H1 2023: Throughout the first three months of 2023, benzaldehyde prices constantly dropped throughout the Asia-Pacific region. The downward pricing trend for Benzaldehyde in the Asian market was brought by the poor state of the downstream food and beverage sector and the mediocre purchasing behaviour of end users. A robust supply was created in the Asian market as a result of rising refinery run rates and falling energy costs. April saw an increase in Benzaldehyde pricing in Asian market as a result of better market trends and higher import prices. The price of benzaldehyde in Asia was further impacted by higher manufacturing costs due to rise in the toluene raw material costs. Both the purchasing index and domestic industrial activity remained at high levels. There were limited supplies and demand for benzaldehyde from the downstream fragrance & flavour sector. However, May and June saw a decline in the price of benzaldehyde in Asian markets, primarily as a result of the entry of inexpensive imports and lower raw material costs. Given the dramatic fall in the exporting sector, imports became more affordable for the Indian market. In the US market, prices drastically fell. However, March saw an improvement in industrial production and sales for the food and beverage sectors, which raised market demand for Benzaldehyde. In April, the price of benzaldehyde climbed in the North American market as a result of positive market trends. The rise in toluene raw material prices increased the production costs, which had an impact on benzaldehyde market prices domestically. Although, benzaldehyde prices decreased in May and June in North America.
The global Benzaldehyde market stood at approximately 170 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 3.50% during the forecast period until 2032.
The simplest aromatic aldehyde, which contains a benzene ring, is benzaldehyde. It is one of the most often used aldehydes in the production of a variety of flavours and perfumes, medicinal intermediates, and aniline dyes in the chemical industry. In addition, benzaldehyde is also utilised as a solvent in perfumes, particularly to create cinnamaldehyde and cinnamic acid and provide floral smells. Additionally, benzaldehyde is used in additives like fungicidal and antibacterial preservers. It functions as an important precursor in the synthesis of substances like benzoic acid, cinnamic acid. Agrochemicals, pharmaceuticals, paints, inks, lacquers, waxes, dyes, and coatings are just a few industries where these products are used for. Also, it serves as a solvent for ethers, resins, and oils. By serving as a versatile building block for the creation of several pharmacological molecules, benzaldehyde plays a crucial part in pharmaceutical synthesis. It is used in the synthesis of medications such analgesics, antipsychotics, and antibiotics. There are two Benzaldehyde grades- technical grade and food chemical codex (FCC) grade. FCC grade Benzaldehyde is used to make flavours like cherry or almond.
The usage of aroma compounds in scents, flavours, and odorants has increased as people's awareness of personal grooming and care has grown. As a result, the demand for benzaldehyde in fragrance compounds will rise.. As a result, the demand for benzaldehyde in fragrance compounds will most likely surge in future. Additionally, it is anticipated that the benzaldehyde market would be driven by the growing application of its derivatives, such as sodium benzoate, benzoic acid, benzyl alcohol, and cinnamic acid. The demand for food grade benzaldehyde produced by the toluene oxidation process in the food and beverage industry, the expansion of the market for aromatic chemicals, the consumption of benzaldehyde in the production of flavours, fragrances, and dyes, are factors are all predicted to contribute to the growth of the global benzaldehyde market. The demand for benzaldehyde is also rising as it is used for the production of agrochemicals like insecticides and herbicides. The global benzaldehyde market is anticipated to increase favorably as a result of these reasons and reach 240 thousand tonnes by 2032.
Based on region, Asia Pacific holds the top position in the Benzaldehyde market. The Asia Pacific region will most likely become a leading growth contributor for the benzaldehyde market due to the vast demand for cosmetics and personal care goods there. The benzaldehyde market will experience lucrative expansion as a result of the increase in disposable income among many people in the area and the region's expanding urbanisation as a result of significant rural-to-urban migration in countries like India. In the agriculture industry, the synthesis of various pesticides and herbicides using benzaldehyde is propelling the category towards expansion, particularly in China and India.
Based on the end-user industry, the global Benzaldehyde market is segmented into Flavor & Fragrances, Pharmaceuticals, Agrochemicals, and Others. However, Flavor & Fragrances is the leading segment and held about 38% of the global Benzaldehyde market in 2022.
Major players in the Global Benzaldehyde market are Kadillac Chemicals Pvt. Ltd., Shimmer Chemicals Pvt. Ltd., Emerald Performance Materials LLC, Gujarat Alkalies and Chemicals Limited (GACL), Haihang Industry Co. Ltd., Nantong Tianshi Chemical Co. Ltd., Jiangsu Jiamai Chemical Co. Ltd., Shenyang Huijinfengda Chemical Co. Ltd., Chematek S.p.A., Wuhan Dico Chemical Co. Ltd., Lianyungang Taile Chemical Industry Co. Ltd., and Merck KGaA.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Benzaldehyde which covers production, demand and supply of Benzaldehyde market in the globe.
• To analyse and forecast the market size of Benzaldehyde
• To classify and forecast Global Benzaldehyde market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Benzaldehyde market in the globe.
To extract data for Global Benzaldehyde market, primary research surveys were conducted with Benzaldehyde manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Benzaldehyde market over the coming years.
ChemAnalyst calculated Benzaldehyde demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Benzaldehyde. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Benzaldehyde manufacturers and other stakeholders
• Organizations, forums and alliances related to Benzaldehyde distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Benzaldehyde manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Benzaldehyde market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2022
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170 thousand tonnes
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Market size Volume in 2032
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240 thousand tonnes
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Growth Rate
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CAGR of 3.50% from 2023 to 2032
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2032
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2032
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Report coverage
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Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
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Segments covered
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By End-Use: (Flavor & Fragrances, Pharmaceuticals, Agrochemicals, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com