The global benzaldehyde derivatives market is moderately consolidated with three companies holding 51.3% shares in 2015, while the rest of the market is fragmented between a large number of domestic players. The three leading players in the global benzaldehyde derivatives market are Haihang Industry Co., Ltd., Emerald Performance Chemicals, and Gujarat Alkalies and Chemicals Ltd. There three players are focused on extending their geographical reach outside their headquarters and hence, several mergers and acquisition are expected in the near future.
According to a recent publication by Transparency Market Research (TMR), the global benzaldehyde derivatives market was worth US$1.43 bn by the end of 2016, and is estimated to reach a valuation of US$2.14 bn by the end of 2024, rising at a CAGR of 5.1% during the forecast period of 2016 to 2024. The publication expects new players to make their presence felt during the forecast period, although the leading players will continue to add to their shares via aggressive expansion.
Food and Beverage Industry Extending Demand for Benzoic Acid
By product, the report segments the global benzaldehyde derivatives market into cinnamic acid, sodium benzoate, benzoic acid, benzyl alcohol, and others. Among these, benzoic acid currently serves the maximum demand, owing to its application in the pharmaceutical industry, the food and beverage industry, and aromatic products. The benzoic acid segment accounted for UUS$778.2 mn in 2015, and is expected to increase strongly during the forecast period, which will be a reflection of the flourishing food and beverage industry. The segment of cinnamic acid is also anticipated to be fruitful, gaining demand for its applications in flavors and artificial sweeteners, manufacturing of specific drugs, and synthetic indigo dyes.
Geographically, Asia Pacific accounted for nearly 60% of the market for benzaldehyde derivatives and is expected to remain the most lucrative region during the forecast period. This demand is a reflection of large consumption base in the countries such as China and India, and moderate regulatory framework as far as the food and chemical industries are concerned. Europe and North America market for benzaldehyde are anticipated to showcase sluggish growth rate due to maturity of the market and stringent regulatory policies.
Pharmaceutical Industry Opening New Opportunities
With rising population across the world, the demand for food is at an all-time peak, and changing lifestyle of the urban population is only further fueling the demand for food, which are the primary drivers in the benzaldehyde derivatives market. These derivatives are also used by chemical, agrochemical, pharmaceutical, and solvent industries. Increasing demand for solvents for the production of resin, oil, cellulose acetate, cellulose ether, and nitrate is another driving factor of this market. Conversely, increasing concerns regarding to harmful effects of benzaldehyde derivatives is facing strict regulations in several countries and hindering the growth rate. Moreover, the availability of substitutes such as sorbic acid and propionic is also eating into the prosperity of this market.
According to the author of the report, “The pharmaceutical industry presents significant among of untapped opportunities for the players in the benzaldehyde derivatives market, as it provides robust options for a number of drugs and pharma processes. Expanding market of cosmetics and solvents are other sectors that vendors can focus on in order to increment their demand. Moreover, some benzaldehyde derivatives have shown promise as anti-cancer agent, opening new research and development avenues for the manufacturers.”
The information presented in this review is based on a Transparency Market Research report, titled, “Benzaldehyde Derivatives Market (Products - Cinnamic Acid, Benzoic Acid, Sodium Benzoate, and Benzyl Alcohol) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key Segments of the Global Benzaldehyde Market
Global Benzaldehyde Derivatives Market – Product Analysis
Global Benzaldehyde Derivatives Market – Regional Analysis
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