Global Benzenoid Market - 2022-2029

Global Benzenoid Market - 2022-2029

Market Overview

Benzenoid market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 5.2% during the forecast period (2022-2029). Benzenoids are chemical compounds in organic chemistry that contain at least one benzene ring. Because of resonance in the benzene rings, these substances have greater stability.

Benzenoid is increasingly being used in the manufacturing of cosmetics and personal care products. It is incorporated in shampoos, moisturizers, sunscreen creams, nail polishes, and hair sprays. Some other applications of benzenoid include perfumes, pharmaceuticals, food and beverage, cleaning products, soaps & detergents, and household products. One of the major factors fueling market expansion is the rising usage of benzenoid in cosmetic and personal care goods. In addition, it is anticipated that rising processed food consumption and a preference for flavor and fragrance trends would accelerate market expansion.

Market Dynamics:

Growing the demand for fragrance products to drive the market growth

The demand for fragrance products primarily drives market growth. According to The International fragrance association, global sales generated more than 7.3 billion Euros by the fragrance market. In addition, many fragrance components have benzene as a key starting point. 2-phenoxyethanol is one of the most significant benzene-derived fragrance compounds. A significant component of rose oils, phenyl ethanol, is utilized frequently in fragrance for its mixing properties. Since the sense of smell is the first sense to develop, the fragrance business has a high need for benzenoids. It is well-known that flavor of phenyl ethanol accounts for 80% of all flavors in fragrances. When the noses are blocked, food loses flavor primarily because of this. Aroma or smell is the essence of any product. It is possible to modify each fragrance molecule to fit a variety of objects and give each one its unique fragrance. As efficient marketing techniques, enticing fragrances are also used in various personal care products, such as skincare, cosmetics, and hair care. Manufacturers of specialized chemicals frequently utilize benzoin to create a variety of flavors and fragrances.

However, humans' health may be in danger from exposure to benzenoid. For instance, manmade chemicals that stay in the environment can generate bioaccumulation, resulting in either acute or chronic toxicity. Additionally, some of these chemicals are carcinogenic. They may have negative health effects on humans, which is predicted to limit the market share for benzenoids throughout the forecast period.

Market Segmentation:

Benzoate segment accounted for the highest share in global benzenoid market

In 2021, the benzoate segment had the highest revenue share of more than XX percent. Benzyl alcohol and benzoic acid combine to form the naturally occurring compound known as benzyl benzoate. Benzoate is frequently used as a plasticizer, preservative, solvent, fixative, and scent chemical. It is also used to treat scabies and lice. It is an effective insect repellent against insects like ticks and mosquitoes. The inclusion of benzoate prolongs the duration of fragrances by preventing other scents from evaporating too quickly. The product is less brittle due to its use as a plasticizer. During the analysis, these factors are projected to fuel the growth of the benzoate market.

In 2021, the soaps & detergents segment had the highest revenue share of more than XX percent. A common aromatic chemical used in producing soaps and detergents is benzoin. The need for soaps and detergents has increased as hygiene awareness has grown to protect against hazardous microorganisms. For instance, according to data on industrial production provided by the Bangladesh Bureau of Statistics (BBS), soap and detergent production increased 12% year over year from 120,211 tonnes in the same time in 2019 to 134,411 tonnes in January–August of this year. As people began washing their hands and clothes more frequently, the demand for soaps and detergents increased considerably on a global scale.

Geographical Penetration:

Asia Pacific is the dominating region during the forecast period

In 2021, Asia Pacific had the highest revenue share of almost XX percent. The strong demand from end-use industries, including personal care, cosmetics, and processed foods, drives the Asia-Pacific benzenoid market share. The expansion of the benzenoid market is also predicted to be driven by the rising demand for distinctive flavor and fragrance mixes. In addition, Asia-Pacific nations, including China, South Korea, and Japan, are some of the biggest exporters of skin care products, deodorants, hair care products, and color cosmetics. China is the leading country exporting organic compounds to other countries worldwide. The growing middle class, interest in discovering new products, and proactive attitude toward health & wellbeing primarily boost the market growth. It is anticipated that these factors will influence the Asia-Pacific region's market share for benzenoid during the forecast period.

Competitive Landscape:

Some prominent players operating in the global benzenoid market are Jayshree Aromatics Pvt. Ltd., BASF SE, Firmenich SA, Lanxess AG, Sigma-Aldrich Co. LLC., The Good Scents Company, International Flavors & Fragrances, Sensient Technologies, Firmenich SA, and Valtris Specialty Chemicals, among others. The leading companies in this market concentrate on growing their market share through investments, mergers, joint ventures, partnerships, mergers, and acquisitions. These companies are well-established in North America, Asia-Pacific, and Europe. Additionally, they have manufacturing facilities and extensive distribution networks in these areas. For example, Valtris Specialty Chemicals Limited announced a successful expansion of the production capacity of Benzaldehyde in Europe in November 2021. It increased production capacity at its Advanced Organics site at Tessenderlo, Belgium. This site for both Benzyl Chloride and Orthochlorobenzyl Chloride, Valtris Advanced Organics, serves worldwide customers with a portfolio of chlorinated toluene derivatives used in many different end markets, including agrochemicals, pharmaceuticals, construction and automotive. Furthermore, Valtris Advanced Organics has proved to be a reliable, global player in producing key raw materials used in cleaning agents, hand sanitizers and personal care products.

COVID-19 Impact:

Positive impact on the global Benzenoid market

The global crisis forced by the COVID-19 pandemic had a moderate impact on the benzenoid market owing to steady demand from end-use industries such as flavor & fragrance, personal care, and others. Moreover, the demand for benzenoid has significantly increased due to the pharmaceutical and personal care goods due to rising worries over personal Hygiene among the population due to the risk of getting the COVID-19 virus. Additionally, during the pandemic, there has been a strong demand for soaps and detergents. For instance, UNICEF and WHO launched ""State of the World's Hand Hygiene."" It is a worldwide call to action to make hand hygiene a priority in policy and practice"" on Global Handwashing Day 2021.

Moreover, The BBS data showed that soap and detergent manufacturing rose in the March-April period and it picked up in June-July period of 2020. The highest production was recorded in July when major industries produced 25,185 tonnes of soap and detergent, 54 per cent higher year-on-year from 16,400 tonnes in the same month a year ago. These production figures suggest that during the pandemic, the market for benzenoid experienced increased demand due to the increased demand for soap and detergent.

The global benzenoid market report would provide an access to approximately 53 market data tables, 47 figures and 170 pages