ALBANY, New York, September 2, 2015 /PRNewswire/ --
Transparency Market Research has published a new report titled "Benzaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the global benzaldehyde market was valued at US$ 234.4 Mn in 2014 and is anticipated to reach US$ 318 Mn by 2023, expanding at a CAGR of 3.4% between 2015 and 2023.
Rise in demand for benzaldehyde in aroma chemicals, pharmaceuticals, and agriculture end-user segments is driving the benzaldehyde market in Asia Pacific. Benzaldehyde is primarily used in synthesis of other organic compounds, which include flavors and fragrances, drug intermediaries, dyes, coatings, agrochemicals, and others (resins, etc.). Benzaldehyde can be categorized into two key categories: technical grade and FCC grade. Technical grade is commonly used as an intermediate in the manufacture of odorants and flavoring chemicals. Benzaldehyde is also directly used as a flavoring agent, especially to impart artificial almond and cherry flavors. Benzaldehyde of FCC grade is widely used to introduce flavors such as almond and cherry and to impart fragrances in soaps and toiletries. The FDA has sanctioned benzaldehyde as a synthetic flavoring substance that is generally recognized as safe (GRAS). Growth in various end-user industries especially in Asia Pacific is driving the global benzaldehyde market. However, stringent regulatory policies and volatility in crude oil prices are estimated to hamper the market growth in the near future.
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Air oxidation of toluene is the most widely used process for manufacturing benzaldehyde, it includes both vapour and liquid-phase air oxidation process. Toluene is the most widely used feedstock materials in the manufacturing of benzaldehyde. In the vapour phase process for manufacturing benzaldehyde, a mixture of air and toluene is passed over a catalyst which consist of oxides of uranium, molybdenum or related materials. In this process, high temperature and short contact time are very essential to maximize the yields. In the catalyst mixture small amount of copper oxide may be added to reduce formation of by-product i.e. maleic anhydride. This process is now no longer used for industrial production. In liquid-phase air oxidation process of toluene by air both benzoic acid and benzaldehyde is produced. An important aspect of this process is that it is environment friendly. At present it is most widely used process for manufacturing benzaldehyde.
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In terms of demand, aroma chemicals has been dominating the benzaldehyde market during the past few years. Aroma chemicals is one of the most important end-user segments of the benzaldehyde market. Aroma chemicals and agriculture together accounted for over 60% of the total market share in 2014. Benzaldehyde is used as key ingredient in the manufacture of certain flavor and fragrance chemicals such as cinnamic acid and cinnamaldehyde. It is also used directly as a flavoring agent, especially to impart artificial cherry and almond flavors. In terms of demand, agriculture accounted for the second-largest share of the benzaldehyde market in 2014. Benzaldehyde is used in the manufacture of phenoxybenzaldehyde, an important intermediate in pesticides such as cypermethric acid/cypermethrin, permethrin, fenvalerate, metamitron, and others. Benzaldehyde is also used as a raw material in the manufacture of difenzoquat (also known as Avenge), an important herbicide used to control wild oats in barley and wheat.
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In terms of demand, Asia Pacific has been dominating the benzaldehyde market during the past few years. The region held over 50% share of the global demand for benzaldehyde in 2014. This trend is estimated to continue during the forecast period. Rise in demand for benzaldehyde in aroma chemicals, pharmaceuticals, and agriculture industries is primarily driving the benzaldehyde market in Asia Pacific. North America and Europe are projected to exhibit moderate increase in demand for benzaldehyde due to stringent governmental regulations in these regions. Growth of the benzaldehyde market in Latin America and the Middle East & Africa is likely to be sluggish during the forecast period.
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The report provides a comprehensive view of the benzaldehyde market in terms of volume and revenue. It includes current demand analysis and forecast for end-user segments in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Furthermore, the report provides detailed country-wise analysis of the benzaldehyde market in the regions mentioned above. The report segments the benzaldehyde market as follows:
Benzaldehyde Market - End-user Analysis
- Aroma Chemicals
- Others (Including Dyes, etc.)
Benzaldehyde Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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