The global benzaldehyde market is highly concentrated with the dominance of a few multinational companies, states Transparency Market Research (TMR) in a research report. The top six companies – Haihang Industry Co., Gujarat Alkalies and Chemical Limited, Jiangsu Jiamai Chemical Co. Ltd., Lanxess AG, LLC, and Emerald Performance Chemicals – accounted for a share of 90.0% in 2014 in the global benzaldehyde market. Owing to the mounting demand for benzaldehyde and a rather limited supply, manufacturers are focusing on expanding their production units in order to meet the rising demand of end users.
The global benzaldehyde market is projected to exhibit a CAGR of 3.4% between 2015 and 2023. The market stood at a valuation of US$242.5 mn in 2015 and is expected to rise to US$318.0 mn by the end of 2023. Aroma chemicals emerged as the leading end-user segment with a share of 37.8% in 2014. One of the most important application industries of benzaldehyde is aroma chemicals. Benzaldehyde is used as a key additive in the manufacturing of certain fragrance and flavor chemicals such as cinnamaldehyde, and cinnamic acid. At times, it is also employed directly as a flavoring agent for almond and artificial cherry. The demand for benzaldehyde is likely to intensify over the forthcoming years due to the rising adoption of aroma chemicals.
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Asia Pacific to Gain Strong Hold over Global Benzaldehyde Market
Geographically, Asia Pacific led the global benzaldehyde market in terms of consumption and is likely to maintain the lead until 2023, accounting for a 56.7% share by the end of 2023. The growth of the global benzaldehyde market in Asia Pacific can be attributed to the mounting demand for benzaldehyde in countries such as India, Japan, and China. The leading end-user segments in Asia Pacific are pharmaceuticals, aroma chemicals, and agriculture. Moreover, the concentration of many leading manufacturers in India and China is one of the primary factors driving the benzaldehyde market in Asia Pacific.
High Consumption in Pharmaceutical Industry to Bode Well for Market Growth
In the pharmaceutical industry, benzaldehyde is used in the manufacturing of drugs such as benzyl amine, dihydo phenyl glycine, pseudo ephedrine Hcl, pseudo ephedrine base, ephedrine HCl, diphenyl hydantoin, and D-alpha phenyl glycine. According to a TMR analyst, “Owing to a research-oriented approach across the world, the pharmaceutical industry has witnessed significant growth over the last couple of years.” Factors such as growing research in bioscience, the improvement of the existing infrastructure, and an improvement in technology have helped in the growth of the pharmaceutical industry. Furthermore, rising urbanization and globalization, the growing incidence of chronic diseases, a rise in the income of consumers, changing lifestyles, and a burgeoning geriatric population are anticipated to drive the demand for benzaldehyde in the pharmaceutical industry, thus contributing to the overall development of the market. The increasing demand for benzaldehyde from various agricultural applications is also expected to positively impact the growth of the global benzaldehyde market.
Issues Related to Price Volatility of Crude Oil to Hinder Productivity
The key raw material for the production of benzaldehyde and its derivatives is crude oil. The fluctuation in the prices of crude oil is one of the major factors likely to impede the growth of the global benzaldehyde market. A rise in the price of crude oil results in an increase in the price of benzaldehyde, thus affecting the productivity of players in the market. Moreover, strict regulations regarding the use of benzaldehyde and maintaining quality standards are likely to act as a challenge for the market players. However, manufacturers can find scope of capacity expansion in the emerging economies of Asia Pacific.
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This review is based on a Transparency Market Research report titled, “Benzaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
The report segments the benzaldehyde market as follows:
Benzaldehyde Market – End-user Analysis
- Aroma Chemicals
- Others (Including Dyes, etc.)
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