Global Benzaldehyde Market to Grow at 3.40% CAGR till 2023

Transparency Market Research has published a new research report on the global benzaldehyde market. According to the new research report, the global benzaldehyde market is expected to reach US$318 mn by 2023. The report, titled ‘Benzaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023’, states that the global benzaldehyde market was valued at US$234.4 mn in 2014 and is predicted to grow at a 3.40% CAGR during the period between 2015 and 2023.

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Increase in demand for benzaldehyde in the pharmaceuticals, agriculture, and aroma chemicals end-use industries will drive the global benzaldehyde market. Benzaldehyde is typically categorized into FCC grade and technical grade. FCC grade benzaldehyde is commonly utilized to introduce different flavors such as cherry and almond. FCC grade benzaldehyde is also used in toiletries and soaps to impact fragrances. Technical grade benzaldehyde is used as an intermediary in the production of flavoring chemicals and odorants. Growth of these end-use industries will help the development of the global benzaldehyde market.

The global benzaldehyde market is segmented on the basis of end use and geography. By geography, the global benzaldehyde market is divided into regions such as North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. Asia Pacific led the global benzaldehyde market in 2014, as the region held a 50% market share of global demand for benzaldehyde. The Europe and North America regions are predicted to generate moderate demand for benzaldehyde during the forecast period, whereas development of the benzaldehyde market in the Middle East will be slow.

The global benzaldehyde market is widespread, with different multinational companies covering different regions in the global market. Some of the leading companies in the global benzaldehyde market are Emerald Performance Materials, LLC, Kadillac Chemicals Private Limited, Shimmer Chemicals Pvt. Ltd., Nantong Tianshi Chemical Co., Ltd., Shenyang Huijinfengda Chemical Co., Ltd., Jiangsu Jiamai Chemical Co., Ltd., Lanxess AG, Lianyungang Taile Chemical Industry Co., Ltd., Chematek S.p.A., Wuhan Dico Chemical Co., Ltd., and Merck KGaA.

By end use, the global benzaldehyde market is divided into aroma chemicals, pharmaceuticals, agriculture, coatings, and others. The aroma chemicals segment led the global benzaldehyde market in 2014 and will continue to maintain its dominant position during the forecast period. Collectively, aroma chemicals and agriculture accounted for 60% of the global benzaldehyde market in 2014. The aroma chemicals segment of the benzaldehyde market is driven by its usage in artificial almond and cherry flavors. Benzaldehyde is commonly used as the primary ingredient in the production of many flavored chemicals, such as cinnamaldehyde and cinnamic acid.

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In 2014, agriculture was the second biggest end-use segment and will continue to maintain its position during the forecast period. Demand for benzaldehyde in the agriculture segment is predicted to increase due to the increase in the use of benzaldehyde in herbicides and pesticides, particularly in developing economies. The demand for benzaldehyde from the pharmaceuticals and coatings industries is also expected to grow during the period from 2015 to 2023.

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This release was published on openPR.