The global benzaldehyde market is in line to be valued at USD 582.4 million in 2024. It is expected that by the time 2034 rolls around the value of the market should reach USD 928.9 million. Thus, the market is projected to advance at 4.8% CAGR during the forecast period.
| Attributes | Key Insights |
|---|---|
| Estimated Benzaldehyde Market Size (2024E) | USD 582.4 million |
| Projected Benzaldehyde Market Value (2034F) | USD 928.9 million |
| Value-based CAGR (2024 to 2034) | 4.8% |
The wide variety of cosmetics and personal care goods that include benzoate as an ingredient, such as infant products, bath products, soaps, and detergents, and skincare products, is driving the market for benzaldehyde. Cosmetics and hair care products must contain preservatives to stop bacteria from growing. Hence, the market for benzaldehyde is driven by the rising demand for personal and home care products.
There is a growing trend in utilizing benzyl alcohol, sodium benzoate, cinnamic acid, benzoic acid, and other molecular derivatives in organic reactions to produce other compounds. As a result, the rising use of the compound's derivatives in making new compounds is directly related to the compound's demand. This is anticipated to increase the compound's output and benefit the demand for benzaldehyde market.
Benzaldehyde is set to be used to make phenols in the chemical industry and as preservatives in necessities like toothpaste and mouthwash. It also substitutes non-phthalate plasticizers for phthalate plasticizers, especially in North America and Europe.
It has opened up a vast market for benzaldehyde producers and companies. Apart from this, the market is expanding rapidly due to its use in several pharmaceutical ointments to treat fungal skin diseases, including anti-aging, burns, ringworm, and athlete's food.
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The benzaldehyde market experienced notable development from 2019 to 2023. It is suggested that the increased utilization of benzaldehyde in the pharmaceutical industry has contributed notably to growth.
Demand for benzaldehyde is also rising due to its application in the production of pesticides and herbicides for crop protection, generating significant revenue for manufacturers from the agrochemical industry. With the population's surging need to increase agricultural productivity, the demand for agrochemicals is growing, which is boosting the benzaldehyde market.
The demand for flavoring agents and preservatives from the food & beverage industry is expected to drive demand. Also, the growing need for benzaldehyde as an active pharmaceutical ingredient in the pharmaceutical industry is expected to influence the market.
By 2034, increasing use of derivatives in organic chemistry and agrochemicals is anticipated to augment demand. In addition, the growing demand from aroma chemicals manufacturers is projected to have an impact on the demand for benzaldehyde in the market.
The table below shows the growth rates estimated for four promising countries for manufacturers. The United States industry is expected to forge ahead at a CAGR of 2.8% through 2034. Other significant countries are Germany and Japan, which are projected to expand at CAGRs of 4.2% and 4.0%, respectively, through the projected period.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United States | 2.8% |
| Japan | 4.0% |
| Australia | 3.5% |
| Germany | 4.2% |
The United States benzaldehyde market is set to hold a 10.8% share in 2024. It is projected to reach a valuation of USD 100.1 million during the forecast period. The United States has a significant market due to an increase in the utilization of benzaldehyde in the country's developed food industry.
Because the food industry is well developed, demand for benzaldehyde is increasing in the United States. Its almond-like fragrance and flavor is making it one of the highly sought-after components in different food items in the country.
The United States has well-developed research and development facilities for the introduction of new food and beverages. The companies are using benzaldehyde in the formulation of distinct flavor profiles that impart a unique and pleasing sense of taste.
The share of China in the global market for 2023 was tipped to be 35.1%. By 2034, the valuation of the sector in China is set to reach USD 325.8 million.
Raw materials used for the production of benzaldehyde are readily available in China and to complement this potential exists an advanced infrastructure for manufacturing. This has led to a steady and low-cost supply of benzaldehyde in the domestic market, meeting the growing demand from several industries.
Benzaldehyde is projected to be extensively used in synthesis as an intermediate for producing the API required for several drugs and medications. Unique chemical properties are likely to make it a critical building block for the formation of a wide array of drugs. The rapidly growing Chinese pharmaceutical industry has provided a big lift in sales to the Chinese benzaldehyde market.
Growing demand from the booming pharmaceutical and food industries is set to generate significant revenue in India. This has meant the country holding around 6.6% of the market share in 2023. By 2034, the value of the market in India is supposed to have slingshot to USD 152.6 million.
India’s status as a fast-rising economy, aided by the rising disposable income of the country, is set to be beneficial to product demand. These factors are set to help in making India an attractive destination for investors and manufacturers in the benzaldehyde market.
Broad trends in the chemical sector are anticipated to impact the performance of the benzaldehyde market in Japan. Variables like sustainability programs, legislative changes, and technological improvements can affect market dynamics.
Benzaldehyde finds application in several areas, such as perfumery, agrochemicals, and medicines. The growth and trends in these industries are expected to determine the need for benzaldehyde in these sectors.
The development of the pharmaceutical industry is projected to increase the need for benzaldehyde in Japan. Japan has very strict and tight laws regarding the manufacture and use of chemicals. Changes in legislation related to health, safety, and environmental requirements are significantly influencing the production and use of benzaldehyde in Japan.
Continued chemical research and development efforts in Australia are resulting in new uses or improvements in the benzaldehyde production process. This is influencing the demand and growth of the benzaldehyde market.
Growing emphasis on being more environment-friendly and seeking sustainability is helping to decide the chemicals that will be used in more and more industries. Green alternatives are expected to be sought after by companies, and this will contribute to the rise in the Australian benzaldehyde market.
The section below shows the FCC grade segment dominated by grade type. It is expected to hold a share of 67.0% in 2024. Based on benzaldehyde derivatives, the benzyl alcohol segment is anticipated to hold a market share of 36.5% in 2024.
| Segment | Market Share in the Global Market (2024) |
|---|---|
| FCC Grade (Grade) | 67.0% |
| Flavor and Fragrance (Application) | 32.9% |
| Benzyl Alcohol (Derivatives) | 36.5% |
Based on grade, FCC grade is estimated to dominate the market by holding a market share of 67.0% in 2024. The FCC grade has a significant share in this market due to wide benzaldehyde application in the personal care, food, and beverage industries.
FCC (Food Chemicals Codex) grade benzaldehyde is renowned for its emphasis on purity and compliance with stringent safety and quality standards for use in food & beverage applications. This ensures that the benzaldehyde used in food and beverage formulations is safe for consumers and in line with the regulatory requirements.
The flavor and fragrance segment is poised to reach a market valuation of USD 237.2 million by 2034. Consumers are leaning towards products with natural ingredients. Benzaldehyde is helping to satisfy that demand.
Benzaldehyde is set to be frequently used to improve the sensory qualities of cosmetics and personal care products. Its pleasant and adaptable aromatic qualities are estimated to satisfy the consumer's need for unique and alluring aromas. This will likely add to its popularity in the flavor and fragrance application.
The environment of the benzaldehyde market is diversified and dynamic, characterized by intense competitiveness. The key companies in the sector are raising efforts regarding research, sustainable sourcing, and new formulations.
Product Launches and Key Developments
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 582.4 million |
| Forecast Market Value (2034) | USD 928.9 million |
| Anticipated Growth Rate (2024 to 2034) | 4.8% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million for Value, MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East and Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Segments Covered | Grade, Application, Derivatives, and Region |
| Key Companies Profiled | 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; Wuhan Dico Chemical Co., Ltd; Axxence Aromatic GmbH; Shimmer Chemicals Pvt. Ltd.; Elan Chemical Co Inc.; Other Players |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market value is set to reach USD 582.4 million in 2024.
Global benzaldehyde demand is anticipated to rise at a 4.8% CAGR.
The market size is set to reach USD 928.9 million in 2034.
The flavor and fragrance segment is expected to lead the market.
LANXESS, Valtris Specialty Chemicals, and Lihai Chemical Industry Co., Ltd. are the key players.
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Benzaldehyde Market
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