Major factors that are expected to boost the growth of the benzaldehyde market in the forecast period are the increasing demand for aroma chemicals manufacturers, the growing utilization of derivatives in the organic chemistry and the escalating need for benzaldehyde as an active pharmaceutical ingredient in the pharmaceutical industries. Furthermore, the expansion in the aromatic chemicals market, the consumption of benzaldehyde in the manufacturing of flavours and fragrance and dyestuff and the growing need for food grade benzaldehyde found from the toluene oxidation process in the food and beverage industry are further anticipated to propel the growth of the benzaldehyde market.
Benzaldehyde, also identified as benzenecarboxy aldehyde and benzoic aldehyde, is an aromatic compound that belongs to the functional group of aldehydes. It is colorless in appearance and have a pleasant odour. Benzaldehyde is widely used in synthesis of various aromatic chemicals and as additives. Benzaldehyde is traditionally prepared by the chlorination of toluene. Benzaldehyde is also utilized as a solvent for resins, oils, cellulose acetate, cellulose ethers, and nitrate. Additionally, the compound is extensively utilized in organic synthesis, where it is used as a raw material for a large number of products.
On the other hand, the variations in the crude oil prices and the instability of the raw material prices for benzaldehyde manufacturing are further estimated impede the growth of the benzaldehyde market in the coming years. However, the advancing of the small players leading to the competitive pricing, the federal guidelines regarding the manufacturing and the consumption of benzaldehyde might further challenge the growth of the benzaldehyde market in the near future.