Key Highlights of Global Benzaldehyde Market
· Benzaldehydeis a colorless-to-yellow liquid and has a bitter almond odor to it. It iscommonly found in many types of foods and is broadly utilized in the chemicalindustry, where it is utilized to prepare a number of other organic compoundssuch as aniline dyes, flavorings, coatings, agrochemicals, and perfumes, amongothers.
· Thisincreasing demand from several end-use industries is poised to accelerate thegrowth of the benzaldehyde market the coming years.
· TransparencyMarket Research (TMR) predicts that the global benzaldehyde market would expandat steady CAGR of 3.60% over the period between 2019 and 2027.The total value of the global benzaldehyde market stoodat US$268.4 Mn in 2018, and this figure isprojected to reach a value of US$368 Mn by 2027.
Key Drivers of Global Benzaldehyde Market
· Benzaldehydehas been sanctioned as safe to be utilized in various applications by the FDA.Benzaldehyde is of two main types, namely FCC grade and technical grade.
· Thetechnical grade is utilized as an intermediate for the manufacturing offlavored chemicals and odorants. On the other hand, benzaldehyde of the FCCgrade is broadly utilized in flavors such as cherry and almond and in the formof fragrances in toiletries and soaps.
· Theagriculture and aroma end-use segments represented a share of more than 50% in 2018 andstood as the prime end-use segments of the benzaldehyde market. The end-usesegment of aroma chemicals is fuelled by the distinct utility of benzaldehydein imparting artificial cherry and almond flavors.
· Theend-use segment of agriculture trailed the aroma end-use segment in 2018 owingto the rising usage of benzaldehyde in numerous herbicides and pesticides.
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Liquid-Phase Air Oxidation Process: A WidelyPreferred Process for Making Synthetic Benzaldehyde
· Benzaldehydeis majorly derived through petroleum, however, it is also found naturally incherry stones or almonds and is extracted with the help of an enzyme. Inaddition, the benzal chloride hydrolysis and toluene’s air oxidation producesbenzaldehyde.
· Amongstthese, toluene’s air oxidation is a widely preferred process for makingsynthetic benzaldehyde and comprises both liquid-phase air oxidation processand vapor-phase air oxidation process.
· The vaporphase air oxidation process alone is not utilized very often nowadays. On theother hand, the liquid-phase air oxidation process is utilized extensively formaking both benzoic acid and benzaldehyde.
· Thebenzaldehyde produced through liquid-phase air oxidation is pasteurized usingcontinuous distillation or batch process.
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Improved Chemical Research to Aid Market Growth
· The pastdecade has witnessed a plethora of advancements in the field of chemicalresearch, testing, and analysis. These developments have in turn played to theadvantage of several sectors that use chemicals as intermediary products.Hence, the global benzaldehyde market has been expanding at a stellar pace overthe past decade.
· Moreover,the pharmaceutical industry has also become a key consumer of benzaldehyde inrecent times which has further propelled market demand. The manufacture ofsoaps, shampoos, and toiletries also involves the use of benzaldehyde, and thisfactor pushed market growth.
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Growing Popularity of Fragrances and Flavours toPropel Demand
· The useof benzaldehyde in the manufacture of perfumes, dyes, and coatings has played astarry role in the growth of the global market. Furthermore, the popularity oforganic compounds in the chemical industry has also brought in voluminousrevenues into the global market.
· The useof benzaldehyde in the agriculture sector is another recurring driver of demandwithin the global market. The wide-scale demand for aroma chemicals andspecialised pharmaceuticals has created several lucrative opportunities in theglobal benzaldehyde market. There is a high possibility of fresh revenuesflowing into the global benzaldehyde market
Asia Pacific Dominates Global Benzaldehyde Market
· On thebasis of geography, in 2018, Asia Pacific dominated thebenzaldehyde market, representing more than 50% of the market.
· It ispredicted that the demand for benzaldehyde in this region will grow at a swiftrate through 2027 owing to rising consumption, flexiblegovernment regulations, and expansion of numerous end-use industries.
· Europefollowed Asia Pacific in the same year, but the benzaldehyde market is expected to exhibit restrictedgrowth in Europe till 2027 owing to reduced productinnovations and a mature application status.
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Fragmented Nature of Global BenzaldehydeMarket
· Theglobal Benzaldehyde market is dominated by large-scale companies operatingaround the world. Key players such LLC, Lanxess AG, Emerald PerformanceMaterials, Jiangsu Jiamai Chemical Co., Ltd., Chemicals Limited, HaihangIndustries Co., Ltd., and Gujarat Alkalies are amongst the prominentplayers in the market significantly dominate the market.
· It isexpected that the leading players in the benzaldehyde market would enter intoinvestment deals with global stakeholders. The global benzaldehyde market isalso expected to witness the entry of amateur vendors in the market.
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