Benzaldehyde and other Cyclic Aldehydes Market

The global market for benzaldehyde and other cyclic aldehydes is poised for growth over the next eight years, with consumption, production, imports, and exports all showing varying trends. China, the United States, and India are the leading consumers, while China dominates production. Import and export volumes also show interesting patterns, with fluctuations in prices affecting trade dynamics.

Market Forecast

Driven by increasing demand for benzaldehyde and other cyclic aldehydes without other oxygen function worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 434K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $4.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Benzaldehyde and other Cyclic Aldehydes Without Other Oxygen Function

Global benzaldehyde and other cyclic aldehydes consumption reduced modestly to 359K tons in 2022, with a decrease of -3.4% against the year before. Over the period under review, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 9.7% against the previous year. Over the period under review, global consumption attained the maximum volume at 433K tons in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

The value of the market for benzaldehyde and other cyclic aldehydes without other oxygen function worldwide fell slightly to $3.1B in 2022, dropping by -4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a slight downturn. Over the period under review, the global market reached the peak level at $4.1B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (74K tons), the United States (42K tons) and India (27K tons), with a combined 40% share of global consumption. Japan, Germany, Russia, Nigeria, Indonesia, Brazil, Mexico, the UK, Austria and Italy lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +6.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($651M) led the market, alone. The second position in the ranking was taken by Indonesia ($324M). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at -1.8%. In the other countries, the average annual rates were as follows: Indonesia (-1.3% per year) and the United States (+3.7% per year).

In 2022, the highest levels of benzaldehyde and other cyclic aldehydes per capita consumption was registered in Austria (704 kg per 1000 persons), followed by Germany (164 kg per 1000 persons), the UK (128 kg per 1000 persons) and the United States (125 kg per 1000 persons), while the world average per capita consumption of benzaldehyde and other cyclic aldehydes was estimated at 45 kg per 1000 persons.

In Austria, benzaldehyde and other cyclic aldehydes per capita consumption remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (+0.4% per year) and the UK (-0.8% per year).

Production

World Production of Benzaldehyde and other Cyclic Aldehydes Without Other Oxygen Function

In 2022, the amount of benzaldehyde and other cyclic aldehydes without other oxygen function produced worldwide dropped to 359K tons, declining by -5.1% against the previous year. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 10% against the previous year. Global production peaked at 422K tons in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, benzaldehyde and other cyclic aldehydes production shrank to $3B in 2022 estimated in export price. In general, production showed a mild setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by 14% against the previous year. Global production peaked at $4.1B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of benzaldehyde and other cyclic aldehydes production was China (80K tons), accounting for 22% of total volume. Moreover, benzaldehyde and other cyclic aldehydes production in China exceeded the figures recorded by the second-largest producer, the United States (36K tons), twofold. India (33K tons) ranked third in terms of total production with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +2.5%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+2.6% per year) and India (+2.2% per year).

Imports

World Imports of Benzaldehyde and other Cyclic Aldehydes Without Other Oxygen Function

In 2022, purchases abroad of benzaldehyde and other cyclic aldehydes without other oxygen function decreased by -12.5% to 76K tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 11%. Over the period under review, global imports hit record highs at 87K tons in 2021, and then reduced in the following year.

In value terms, benzaldehyde and other cyclic aldehydes imports amounted to $619M in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 15%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

In 2022, the United States (11K tons), India (7.8K tons), China (6.2K tons), the UK (5.4K tons), Switzerland (5K tons), Singapore (4.4K tons), Germany (4K tons), Mexico (3.6K tons), Spain (3.5K tons), South Korea (2.8K tons), Indonesia (2.5K tons) and the Philippines (2.4K tons) was the major importer of benzaldehyde and other cyclic aldehydes without other oxygen function in the world, mixing up 77% of total import. Taiwan (Chinese) (2.3K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +74.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest benzaldehyde and other cyclic aldehydes importing markets worldwide were the United States ($123M), India ($85M) and Switzerland ($57M), together accounting for 43% of global imports. China, Singapore, Germany, Mexico, Spain, Indonesia, the UK, South Korea, the Philippines and Taiwan (Chinese) lagged somewhat behind, together comprising a further 37%.

Among the main importing countries, the Philippines, with a CAGR of +70.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for benzaldehyde and other cyclic aldehydes without other oxygen function amounted to $8,164 per ton, surging by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($11,500 per ton), while Taiwan (Chinese) ($2,224 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Benzaldehyde and other Cyclic Aldehydes Without Other Oxygen Function

After three years of growth, shipments abroad of benzaldehyde and other cyclic aldehydes without other oxygen function decreased by -18.7% to 76K tons in 2022. Overall, total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 33% against the previous year. The global exports peaked at 93K tons in 2021, and then dropped significantly in the following year.

In value terms, benzaldehyde and other cyclic aldehydes exports shrank modestly to $573M in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when exports increased by 19%. The global exports peaked at $598M in 2021, and then dropped slightly in the following year.

Exports By Country

The shipments of the eight major exporters of benzaldehyde and other cyclic aldehydes without other oxygen function, namely India, China, Japan, the UK, the Netherlands, Germany, the United States and Belgium, represented more than two-thirds of total export. The Philippines (2.6K tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +27.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest benzaldehyde and other cyclic aldehydes supplying countries worldwide were China ($123M), Japan ($83M) and India ($77M), with a combined 49% share of global exports. The UK, Germany, the United States, the Netherlands, Belgium and the Philippines lagged somewhat behind, together comprising a further 29%.

The Netherlands, with a CAGR of +21.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for benzaldehyde and other cyclic aldehydes without other oxygen function amounted to $7,552 per ton, with an increase of 18% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The global export price peaked at $8,033 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($9,391 per ton), while the Netherlands ($3,466 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform