Benzaldehyde is predominantly used as aromatic aldehyde in the manufacturing of a number flavors & fragrances, pharmaceutical intermediates, and agrochemicals. In the past few decades, there has been an increase in the production capacities of benzaldehyde and operating rates have been hovering around 70%. Rising consumer awareness in the use of halogen free compounds and stricter regulations have compelled key stakeholders to develop production routes for chlorine-free benzaldehyde. According to the Fact.MR’s new study, the global benzaldehyde market is expected to attain a CAGR of ~ 4.5% during the period, 2019 -2029.
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Increasing Acceptance of Benzaldehyde in Manufacturing Fragrances: A Key Growth Promoter
Fact.MR has identified flavor & fragrances, dyes & coatings and pharmaceuticals to be the key application areas of benzaldehyde. It is used in manufacturing of various basic dyes such as cationic navy blue, malachite green, and brilliant green, and as a dye assistant for polyamide fibers. With increasing use of dyed polyamide fiber in the textiles sector, the demand for benzaldehyde is also expected to further increase in the years ahead. In perfume industry, benzaldehyde is widely used in the manufacturing of cinnamic acid and cinnamic aldehyde that find application in production of a number of fragrances. The pharmaceutical industry, another key end-use sector of benzaldehyde is forecast to register higher growth rates, owing to its increasing use in the production of anti-hypertensives. Busy and stressful lifestyles have led to a rise in demand of anti-hypertensives. According to the World Health Organization, over 7.5 million deaths are caused due to elevated blood pressures and around 40% of people world-wide suffer from hypertension. The increase in the health care spending by the consumers and intense focus towards patient centric policies are likely to boost the use of benzaldehyde in the manufacturing of anti-hypertensives.
Asia: The Most Promising Region for the Benzaldehyde Market
Accounting for more than half of the total global sales, Asia remains in the vanguard of benzaldehyde market. Besides, it has large production capacities spread across India & China. South Korea is one of the leading importers of benzaldehyde in the region, with imports ranging around 4,000 tons per annum mostly from India. Europe remains a key market and a major exporter of benzaldehyde, with majority of the exports originating from Belgium and Netherlands. While the market is reaching a maturity level in Western Europe, emerging demand from Central & Eastern European countries is forecast to open new avenues of growth for the manufacturers.
Consumption trends of benzaldehyde tend to vary in different regions. For instance, in Asia, agrochemicals remain a key application area for benzaldehyde, whereas in the Western countries flavors & fragrances along with agrochemicals remain the major application sectors. The flavor & fragrance industry is most likely to drive the market growth in the Central & Eastern European region.
Some of the key players operating in the benzaldehyde market include Emerald Performance Materials, Lanxess, Valtris Specialty Chemicals, Hubei Kelin Bolun New Materials Co., Ltd, Lihai Chemical Industry Co., Ltd, Gujarat Alkalies & Chemicals Ltd, KLJ Group, Kadillac Chemicals Pvt. Ltd, and Wuhan Dico Chemical Co.
These companies rely on various strategic moves such as partnership, merger & acquisition, expansion, investments etc. to strengthen their position in the market. Strategic expansion through acquisition of local and regional manufacturers remain a prime strategy followed by leading companies to increase their geographical footprint. The benzaldehyde market show a fair level of fragmentation, especially in Asia Pacific region with a large number of local players.