ALBANY, New York, January 17, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled 'Benzaldehyde Derivatives (Cinnamic Acid, Benzoic Acid, Sodium Benzoate, Benzyl Alcohol and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024.' According to the report, the global benzaldehyde derivative market was valued at US$ 1.37 Bn in 2015 and is projected to reach US$ 2.14 Bn by 2024, expanding at a CAGR of 5.1 % from 2016 to 2024.
Benzaldehyde derivatives are the compounds which are used in the synthesis of organic compounds, drug intermediaries, dyes, coatings, agrochemicals and resins. The most commonly found benzaldehyde derivatives compounds are cinnamic acid, benzoic acid, sodium benzoate, and benzyl alcohol. The major market drivers of global benzaldehyde derivatives market are rising demand for benzaldehyde derivatives in the food and chemical, agrochemical, solvent and pharmaceutical applications. However, the anticipated growth may be hindered by factors such as growing health concerns and threat of substitutes such as propionic and sorbic acids, volatility in crude oil prices and strict regulations. Rising demand from developing regions such as Asia Pacific and Middle East & Africa is anticipated to propel the benzaldehyde derivatives market. High demand for solvents in the production of oil, resin, cellulose ether, cellulose acetate, and nitrate presents significant opportunities in the benzaldehyde derivatives market.
Benzoic acid accounted for the major share of the global benzaldehyde derivatives market both in terms of revenue and volume owing to its growing use in aroma, food and pharmaceutical industries. In terms of volume, benzoic acid accounted for over 60% share of the global benzaldehyde derivatives market in 2015. The market share of benzoic acid is expected to increase during the forecast period due to robust growth in the food and chemical industries. Sodium benzoate held the second largest share of global benzaldehyde derivatives market in 2015 due to its growing demand in the pharmaceuticals industry.
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Key application areas of benzaldehyde derivatives include chemical industry, food industry, pharmaceutical industry, cosmetics industry and agriculture industry. Cinnamic acid, a benzaldehyde derivative compound is employed in flavors, synthetic indigo dyes and in a few medicines. Cinnamic acid is also used as a precursor to aspartame sweetener in food industry. Benzoic acid is a commonly used food preservative and can inhibit the growth of yeasts, molds and bacteria. Benzoic acid is used for the production of commercially significant caprolactum which is used in fibers and resin industry. Another benzaldehyde derivative, sodium benzoate is used both in food industry and pharmaceutical industry and can be used for preventing corrosion. Benzyl alcohol is commonly employed as a solvent for inks, paints and epoxy resin coatings. Apart from these main classifications, a few other benzaldehyde derivatives exist and are classified under 'others'. They include anisaldehyde, cuminaldehyde, salicylaldehyde etc.
In terms of volume, Asia-Pacific held more than 55% share in the global benzaldehyde derivatives market in 2015 owing to the advancements in the food and chemical industry in the region. It is likely to be the most attractive segment during the forecast period and followed by Europe and North America. In terms of volume, China accounted for the maximum share among Asia-Pacific countries and followed by Japan and ASEAN countries. Opportunities for benzaldehyde derivatives market exist in Middle East and Africa and Latin American regions due to recently initiated developmental activities and industrialization in the regions.
The key players of benzaldehyde derivatives market include Emerald Performance Materials, Merck KGaA, Haihang Industry Co., Ltd, Elan Chemical, Guangzhou Shiny Co., Ltd, Gujarat Alkalis and Chemicals Limited, Kadillac Chemicals Pvt Ltd, Shimmer Chemicals Pvt. Ltd, Wuhan Dico Chemical Co., Ltd, Yingcheng Wuhan Organic Material Co., Ltd. Out of these companies, Merck KGaA , Haihang Industry Co., Ltd and Emerald Performance Materials are the major benzaldehyde manufacturing companies.
The report segments the global benzaldehyde derivatives market into:
Global Benzaldehyde Derivatives Market - Product Analysis
- Cinnamic acid
- Benzoic acid
- Sodium benzoate
- Benzyl alcohol
Global Benzaldehyde Derivatives Market - Regional Analysis
- North America
- Rest of North America (RoNA)
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific (APAC)
- Latin America
- Rest of Latin America (LATAM)
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)
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