Benzaldehyde Market: Introduction
Benzaldehyde is an aromatic compound also known as benzoic aldehyde belonging to the aldehydes functional group. Benzaldehyde is a colorless liquid with a bitter almond Odour, soluble in a number of solvents including alcohols and ethers. Its major application includes the chemical, agrochemical and food industry. Benzaldehyde is also found naturally in a number of fruits such as cherries, peach pits, apricots, and almonds. The commercially available grades of benzaldehyde includes, pure benzaldehyde and double-distilled benzaldehyde. The major use of Benzaldehyde is in organic synthesis where the key raw materials for the production of a number of aromatic & perfumery chemicals and aldehydes including cinnamic, methylcinnamic, amylcinnamic and hexylcinnamic. The two commercially available manufacturing process of Benzaldehyde include the hydrolysis of benzal chloride and air oxidation of toluene. The air oxidation of toluene process for benzaldehyde production is an energy and engineering intensive process. Majority of the global production is done via the air oxidation of toluene, however the process requires high pressure and temperature conditions and produces by-products. The higher energy requirements are not offset by raw materials which are relatively inexpensive, making it a cost intensive manufacturing costs.
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Benzaldehyde Market: Dynamics
The key driving factor for the global Benzaldehyde market is the growing utilization of Benzaldehyde in flavor & fragrance. The other key industry is the agrochemical industry where Benzaldehyde is used in the production of intermediates for pesticides. The global population is on the rise and could almost double until 2050. With the available technologies, the modern agriculture feeds over seven billion. With the fast depleting non-renewable resources and climate changes, the necessity for a change in agriculture manufacturing practice rises. Increasing yield using sustainable solutions is a major challenge in the sector of agriculture. The market has experienced merger & acquisitions. DSM Special Products, BV, subsidiary of the Netherlands based DSM and manufacturer of benzoic acid, sodium benzoate, benzaldehyde and benzyl alcohol was acquired by Emerald Performance Materials, LLC. Secondly, Lanxess acquired the benzaldehyde and other derivatives manufacturing facility of Gwalior Chemicals.
Benzaldehyde Market: Regional Outlook
Based on geographies, the global Benzaldehyde market is segmented into seven regions including North America, Latin America, Europe, CIS & Russia, Japan, APEJ (the Asia Pacific excluding Japan) and MEA. Among the above-mentioned countries, APEJ is estimated to account for more than 45% of global production and consumption with major producers having their manufacturing facilities in the region. The region is also anticipated to witness a medium to high growth in the global Benzaldehyde market on the back of India and China. Moreover, North America followed by Europe are projected to showcase phenomenal growth in the global Benzaldehyde market due to the lower current market penetration rates and rising awareness of sustainable agricultural practices. Middle East & Africa and Latin America account for a mere single digit market share in terms of demand.
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Benzaldehyde Market: Prominent players
Prominent players for the global Benzaldehyde market are Emerald Performance Materials, Gujarat Alkalies and Chemicals Limited (GACL), Lanxess, Wuhan Youji Industries, Shimmer Chemicals Pvt. Ltd., Hubei Kelin Bolun New Materials Co., Ltd., Kadillac Chemicals Pvt. Ltd. and other key market players. The Benzaldehyde market consists of well-diversified global and regional players with the global vendors are ruling the market.
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