Pune, India, July 5, 2017 /MRFR Press Release/- Market Research Future has a Cooked Research Report on Global Benzaldehyde Market. The Global Market for Benzaldehyde is growing steadily at CAGR of 3.5%
Market Highlights
Benzaldehyde Market size was USD 0.30 billion in 2023 and is projected to reach USD 0.39 billion by 2032 annual growth rate (CAGR) of 3.5 % from 2023 to 2032.
The Global Benzaldehyde Market has been evaluated as steady growing market and expected that the market will reach high growth figures. Benzaldehyde is colorless liquid with almond fragrance as it can be extracted from cherry stone and almond using enzyme. The benzaldehyde produced by oxidation of toluene or treating benzal chloride with alkali. Air oxidation of toluene uses liquid phase process to extract synthetic benzaldehyde. With increase in usage of benzaldehyde in wide area of application like pharmaceutical, aroma chemicals and agrochemical industries is propelling the growth of benzaldehyde market. Aroma chemicals share a largest market in this market. Moreover, increase in demand of cosmetics, perfumes and personal care products is expected to boost the market of aroma chemical. Pharmaceutical share second largest market share followed by agrochemicals owing to increase in demand for pesticide and herbicides in agriculture. Other industries like food & beverages and dye & coating are exhibiting higher demand in coming years.
Based on derivatives, benzoic acid share largest market. benzoic acid is largely used in food and agriculture industry. These industries are expected to grow in forecasted period due to rise in consumption rate and growing population. Increase in demand for personal care products, perfumes and cosmetics are ultimately increasing demand for benzaldehyde as it is used to provide fragrance. Benzaldehyde acts as stabilizer and sweetener in food industry. Therefore, it is expected to grow the benzaldehyde market in near future.
As benzaldehyde is used as flavoring agent, it is best used in aroma chemicals. The FDA has also approved benzaldehyde as synthetic flavoring substance which is safe to be used in food and agrochemicals products. The growing economy of Asia-Pacific region such as India and China are blooming the benzaldehyde market growth. This is attributed due to growing end user industries, improving infrastructure and wide application. Government regulation regarding the usage of chemicals in particular industries will hamper the market. North America is expected to show steady growth due to steady innovation in benzaldehyde and saturation of application industries. Europe is expected to be slow market as usage of certain chemicals in industries is prohibited by government.
Global Benzaldehyde Market Players:
The major participants of this 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.
Segmentation:
The Global Benzaldehyde Market is majorly segmented on the basis of derivatives and application. Based on derivatives, the market is segmented into cinnamic acid, benzoic acid, sodium benzoate, benzyl alcohol and others. Further on the basis of application the market is classified into dyes & coatings, pharmaceuticals, aroma chemicals, agrochemicals and others.
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