New York, USA, Jan. 26, 2023 (GLOBE NEWSWIRE) -- A new report on the global benzenoid market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,710.3 million by 2028, rising at a CAGR of 5.2% in the estimated period, 2021-2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, restrictions, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Benzenoid Market
The outbreak of the COVID-19 pandemic in 2020 moderately impacted the growth of the global benzenoid market. During the pandemic period, luxury products such as flavor & fragrance, personal care, and other products experienced a steady demand. On the other hand, the demand for pharmaceutical as well as personal care products increased tremendously owing to growing awareness regarding personal hygiene amongst the public due to the fear of acquiring COVID-19 infection. This boosted the demand for benzenoid in the pharmaceutical & personal care product industries. However, the disruptions in the supply chains owing to lockdown restrictions during the pandemic negatively impacted the market.
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Factors Influencing the Benzenoid Market Growth
The prime factor increasing the growth of the global benzenoid market is the growing use of benzenoid in flavor, aroma chemicals, and fragrance-making industries. In addition, the growing developments and investments in novel product launches, business expansions, and research & development by specialty chemical manufacturers are projected to unlock rewarding opportunities for the growth of the market in the estimated period. However, health hazards due to the usage of synthetic chemicals are expected to hamper the market growth.
The report segments the global benzenoid market into type, application, and region.
Benzoate Sub-Segment to Observe Significant Growth
The benzoate sub-segment of the type segment is foreseen to witness massive growth by surpassing $414.6 million in the estimated period. This is mostly because of the rising demand for benzoate due to its applications as a solvent, fragrance chemical, preservative, fixative, and plasticizer.
Soaps & Detergents Sub-Segment to Lead the Market
The soaps & detergents sub-segment of the application segment is predicted to perceive a maximum growth by exceeding $623.2 million in the estimated period. This is primarily owing to the growing applications of benzenoid as an aromatic compound in the manufacturing of detergents & soaps.
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Asia-Pacific Region to Dominate the Market Growth
The report examines the global benzenoid market across numerous regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to perceive extraordinary growth with a CAGR of 5.8% in the estimated period. The growth of the regional market is mostly owing to the growing demand for benzenoid in several cosmetics, personal care, and processed food industries in this region.
Key Players of the Market
The report lists some of the leading players functioning in the global benzenoid market including
- Valtris Specialty Chemicals
- Jayshree Aromatics Pvt. Ltd.
- Sensient Technologies Corporation
- BASF SE
- International Flavors & Fragrances Inc.
- LANXESS
- Givaudan
- Firmenich SA
- Eternis Fine Chemicals Ltd
- Symrise AG
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The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in April 2022, James Hutton Limited, a provider of scientific services and products to clients in agriculture, food and drink, industry, and environmental science, launched SLICE®, a new Emamectin Benzoate which can be used to control sea lice – a key problem in aquaculture.
More about Benzenoid Market:
- Different Types of Benzenoid Compounds and their Uses
- Strategic Acquisitions Like That of Tennants Fine Chemicals by Eternis Fine Chemicals Ltd. to Drive the Growth of the Global Benzenoid Market
