Selbyville, Delaware, May 21, 2024 (GLOBE NEWSWIRE) -- Benzenoid Market value could exceed USD 1.16 billion by 2032, as per a recent study by Global Market Insights Inc.
Demand for benzenoid compounds continues to grow, driven by increasing R&D activities in the field. Benzenoids, aromatic compounds derived from benzene, play crucial roles in various industries, such as pharmaceuticals, fragrances, and agricultural chemicals.
Recent advances in chemical synthesis and molecular structure have led to the discovery of new benzenoid compounds with a variety of applications. For instance, in July 2022, researchers at the Marseille Institute of Molecular Sciences and Computer Science Systems Laboratory (CNRS/University of Aix-Marseille) developed an application that enables the generation of all arbitrary links to a property regardless of the number of Chemical Information and Modeling cycles. Furthermore, benzenoids are important building blocks in many pharmaceutical compounds, driving their demand.
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Growing use of benzoic acid to pave a healthy growth pathway
Benzenoid market size from the benzoic acid segment could exhibit a decent growth rate over 2023-2032, claims the report. Benzoic acid, a major derivative of benzenoid, is widely used in various industries. In food and beverages, it acts as a preservative, increasing shelf life and inhibiting microbial growth. In addition, benzoic acid finds applications in the pharmaceutical and cosmetic industries, where it acts as an antimicrobial agent and a building block for pharmaceuticals and personal care products. Benzoic acid derivatives are versatile products and play a major role in the demand for benzenoids market.
Synthetically sourced benzenoids to gain increased traction
Synthetic source segment will register a noteworthy CAGR from 2023 to 2032, as per the report. Benzenoids are crucial in the chemical industry and are key building blocks for a wide range of applications. Benzenoids play a significant role in diverse synthetic applications, from pharmaceuticals to polymers. For example, in pharmaceuticals, benzenoids are used to synthesize complex pharmaceutical molecules with targeted therapeutic effects. Similarly, in the polymer industry, benzenoids contribute to the development of high-performance materials with desirable properties, such as strength and durability. The versatility of benzenoids drives the demand for more synthetic materials made from benzenoids.
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Asia Pacific to remain a prominent growth pocket
Asia Pacific benzenoid market will register a robust CAGR from 2023 to 2032. The expanding pharmaceutical industries rely heavily on benzenoids for drug development. Also, in countries such as India and China, the fragrance and flavor sector contributes to the demand for benzenoids as a key ingredient. Furthermore, a major driving force for the benzenoids market in Asia Pacific is rapid industrialization and urbanization. This development is escalating the need for benzenoids in various applications such as plastics, coatings, and agricultural chemicals.
Benzenoid Market Players
Chevron Phillips Chemical Company LLC, DuPont de Nemours, Inc., BASF SE, LyondellBasell Industries N.V., Total S.A., Eastman Chemical Company, Exxon Mobil Corporation, Evonik Industries AG, Mitsubishi Chemical Corporation, Huntsman Corporation, INEOS Group Holdings S.A., Dow Chemical Company, Shell Chemical LP, SABIC (Saudi Basic Industries Corporation), Lanxess AG.
In response to the growing market demand, companies are intensifying their efforts in the benzenoid market. They are investing in research and development to develop new benzenoid derivatives. These efforts focus on increasing manufacturing efficiencies, adopting more sustainable methods, and improving productivity. In addition, the rising strategic partnerships and acquisitions in business are expanding market position and diversifying products. Such concerted efforts lead to growth and innovation in the benzenoids market.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
