Benzaldehyde Market: Snapshot
The organic compound Benzaldehyde is used for the synthesis of other organic compounds such as dyes and coatings, flavors and fragrances, agrochemicals, and drug intermediaries. The demand for this compound is increasing from end user industries such as aroma chemicals, agriculture, and pharmaceuticals. This is boosting the global Benzaldehyde market. There are two grade categories of Benzaldehyde, namely food chemical codex (FCC) grade and technical grade. The FCC grade Benzaldehyde is used to give flavors such as almond or cherry. The FCC grade Benzaldehyde is also used to give fragrances to toiletries and soaps. Thus, FCC grade Benzaldehyde enjoys steady demand. The technical grade Benzaldehyde is used as an intermediary during the production of odorants and flavoring chemicals. Thus, the growth of these end use industries is positively impacting the growth of the Benzaldehyde market. A report published by a market intelligence firm called Transparency Market Research (TMR), has estimated this market’s worth to be US$318 mn by 2023.
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North America and Europe to Generate Moderate Demand for Benzaldehyde
On the basis of geography, the global Benzaldehyde market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Of these, Asia Pacific accounted for 50% of the market in 2014, thus emerging as a leading segment. The Asia Pacific market is anticipated to continue to lead in the market on account of the flourishing agriculture industry and high sales of beauty products. The growing population and rise in disposable income are some of the factors which will ensure a continued growth of Asia Pacific in the coming years. The North American and European markets for Benzaldehyde are projected to witness a moderate growth, while the Middle East and Africa is estimated to bear a slow growth in the coming years.
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Aroma Chemicals Segment to Continue Leading in Benzaldehyde Market
On the basis of end use, the Benzaldehyde market is segmented into pharmaceuticals, aroma chemicals, coatings, and agriculture, among others. Of these, the aroma chemicals segment not only held a leading position in the market in 2014 but is projected to continue to account for significant amount of shares in the market in the coming years. The agriculture segment was the next leading end user industry in the market. Together, the aroma chemicals and agriculture segments accounted for 60% of the market in 2014. The growth of the aroma chemicals segment is linked to the high usage of Benzaldehyde for acquiring cherry and almond flavors artificially. The compound is also being used to produce flavored chemicals such as cinnamaldehyde and cinnamic acid. In the agriculture sector, the use of Benzaldehyde for the production of various pesticides and herbicides is driving the segment towards growth, especially in India and China.
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Volatility in Crude Oil Prices Affecting Market
Crude oil market has been witnessing constant ups and downs and this has resulted in the fluctuation in the prices of crude oil. This is negatively impacting the growth of the global benzaldehyde market. Another market challenge faced by players of the global benzaldehyde industry is the regulatory issues. Although benzaldehyde is important for food flavoring, there are set limits for its usage. This is also restricting the demand for benzaldehyde. However, regulatory bodies are increasing this limit and this is likely to increase the demand for benzaldehyde.