Benzaldehyde Market analysis with Key Players, Applications, Trends and Forecasts by 2024

Benzaldehyde, also known as benzoic aldehyde, is an aromatic compound that belongs to the functional group of aldehydes. It is widely used in the chemical industry (for the manufacturing of dyes, perfumes, mandelic acid, and cosmetics) and in the food and beverage industry. It is also used as a solvent for oils, resins, cellulose ethers, cellulose acetate, and nitrate. The compound is widely used in organic synthesis, where it is used as a raw material for a large number of products. In the report, the benzaldehyde market is segmented on the basis of product type, end-use industry, and region.

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Based on the end-use industry, the benzaldehyde market is segregated into agrochemicals, pharmaceuticals, aroma chemicals, cosmetics, dyes, and others. The major application areas of the compound are agrochemicals and aroma chemicals. Historically, as an end-use industry, aroma chemicals occupied a significant share in the benzaldehyde market. The major factor driving the demand for the chemical in this industry is its ability to recreate artificial cherry and almond flavors for application in food and beverages. Owing to this, the market is expected to witness significant growth in this end-use category in the future as well. Moreover, in the manufacturing of certain types of fragrances and flavors, such as cinnamaldehyde and cinnamic acid, benzaldehyde is used as a primary element; hence, increase in demand for these fragrances is expected to fuel the demand for the compound in the coming years.

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The benzaldehyde market is expected to be driven by socio-economic development across the emerging economies, globally. This is expected to result in increased purchasing power, thereby driving the demand from end-use industries, such as food and beverage, and personal care. The use of the compound in these industries for the production of fragrances and as a flavoring agent is likely to increase its application rate and drive its demand during the forecast period.

Additionally, the benzaldehyde market is anticipated to be driven by the increasing application of its derivatives, such as sodium benzoate, benzoic acid, benzyl alcohol, and cinnamic acid. These products have wide application in agrochemicals, pharmaceuticals, paints, inks, lacquers, waxes, dyes, food and beverages, and coatings. Besides, benzoic acid is used as a precursor for the industrial synthesis of organic substances.

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