The increasing use of benzaldehyde in aroma chemicals and agrochemicals industries is propelling the growth of the global benzaldehyde market. The growing economy of Asia and Latin America is one of the important factors supporting the growth of the aroma chemicals industry. The large and emerging domestic market of India is fuelling the growth of the aroma chemicals market in Asia. Moreover, the growing demand for personal care products, household care products, and foods is expected to boost the demand for aroma chemicals, which is indirectly increasing the demand for benzaldehyde. However, volatility in crude oil prices and regulatory issues are expected to restrain the growth of the global benzaldehyde market.
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Benzaldehyde is a chemical and color aldehyde having almond odor. Benzaldehyde can be produced by oxidation of toluene, or treating benzal chloride with an alkali such as sodium hydroxide. The most widely accepted process for extracting synthetic benzaldehyde is air oxidation of toluene. The air oxidation process can be facilitated by two methods that include vapor-phase oxidation process, and liquid-phase oxidation process. In the past, the vapor-phase oxidation process was used to extract benzaldehyde. Currently the liquid-phase oxidation process is widely used, while the process was introduced in 1950s by The Dow Chemical Company. Benzaldehyde is naturally found in various foods, such as cherries, apricot, peach pits, and almonds. In the chemical industries, it is widely used for the production of perfumes, mandelic acids, and dyes. In the cosmetics industry, it is used as a denaturant, as a fragrance, and flavoring agent. It can also be used as a solvent for oils, resins, cellulose ethers, cellulose acetate, and nitrate. The increasing demand for benzaldehyde products in the end-user industries such as dyes, coatings, pharmaceuticals, aroma chemicals, agriculture, and others is expected to drive the growth of the global benzaldehyde market.
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Based on application, the global benzaldehyde market can be segmented into agrochemicals, pharmaceuticals, aroma chemicals, cosmetics, dyes, and others. The major applications areas of benzaldehyde are agrochemicals and aroma chemicals. Aroma chemicals accounted for the largest share in the application segment of the global benzaldehyde market during 2014. The major factor supporting the growth in market share of the aroma chemicals segment is the unique properties of benzaldehyde, such as artificial cherry and almond flavors. The agrochemical accounted for the second-largest market share in the application segment of the global benzaldehyde market in 2014. The major factor driving the growth in demand for benzaldehyde in the agrochemicals segment is the increasing use of benzaldehyde in various pesticides and herbicides.
Other application segments such as dyes, cosmetics, and pharmaceuticals are expected to generate higher demand for benzaldehyde, during the forecast period. The leading cosmetic companies, such as L’Oreal Group (France), Avon Products Inc. (the U.S.), The Estée Lauder Companies Inc. (the U.S.), and Oriflame Cosmetics (Luxembourg) are continuously introducing new variants, which is increasing the growth of the cosmetics industry. It is also expected to provide opportunities for the growth of the global benzaldehyde market. In the beauty products segment, the market share of premium cosmetics is growing at the fastest pace. This in turn, is expected to drive the growth of the global benzaldehyde market.
Geographically, Asia-Pacific is the largest market for benzaldehyde, followed by Europe and North America. During the forecast period, the Asia-Pacific benzaldehyde market is expected to grow with the fastest rate, owing to large consumption base, and growth of various end-user industries. China, Japan, and India are expected to dominate the benzaldehyde market in Asia-Pacific.
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Some of the major competitors in the benzaldehyde market include Kadillac Chemicals Private Limited, 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.
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