New York, USA, March 29, 2022 (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% from 2021 to 2028. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Benzenoid Market Growth:
The key factor boosting the growth of the global benzenoid market is the rising applications of benzenoid in flavor, aroma chemicals, and fragrance industries. Moreover, the rising advancements and investments in business expansions, novel product launches, and research & development by specialty chemical producers is expected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, risk related to health due to the usage of synthetic chemicals is expected to deter the market growth.
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Impact of COVID-19 Pandemic on the Benzenoid Market:
The abrupt rise of COVID-19 pandemic in 2020 has had a moderated impact on the growth of the global benzenoid market. The demand for products such as flavor & fragrance, personal care, and other products has not hampered even amidst the pandemic. There has been a massive rise in the demand for pharmaceutical as well as personal care products due to increasing apprehensions over personal hygiene amongst public owing to the fear of acquiring COVID-19 virus. This has fueled the demand for benzenoid from the pharmaceutical & personal care product industries. However, there has been slight disruptions in the supply and demand of benzenoid due to restrictions on the transportation of goods and import-export activities during the pandemic.
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The report segments the global benzenoid market into type, application, and region.
Benzoate Sub-Segment to Lead the Benzenoid Market
The benzoate sub-segment of the type segment is anticipated to grow significantly and garner $414.6 million during the forecast period. This sub-segment growth of the global benzenoid market is chiefly owing to the rising demand for benzoate owing to its applications as a preservative, fragrance chemical, fixative, solvent, and plasticizer.
Soaps & Detergents Sub-Segment to Observe Highest Growth
The soaps & detergents sub-segment of the application segment is anticipated to observe highest growth and surpass $623.2 million during the forecast period. This is chiefly because of the rising use of benzenoid as an aromatic compound in the production of detergents and soaps.
Asia-Pacific Benzenoid Market to Observe Leading Growth
The report analyzes the global benzenoid market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region is estimated to observe remarkable growth with a CAGR of 5.8% in the forecast period. The growth of this regional market is primarily due to the growing demand for benzenoid in various personal care, cosmetics, and processed foods industries in this region. Also, some of the nations in this region, such as South Korea, Japan, and China, are the leading markets for cosmetics and some of them are foremost exporters of hair care, deodorants, color cosmetics, sun care, skin care, and other products. As a result, Asia-Pacific region market is expected to observe dominant growth in the coming years.
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Key Benzenoid Market Players
The report lists some of the foremost players operating in the global benzenoid market including
- Givaudan
- Jayshree Aromatics Pvt. Ltd.
- BASF SE
- International Flavors & Fragrances, Inc.
- Valtris Specialty Chemicals
- LANXESS
- Firmenich SA
- Eternis Fine Chemicals Ltd
- Symrise AG
- Sensient Technologies Corporation, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.
For instance, in February 2021, Eternis Fine Chemicals Ltd, one of the world’s leading aromatic chemical manufacturers, proclaimed its completion of an acquisition of 100% shareholding of Tennants Fine Chemicals Ltd., a global supplier of liquid chemicals used by manufacturers in primary production processes.
Some Related Trending Articles:
- Strategic Acquisitions Like That of Tennants Fine Chemicals by Eternis Fine Chemicals Ltd. to Drive the Growth of the Global Benzenoid Market
- Different Types of Benzenoid Compounds and their Uses
- The Benzenoid Market Projected To Grow At A CAGR Of 5.2% And Generate A Revenue Of $1,710.3 Million By 2028
