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.
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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.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Dynamics 3.1. Drivers 3.1.1. Supply Side Drivers 3.1.2. Demand Side drivers 3.1.3. Economic Side Drivers 3.2. Restraints 3.3. Opportunity 3.4. Market Trends 3.5. Macro-Economic Factors 3.6. Forecast Factors - Relevance and Impact 3.7. Certifying Agencies 4. Value Chain Analysis and Operating Margins 4.1. Supply chain analysis (Operating margin analysis) 4.2. List of Key market participants 4.2.1. Key Manufacturers List 4.2.2. Key End-User List 4.3. Notes on Value Added at Each Node in the Value Chain 5. Global Market - Pricing Analysis 5.1. Price Point Assessment By Grade 5.2. Price Point Assessment by Region 5.2.1. Manufacturer Level Pricing 5.2.2. Distributor Level Pricing 5.3. Price Forecast till 2034 6. Global Market Demand in Value (US$ million) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034 6.1. Historical Market Value (US$ million) and Volume (MT) Analysis, 2019 to 2023 6.2. Current and Future Market Value (US$ million) and Volume (MT) Projections, 2024 to 2034 6.2.1. Y-o-Y Growth Trend Analysis 6.2.2. Absolute $ Opportunity Analysis 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Grade 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ million) and Volume (MT) Analysis By Grade, 2019 to 2023 7.3. Current and Future Market Size (US$ million) and Volume (MT) Analysis and Forecast By Grade, 2024 to 2034 7.3.1. FCC Grade 7.3.2. Technical Grade 7.4. Market Attractiveness Analysis By Grade 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ million) and Volume (MT) Analysis By Application, 2019 to 2023 8.3. Current and Future Market Size (US$ million) and Volume (MT) Analysis and Forecast By Application, 2024 to 2034 8.3.1. Agrochemicals (Crop Protection) 8.3.2. Beverages 8.3.2.1. Alcoholic Beverages (<15ABV) 8.3.2.2. Carbonated Soft Drinks 8.3.2.3. Fruit Juices and other soft drinks 8.3.3. Dye and Coatings 8.3.4. Flavor and Fragrance 8.3.5. Food 8.3.5.1. Bakery Goods 8.3.5.2. Confectionary and Chewing Gum 8.3.5.3. Ice Creams, Gelatins, Puddings 8.3.6. Pharmaceutical & Intermediates 8.3.7. Others 8.4. Market Attractiveness Analysis By Application 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Derivatives 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ million) and Volume (MT) Analysis By Derivatives, 2019 to 2023 9.3. Current and Future Market Size (US$ million) and Volume (MT) Analysis and Forecast By Derivatives, 2024 to 2034 9.3.1. Cinnamic Acid 9.3.2. Benzoic Acid 9.3.3. Sodium Benzoate 9.3.4. Benzyl Alcohol 9.3.5. Others 9.4. Market Attractiveness Analysis By Derivatives 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 10.1. Introduction 10.2. Historical Market Size (US$ million) and Volume (MT) Analysis By Region, 2019 to 2023 10.3. Current Market Size (US$ million) and Volume (MT) Analysis and Forecast By Region, 2024 to 2034 10.3.1. North America 10.3.2. Latin America 10.3.3. Europe 10.3.4. East Asia 10.3.5. South Asia 10.3.6. Oceania 10.3.7. Middle East and Africa 10.4. Market Attractiveness Analysis By Region 11. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 11.1. Introduction 11.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 11.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 11.3.1. By Country 11.3.1.1. United States 11.3.1.2. Canada 11.3.2. By Grade 11.3.3. By Application 11.3.4. By Derivatives 11.4. Market Attractiveness Analysis 11.4.1. By Country 11.4.2. By Grade 11.4.3. By Application 11.4.4. By Derivatives 11.5. Key Takeaways 12. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 12.1. Introduction 12.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 12.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 12.3.1. By Country 12.3.1.1. Brazil 12.3.1.2. Mexico 12.3.1.3. Colombia 12.3.1.4. Rest of Latin America 12.3.2. By Grade 12.3.3. By Application 12.3.4. By Derivatives 12.4. Market Attractiveness Analysis 12.4.1. By Country 12.4.2. By Grade 12.4.3. By Application 12.4.4. By Derivatives 12.5. Key Takeaways 13. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13.1. Introduction 13.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 13.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 13.3.1. By Country 13.3.1.1. Germany 13.3.1.2. France 13.3.1.3. United Kingdom 13.3.1.4. Spain 13.3.1.5. Netherlands 13.3.1.6. Belgium 13.3.1.7. Poland 13.3.1.8. Italy 13.3.1.9. Russia 13.3.1.10. Rest of Europe 13.3.2. By Grade 13.3.3. By Application 13.3.4. By Derivatives 13.4. Market Attractiveness Analysis 13.4.1. By Country 13.4.2. By Grade 13.4.3. By Application 13.4.4. By Derivatives 13.5. Key Takeaways 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14.1. Introduction 14.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 14.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 14.3.1. By Country 14.3.1.1. China 14.3.1.2. Japan 14.3.1.3. South Korea 14.3.2. By Grade 14.3.3. By Application 14.3.4. By Derivatives 14.4. Market Attractiveness Analysis 14.4.1. By Country 14.4.2. By Grade 14.4.3. By Application 14.4.4. By Derivatives 14.5. Key Takeaways 15. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15.1. Introduction 15.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 15.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 15.3.1. By Country 15.3.1.1. India 15.3.1.2. Malaysia 15.3.1.3. Indonesia 15.3.1.4. Singapore 15.3.1.5. Vietnam 15.3.1.6. Philippines 15.3.1.7. Thailand 15.3.1.8. Rest of South Asia 15.3.1.9. By Grade 15.3.2. By Application 15.3.3. By Derivatives 15.4. Market Attractiveness Analysis 15.4.1. By Country 15.4.2. By Grade 15.4.3. By Application 15.4.4. By Derivatives 15.5. Key Takeaways 16. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16.1. Introduction 16.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 16.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 16.3.1. By Country 16.3.1.1. Australia 16.3.1.2. New Zealand 16.3.2. By Grade 16.3.3. By Application 16.3.4. By Derivatives 16.4. Market Attractiveness Analysis 16.4.1. By Country 16.4.2. By Grade 16.4.3. By Application 16.4.4. By Derivatives 16.5. Key Takeaways 17. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17.1. Introduction 17.2. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 17.3. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034 17.3.1. By Country 17.3.1.1. GCC Countries 17.3.1.2. North Africa 17.3.1.3. South Africa 17.3.1.4. Rest of Middle East and Africa 17.3.1.5. By Grade 17.3.2. By Application 17.3.3. By Derivatives 17.4. Market Attractiveness Analysis 17.4.1. By Country 17.4.2. By Grade 17.4.3. By Application 17.4.4. By Derivatives 17.5. Key Takeaways 18. Country-level Market Analysis 18.1. United States Market Analysis 18.1.1. By Grade 18.1.2. By Application 18.1.3. By Derivatives 18.2. Canada Market Analysis 18.2.1. By Grade 18.2.2. By Application 18.2.3. By Derivatives 18.3. Brazil Market Analysis 18.3.1. By Grade 18.3.2. By Application 18.3.3. By Derivatives 18.4. Mexico Market Analysis 18.4.1. By Grade 18.4.2. By Application 18.4.3. By Derivatives 18.5. Colombia Market Analysis 18.5.1. By Grade 18.5.2. By Application 18.5.3. By Derivatives 18.6. Germany Market Analysis 18.6.1. By Grade 18.6.2. By Application 18.6.3. By Derivatives 18.7. United Kingdom Market Analysis 18.7.1. By Grade 18.7.2. By Application 18.7.3. By Derivatives 18.8. France Market Analysis 18.8.1. By Grade 18.8.2. By Application 18.8.3. By Derivatives 18.9. Italy Market Analysis 18.9.1. By Grade 18.9.2. By Application 18.9.3. By Derivatives 18.9.4. By Price Range 18.10. Spain Market Analysis 18.10.1. By Grade 18.10.2. By Application 18.10.3. By Derivatives 18.11. Netherlands Europe Market Analysis 18.11.1. By Grade 18.11.2. By Application 18.11.3. By Derivatives 18.12. Belgium Market Analysis 18.12.1. By Grade 18.12.2. By Application 18.12.3. By Derivatives 18.13. Russia Region Market Analysis 18.13.1. By Grade 18.13.2. By Application 18.13.3. By Derivatives 18.14. Poland Market Analysis 18.14.1. By Grade 18.14.2. By Application 18.14.3. By Derivatives 18.15. China Market Analysis 18.15.1. By Grade 18.15.2. By Application 18.15.3. By Derivatives 18.16. Japan Market Analysis 18.16.1. By Grade 18.16.2. By Application 18.16.3. By Derivatives 18.17. India Market Analysis 18.17.1. By Grade 18.17.2. By Application 18.17.3. By Derivatives 18.18. Thailand Market Analysis 18.18.1. By Grade 18.18.2. By Application 18.18.3. By Derivatives 18.19. Malaysia Market Analysis 18.19.1. By Grade 18.19.2. By Application 18.19.3. By Derivatives 18.20. Indonesia Market Analysis 18.20.1. By Grade 18.20.2. By Application 18.20.3. By Derivatives 18.21. Vietnam Market Analysis 18.21.1. By Grade 18.21.2. By Application 18.21.3. By Derivatives 18.22. Philippines Market Analysis 18.22.1. By Grade 18.22.2. By Application 18.22.3. By Derivatives 18.23. Singapore Market Analysis 18.23.1. By Grade 18.23.2. By Application 18.23.3. By Derivatives 18.24. Australia Market Analysis 18.24.1. By Grade 18.24.2. By Application 18.24.3. By Derivatives 18.25. New Zealand Market Analysis 18.25.1. By Grade 18.25.2. By Application 18.25.3. By Derivatives 18.26. GCC Countries Market Analysis 18.26.1. By Grade 18.26.2. By Application 18.26.3. By Derivatives 18.27. North Africa Market Analysis 18.27.1. By Grade 18.27.2. By Application 18.27.3. By Derivatives 18.28. South Africa Market Analysis 18.28.1. By Grade 18.28.2. By Application 18.28.3. By Derivatives 19. Market Structure Analysis 19.1. Global Market Competition - a Dashboard View 19.2. Global Market Structure Analysis 19.3. Global Market Company Share Analysis 19.3.1. For Tier 1 Market Players, 2023 19.3.2. Company Market Share Analysis of Top 5 Players, By Region 19.4. Key Participants Market Presence (Intensity Mapping) by Region 20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Benchmarking 20.3. Competition Deep Dive 20.3.1. LANXESS 20.3.1.1. Product Portfolio 20.3.1.2. Revenue by Market Segments (Product/Channel/Region) 20.3.1.3. Sales Footprint 20.3.1.4. Strategy Overview 20.3.1.4.1. Marketing Strategy 20.3.1.4.2. Product Strategy 20.3.1.4.3. Channel Strategy 20.3.2. Valtris Specialty Chemicals 20.3.3. Hubei Kelin Bolun New Materials Co., Ltd 20.3.4. Lihai Chemical Industry Co., Ltd 20.3.5. Gujarat Alkalies & Chemicals Ltd: 20.3.6. KLJ Group 20.3.7. Kadillac Chemicals Pvt. Ltd 20.3.8. Wuhan Dico Chemical Co., Ltd 20.3.9. Axxence Aromatic GmbH 20.3.10. Shimmer Chemicals Pvt. Ltd. 20.3.11. Elan Chemical Co Inc. 20.3.12. Other Players (On Additional Requests) 21. Assumptions and Acronyms Used 22. Research Methodology
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