhangjiagang Feihang Technologies (China)
• Hubei Xian Sheng Biotechnology (China)
• Lianyungang Hengshun Chemical (China)
• Lianyungang Jiewei Chemical (China)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.