The War of Innovation Continues in the Flavor Industry
Benzaldehyde is the simplest aromatic aldehyde comprising of a benzene ring. It is colorless liquid at room temperature having an almond like odor. It is one of the pre-dominantly used aldehydes in the chemical industry for the manufacturing of a number of flavors & fragrances, pharmaceutical intermediates, and aniline dyes.
Flavor & Fragrances Set to Capture Significant Share
The use of benzaldehyde for application in flavor & fragrances accounted for ~30% share in 2018, and the significant growth in demand for perfumes and aroma chemicals on the back of rapid consumer inclination towards personal grooming is likely to result in increased share during the forecast period. Moreover, the market for flavors and fragrances is anticipated to cross the US $30 Billion mark before 2025.
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Rooted in food & beverages, the flavor industry has been undergoing significant transformations to deliver unique taste in various products and to expand its relevance in wider industries, thereby potentially raising the demand for benzaldehyde.
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Asia Leads Gains in the Market, Europe to Present High Growth Opportunities
Asia will continue to be at the forefront of the benzaldehyde market, as the region houses a number of production facilities, accounting for more than half of the global capacity. The rise of middle class income group in the Asia-Pacific region is expected to further increase the consumption of benzaldehyde for flavor & fragrance products and F&B products such as ice creams, gelatin, puddings, and various types of beverages.
Europe continue to offer greater opportunities, and key players such as Emerald Performance Materials and Valtris Specialty Chemicals are continuously focusing on increasing their production capacities for benzaldehyde and other benzyl derivatives to meet the increasing demand in the region.
The competitive landscape section in the benzaldehyde market report provides valuable information relative to key market players, their business strategies, installed production capacities, recent activities and global position.
The demand for benzaldehyde is estimated to exhibit a CAGR above the global GDP growth rate. New product launches, capacity expansions, collaborations, and merger & acquisitions have been the key growth strategies of benzaldehyde manufacturers.
Key players operating in the global benzaldehyde market include Emerald Performance Materials, 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, and others.
The global market for benzaldehyde is segmented on the basis of grades, application and region. On the basis of grade, global benzaldehyde market is segmented into FCC grade (Food Chemicals Codex) and technical grade. On the basis of application, the market is segmented as flavor & fragrances, pharmaceutical intermediates, beverages, food, agrochemicals, dyes & coatings and others.
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