Benzaldehyde is mainly used as a precursor in various industries to produce products such as plastic additives, dyes, coatings, pharmaceuticals, aroma chemicals, and agrochemicals. Benzaldehyde is produced by various ways such as by chlorination and oxidization of toluene. Other methods of its production include the oxidation of benzyl alcohol, the carbonylation of benzene, and much more.
Technavio’s analysts forecast the global benzaldehyde market to grow at a CAGR of 5.75% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global benzaldehyde market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Benzaldehyde Market 2017-2021
Technavio recognizes the following companies as the key players in the global benzaldehyde market: Emerald Performance Materials, GUANGZHOU SHINY, Gujarat Alkalies and Chemicals, LANXESS, and Merck.
Other Prominent Vendors in the market are: Haihang Industry, JIANGSU JIAMAI CHEMICAL, TCI AMERICA, JiangSu Bicon Pharmaceutical, Shimmer Chemicals, Lianyungang Taile Chemical Industry, and Kadillac Chemicals.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing use of derivatives in organic chemistry. The benzaldehyde derivatives are manufactured from benzaldehyde. Thus, the growth of the global benzaldehyde market is directly related to the rising demand for its derivatives. It is expected that the demand for benzaldehyde derivatives will grow at a CAGR of around 5.36% during the forecast period. The rise in demand from APAC and EMEA is expected to be high for benzaldehyde derivatives. Along with this, it is also expected that because of the high demand for solvents in the production of oils, resins and other compounds, the demand for benzaldehyde derivatives will increase.”
According to the report, one of the major drivers for this market is Growing demand for aroma chemicals. The odor of benzaldehyde is powerful, penetrant, intensely sweet, and fruity like typical bitter almond. It smells like cherry syrup. It is directly used in the manufacturing of deodorants and perfumes. Along with this, it is also oxidized to form benzyl alcohol, which is mild and oily when compared with benzaldehyde. It is further used as a blender in perfumes, especially to provide floral fragrances. Benzaldehyde is also being used to produce various flavored chemicals such as cinnamaldehyde and cinnamic acid.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in crude oil prices. In the last decade, it has been noticed that crude oil prices have been fluctuating. If prices for crude oil decline, the number of contract for energy derivatives such as benzaldehyde increases. However, it will reduce the value-based revenue heavily. Till 2016, the Organization of Petroleum Exporting Countries (OPEC) did not curtail oil production, which resulted in oversupply and decrease in oil prices. Along with this, the demand for oil also decreased, which created a mismatch between the supply and the demand.
Emerald Performance Materials, GUANGZHOU SHINY, Gujarat Alkalies and Chemicals, LANXESS, Merck, Haihang Industry, JIANGSU JIAMAI CHEMICAL, TCI AMERICA, JiangSu Bicon Pharmaceutical, Shimmer Chemicals, Lianyungang Taile Chemical Industry, and Kadillac Chemicals.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook