Benzaldehyde Market Industry Estimated To Perceive Exponential Growth Till 2030
Market Scope
Benzaldehyde Industry was esteemed at USD
225.0 million of every 2015 and is required to arrive at USD 282.7 million
before the finish of 2022, extending at a CAGR of 3.5 % from 2016 to 2030.
Market Boosters and Barriers
The Benzaldehyde
Industry is witnessing a healthy growth backed by
consistent socio-economic improvement in developing countries. This has led to
a higher purchasing capacity of people and has resulted in the growth of major end-use
sectors like personal care and food and beverage. The compound’s escalating use
as a flavoring agent and in the manufacturing of fragrances can translate into
significant market growth over the coming years. Since the COVID-19 outbreak,
the demand for soaps and detergents has risen strikingly, as the population is
focusing on hygiene and cleanliness. As a result, the demand for the Benzaldehyde
Industry is projected to heighten rapidly in the following years.
The Benzaldehyde Industry is also fuelled
by the rising application scope of its derivatives, like benzoic acid, sodium
benzoate, cinnamic acid and benzyl alcohol. These derivatives have extensive
use-cases in pharmaceuticals, agrochemicals, inks, paints, waxes, lacquers, food
and beverages, coatings, and dyes. Manufacturers of processed and packaged food
products are striving to maintain the safety level and are therefore, adopting food
preservatives with benzoic acid to ensure the freshness for a long time. Benzoic
acid has calcium salts, potassium and sodium content containing
impressive antifungal properties, making it ideal for food preservation. This
derivative helps protect the food item against mold and yeast as well as
bacteria.
Vendors in the market are shifting their
focus on technical integration during the value chain, which should foster the
competitive quotient. Rising deployment of innovative technologies such as drones,
Internet of Things (IOT), robotics, blockchain, artificial intelligence and cloud
computing is expected to change several aspects of benzaldehyde manufacturing
process, for the better. The use of these technologies has increased majorly
for bolstering the safety level, fostering efficiency as well as reliability and
facilitating accurate monitoring across the supply chain.
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Segmental Analysis
Benzaldehyde Industry can be segmented with
respect to derivatives as well as application.
The derivatives of benzaldehyde are benzoic
acid, cinnamic acid, benzyl alcohol, sodium benzoate, and others. The benzoic
acid segment has captured the biggest share in the global market as this
derivative is widely used in pharmaceutical, chemical and food and beverages industries.
It has a number of functional features such as antifungal and antibacterial effects
and is a natural compound present in fruits like raspberries, prunes, prunes, cranberries,
and plums.
The top applications of benzaldehyde are pharmaceuticals,
dyes & coatings, agrochemicals, aroma chemicals, and others. The lead has been taken by aroma chemicals, which extensively use benzaldehyde
for recreating almond and artificial cherry flavors for applications in the food
and beverage sector. Moreover, during the manufacturing of a few flavor and fragrance
types, such as cinnamic and cinnamaldehyde acid, benzaldehyde acts as an
essential component; and therefore, the segment is expected to maintain its
lead throughout the review timeframe.
Regional Outlook
The uses of benzaldehyde Market has been geographically categorized
as Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), Latin
America along with North America.
Asia Pacific forms the biggest market for
benzaldehyde and can continue to soar at a rate of 4.2% from 2020 to 2027. By
2022, the market size in APAC is expected to be USD 152 million, thanks to the
strong presence of established manufacturers, cheap labor costs, and the surge
in industrialization rate. China stands at the vanguard of the regional market,
mostly due to the low labor costs and the significant quality control and the
rampant use of modern technologies during the manufacturing process. Other
countries like South Korea, Indonesia and Japan are also making remarkable
progress, as a result of the expanding industries like beauty, personal care products
and cosmetics that make heavy use of benzenoid chemicals.
North America is touted to be one of the
strongest players in the global market, given that the region is home to
several renowned manufacturers that focus on innovations in benzaldehyde and explore
new applications for its derivatives for use in major end-use industries. Benzaldehyde’s
escalating use as an anticancer agent as well as a pesticide in the United
States should also help North America attain a higher position in the global
market.
Eminent Companies
Some of the leading manufactures of benzaldehyde
include Wuhan Dico Chemical Co. Ltd, Kadillac Chemicals Pvt Ltd, Emerald
Performance Materials LLC, Penta S.R.O, LANXESS AG, Taj Pharmaceutical Limited,
Gujarat Alkalies and Chemicals Limited, Jiangsu Jiamai Chemical Co. Ltd.
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