For the Quarter Ending December 2025
APAC
• In India, the Benzaldehyde Price Index fell by 18.16% quarter-over-quarter, driven by weaker downstream demand and ample imports.
• The average Benzaldehyde price for the quarter was approximately USD 1465.20/MT, import-weighted and reflecting CFR JNPT assessments.
• Benzaldehyde Spot Price movements tracked softer Chinese offers, pressuring domestic spot levels despite stable feedstock costs.
• Benzaldehyde Price Forecast indicates limited near-term upside as inventories remain comfortable and buyer restocking stays cautious.
• Benzaldehyde Production Cost Trend showed marginal easing as toluene feedstock softened, modestly relieving producer margin pressure.
• Benzaldehyde Demand Outlook remains subdued with fragrance and agrochemical sectors deferring purchases, limiting volumetric recoveries.
• Benzaldehyde Price Index dynamics reflected ample inventories and muted export opportunities, sustaining downward commercial pressure.
• Chinese plant operating rates remained normal, keeping flows steady and preventing tightness that would support the Price Index.
Why did the price of Benzaldehyde change in December 2025 in APAC?
• Sufficient import arrivals and normal Chinese operating rates expanded available supply, undermining domestic price support.
• Year-end stock rationalisation by fragrance and agrochemical players reduced buying urgency, keeping downward pressure on spot levels.
• Eased toluene feedstock costs marginally lowered production costs, allowing exporters to offer competitive, discounted supplies into India.
North America
• In North America, the Benzaldehyde Price Index showed a mixed trend in Q4 2025, with early-quarter softness followed by partial recovery toward the end of the quarter as downstream demand stabilized.
• The average Benzaldehyde price for the quarter remained largely stable, supported by contractual sales to food flavoring, fragrance, pharmaceutical, and agrochemical manufacturers.
• Benzaldehyde Spot Price weakened in October due to comfortable inventories and cautious buying from downstream industries, but firmed slightly in December as restocking activity increased.
• The Benzaldehyde Production Cost Trend remained steady, as toluene feedstock prices showed limited volatility and energy and logistics costs stayed largely unchanged.
• Benzaldehyde Demand Outlook remained balanced, with consistent consumption from flavors and fragrances and pharmaceutical segments, while agrochemical demand showed seasonal variability.
• The Benzaldehyde Price Forecast indicates range-bound movement, with upside potential linked to improved specialty chemical demand and downside risks limited by stable production economics.
• Adequate supply availability and uninterrupted operations at major production facilities helped limit sharp price swings, contributing to the mixed Price Index trend.
• Import availability and competitive offers further capped aggressive price increases, keeping the market well supplied throughout the quarter.
Why did the price of Benzaldehyde change in December 2025 in North America?
• The Price Index increased modestly in December 2025 as food, fragrance, and pharmaceutical manufacturers restocked ahead of year-end.
• Improved downstream order volumes supported firmer Spot Prices after earlier-quarter softness.
• With the Production Cost Trend remaining stable, the price increase was primarily demand-driven rather than caused by higher feedstock costs.
• Year-end inventory balancing by producers and distributors helped stabilize prices toward the close of the quarter.
Europe
• In Europe, the Benzaldehyde Price Index showed a mixed trend in Q4 2025, with early-quarter weakness followed by gradual stabilization and mild recovery toward the end of the quarter.
• The average Benzaldehyde price for the quarter remained broadly stable, supported by steady contract demand from food flavoring, fragrance, and pharmaceutical manufacturers.
• Benzaldehyde Spot Price softened in October as downstream buyers reduced spot procurement and inventories across Western Europe remained comfortable, but prices firmed slightly in December due to restocking activity.
• The Benzaldehyde Production Cost Trend remained largely stable, with limited fluctuations in toluene feedstock prices and steady energy and logistics costs.
• Benzaldehyde Demand Outlook remained balanced, with consistent consumption from flavors and fragrances and pharmaceuticals, while agrochemical and dye sector demand showed seasonal moderation.
• The Benzaldehyde Price Forecast indicates range-bound movement, with upside potential linked to specialty chemical demand recovery and downside risks capped by stable production economics.
• Adequate supply availability and smooth operations at major European production facilities limited volatility, contributing to the mixed movement in the Price Index.
• Competitive import availability further restrained aggressive price increases, keeping the market well supplied throughout the quarter.
Why did the price of Benzaldehyde change in December 2025 in Europe?
• The Price Index increased modestly in December 2025 as food, fragrance, and pharmaceutical manufacturers undertook year-end restocking.
• Improved spot buying activity supported firmer prices after mid-quarter softness.
• With the Production Cost Trend remaining stable, the price increase was primarily driven by demand-side factors rather than feedstock cost inflation.
• Year-end inventory balancing by distributors and producers further supported market prices toward the close of the quarter.
For the Quarter Ending September 2025
APAC
• In India, the Benzaldehyde Price Index fell by 6.7% quarter-over-quarter, driven by oversupply and weak demand.
• The average Benzaldehyde price for the quarter was approximately USD 1790.38/MT, reflecting mixed feedstock and freight dynamics.
• Tightening toluene availability intermittently pressured the Benzaldehyde Spot Price despite steady domestic production and imports.
• Near-term Benzaldehyde Price Forecasts remain modestly bullish due to pharmaceutical demand and thinning inventories ahead.
• Moderate toluene cost volatility influenced the Benzaldehyde Production Cost Trend, supporting occasional seller price increases.
• Benzaldehyde Demand Outlook is balanced, anchored by flavors, fragrances, and pharmaceutical growth despite seasonal agrochemical softness.
• High inventories and steady import flows weighed on the Benzaldehyde Price Index, offsetting localized procurement upticks.
• New domestic capacity additions increased supply, pressuring Benzaldehyde spot availability and prompting competitive discounting by producers.
Why did the price of Benzaldehyde change in September 2025 in APAC?
• New domestic capacity additions plus steady imports created oversupply, exerting downward pressure on Benzaldehyde prices.
• Seasonally muted procurement across agrochemical and dye sectors reduced offtake, weakening Benzaldehyde price support noticeably.
• Rising freight and toluene cost volatility increased landed costs, but insufficiently supported higher Benzaldehyde prices.
Europe
• In Europe, the Benzaldehyde Price Index reflected a mixed trend during Q3 2025, with firm prices in early quarter and softening sentiment by September.
• Benzaldehyde Spot Price increased in July and August, driven by tight supply from select producers undergoing maintenance and firm feedstock toluene values.
• By late September, Spot Price declined slightly as inventories recovered and seasonal demand from the flavor and fragrance sector moderated.
• Benzaldehyde Production Cost Trend remained relatively steady as toluene feedstock costs stabilized and energy prices eased across Europe.
• Benzaldehyde Price Forecast suggests prices may continue showing mixed movement into Q4 2025, depending on fluctuations in feedstock availability and downstream chemical demand.
• Benzaldehyde Demand Outlook remains stable, supported by the fragrance, pharmaceutical, and resin industries, though downstream consumption is expected to moderate with slower industrial activity.
• Competitive imports from Asia and improved local plant operations helped maintain balanced supply, keeping the Price Index within a narrow range.
• The easing of freight rates and normalized logistics conditions limited any strong upward movement in pricing through the quarter.
Why did the price of Benzaldehyde change in September 2025 in Europe?
• In September 2025, the Benzaldehyde Price Index decreased slightly as downstream users reduced spot purchases amid high stock availability.
• Softer toluene feedstock prices and moderate consumption in the flavor and fragrance sector added to the downward sentiment.
• With the Production Cost Trend largely stable, the decrease was primarily demand-driven rather than cost-based.
North America
• In North America, the Benzaldehyde Price Index displayed a mixed trend through Q3 2025, strengthening in mid-quarter before softening by September.
• Benzaldehyde Spot Price rose in July as restocking activity from chemical distributors and fragrance formulators lifted market sentiment.
• Toward late Q3, Spot Price weakened as inventory buildup, coupled with stable toluene feedstock prices, eased cost pressure.
• Benzaldehyde Production Cost Trend was stable overall, as feedstock toluene prices and utility rates fluctuated only modestly.
• Benzaldehyde Price Forecast indicates continued mixed performance in Q4 2025—upside from possible restocking but tempered by soft consumer goods demand.
• Benzaldehyde Demand Outlook remains cautiously positive, supported by pharmaceuticals and personal care sectors, though the coatings and resin segment showed weaker pull during the quarter.
• Strong domestic production and steady imports from Asia ensured adequate market supply, keeping the Price Index range-bound.
• Freight cost moderation and steady operating rates across regional chemical complexes further contributed to price stability.
Why did the price of Benzaldehyde change in September 2025 in North America?
• In September 2025, the Benzaldehyde Price Index decreased, driven by slower downstream buying from the aroma and resin sectors.
• Stable feedstock pricing and sufficient product availability reduced sellers’ leverage to maintain earlier gains.
• With no major shifts in Production Cost Trend, the decline was demand-led and primarily reflective of weaker industrial sentiment.
For the Quarter Ending June 2025
APAC
• The price index for Benzaldehyde in India followed a mixed trend in Q2 2025, which appreciated by 7% over Q1 levels as the quarter closed at INR 174,000/MT, Ex-Mumbai, following a sharp April-May fall that was partly compensated by a marginal rise in June.
• In April and May, the Benzaldehyde Price declined owing to muted Benzaldehyde Demand Outlook in agrochemicals, dyes, and pharmaceuticals due to seasonally sluggishness, overhang of stocks, and risk-averse buying sentiments in an uncertain economic environment.
• The Indian market was experiencing an oversupply situation with sufficient domestic production, robust imports from Japan and China, and sluggish export activity; all of these put persistent downward pressure on the Price Index.
• The Benzaldehyde Production Cost Trend was moderately stable due to steady availability of toluene and chlorine, although global Potassium Chloride prices saw some upward pressure, which had minimal direct impact.
• In June, prices stabilized and showed a mild rise, supported by stronger consumption from flavors and fragrances, rising pharma offtake, and steady growth in the personal care and agrochemical sectors, underpinned by India's self-reliant chemical push.
• Freight charges increased slightly in June due to global shipping tightness, nudging Benzaldehyde Production Cost Trend upward, but ample supply and consistent procurement kept market volatility low.
• Personal care, processed food, and pharma sectors showed strong seasonal demand in June, reinforcing a stable Benzaldehyde Demand Outlook and supporting price stabilization after two bearish months.
• Why did the price change in July 2025?
A price decrease is expected due to easing freight rates, high inventory levels, and lower-than-expected restocking from agro and pharma segments.
• The Benzaldehyde Price Forecast for July 2025 anticipates a downward trend, as distributors focus on destocking, and subdued seasonal demand reduces fresh procurement momentum across key downstream sectors.
Europe
• The Benzaldehyde Price Index in Europe exhibited a mixed trend during Q2 2025, with stable to marginally fluctuating prices across months due to varied sectoral demand and raw material dynamics; the average quarterly Benzaldehyde Price was assessed at moderate levels compared to Q1, with no sharp deviations.
• The Benzaldehyde Demand Outlook remained steady in pharmaceuticals, flavors & fragrances, and agrochemicals, driven by Europe’s robust healthcare and consumer goods sectors, providing foundational demand through Q2.
• The F&F segment maintained consistent growth, while pharmaceutical demand held firm due to active R&D and drug production, and the agrochemical sector saw seasonal strength in pesticide and herbicide applications.
• However, weakening demand from the construction, automotive, and industrial coatings sectors, especially into June, weighed on overall consumption, contributing to a subdued and mixed Price Index performance.
• The Benzaldehyde Production Cost Trend was influenced by volatile toluene prices, which saw a downward trajectory in late Q2 amid weak downstream demand and oversupply, easing cost pressures for producers.
• Chlorine-related cost movements were largely stable, while energy costs remained high but did not drastically shift production economics, allowing manufacturers to maintain cautious but consistent output levels.
• Sufficient European supply capacity, along with slow recovery in industrial activity, prevented any major supply shortages but heightened pricing competition, leading to marginal fluctuations and an overall mixed trend.
• Why did the price change in July 2025?
A decrease is expected due to falling toluene prices, continued industrial sector softness, and competitive supply levels.
• The Benzaldehyde Price Forecast for July 2025 indicates further softening or stability at lower price points, with ample inventory, weak industrial pull, and reduced input costs sustaining bearish market sentiment.
North America
• The Benzaldehyde Price Index in North America displayed a mixed trend in Q2 2025, shaped by steady offtake in key sectors and offset by soft industrial demand; the average Benzaldehyde Price for the quarter was assessed at moderate levels versus Q1, with price movements fluctuating month-to-month.
• The Benzaldehyde Demand Outlook remained firm in stable-growth segments such as flavors and fragrances, pharmaceuticals, and agrochemicals, supported by rising consumer preferences, healthcare innovation, and seasonal crop protection requirements.
• However, weaker activity in construction, adhesives, and resins—especially in automotive applications—contributed to uneven demand and tempered gains in the Price Index through Q2.
• Inventory optimization strategies by downstream buyers and distributors further moderated bulk procurement, contributing to intermittent pressure on spot pricing.
• The Benzaldehyde Production Cost Trend was shaped by volatile toluene prices, which saw a decline toward late Q2 amid weak upstream fundamentals and ample inventories, allowing producers to get leeway in pricing.
• Chlorine input costs remained mostly unchanged, keeping total cost variation minimal aside from toluene-related shifts.
• Supply conditions stayed largely stable, with domestic output unaffected by major disruptions; occasional weather-related logistical delays may have created short-lived tightness, but these did not translate into sustained pricing strength.
• Why did the price change in July 2025?
A decrease is expected due to declining toluene costs, ample inventories, and weak industrial offtake.
• The Benzaldehyde Price Forecast for July 2025 points to a mild decline or stability at low levels, as producers respond to soft cost trends and cautious downstream sentiment across North America.
For the Quarter Ending March 2025
North America
Benzaldehyde in North America showed a mixed trend during Q1 2025, influenced by steady demand from key downstream sectors and supply-side factors. Demand remained consistent from the flavor and fragrance industry, where benzaldehyde’s almond-like scent played a vital role in personal care products.
The pharmaceutical sector also sustained demand, with benzaldehyde serving as an important intermediate in drug synthesis. The agrochemical sector contributed to stable demand, particularly during the agricultural preparation season, while growing consumer preference for fragrant personal care products and diverse food flavors further supported market stability.
On the supply side, the price and availability of toluene, a key raw material, had a notable impact. Fluctuations in toluene prices led to some volatility in benzaldehyde prices. Although benzaldehyde production remained stable, weather-related shipping disruptions from key exporting regions, particularly Asia, caused minor supply chain delays, contributing to occasional price fluctuations. Despite these challenges, the overall outlook for benzaldehyde in North America was positive, with the market experiencing steady demand and stability throughout the quarter, although some price adjustments were observed due to supply and demand dynamics.
APAC
The price trend for Benzaldehyde in the APAC region during Q1 2025 followed a mixed trajectory. Early in the quarter, prices rose slightly due to increased production costs, primarily driven by higher toluene prices and stronger demand in China ahead of the Spring Festival. However, by mid-Q1, the market experienced stabilization, with only a modest price increase, as the supply chain issues affecting upstream crude oil production in China led to a slower growth in exports. The situation worsened as geopolitical tensions, especially with the U.S., resulted in slower export growth from China, impacting regional supply dynamics. Towards the end of Q1, prices softened significantly, primarily due to an oversupply of Benzaldehyde in the domestic market. Increased imports, stable domestic production, and low demand from key downstream sectors such as fragrance, agrochemicals, and pharmaceuticals created a well-supplied market. Despite healthy industrial activity, sectors like personal care and pharmaceuticals faced subdued demand, leading to a buyer’s market in March. Overall, the quarter saw fluctuations with a softening trend by March 2025.
Europe
The price trend for Benzaldehyde in Europe during Q1 2025 followed a mixed trend. The quarter saw stable demand from key downstream sectors, including aroma chemicals, pharmaceuticals, agrochemicals, and personal care, ensuring consistent consumption of benzaldehyde. The growing demand for personal care products and cosmetics, along with its critical role in pharmaceutical synthesis, helped maintain a steady baseline level of demand. Despite concerns about potential weakness in European manufacturing activity early in the quarter, there was no significant decline in benzaldehyde demand, especially from industries like cosmetics and pharmaceuticals. On the supply side, Europe experienced sufficient availability of benzaldehyde, with both domestic production and imports meeting the market needs. Production processes, such as toluene oxidation, remained stable, and there was no significant supply disruptions reported. Raw material costs, particularly for toluene, did not show major fluctuations that could influence benzaldehyde pricing. Overall, the European benzaldehyde market during Q1 2025 remained relatively balanced, with steady demand and supply dynamics preventing major price movements, indicating a period of equilibrium.
