The global benzenoid market size is expected to reach USD 1,011.3 million by 2028 according to a new study by Polaris Market Research. The report “Benzenoid Market Share, Size, Trends, Industry Analysis Report, By Type (Benzyl Benzoate, Benzaldehyde, Benzyl Acetate, Benzyl Alcohol, Benzyl Chloride); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
There has been growth in the demand for benzenoid over the years from the Food & Beverages, fragrances, and cosmetics sectors. Growing awareness regarding personal care, application in varied industries, and rising disposable income are some factors boosting the market growth. The demand for benzenoids has increased during the pandemic to manufacture soaps, detergents, cleaning products, sanitizers, and personal care products. However, the cosmetics and fragrance sectors have been severely affected by the pandemic.
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They have experienced declined demand, disruption of the supply chain, workforce impairment, operational challenges, transportation delays, and travel restrictions. The different types of benzenoid include benzyl benzoate, benzaldehyde, benzyl acetate, benzyl alcohol, benzyl chloride, and others. Benzyl alcohol is a clear colorless liquid utilized as a solvent, antioxidant, metabolite, and fragrance. It is also used as a flavor-enhancing solvent in products such as baked goods, and wines. It finds application in cosmetics to preserve and adjust the pH of the product.
The applications of benzenoid include Soaps & Detergents, personal care & cosmetics, food & beverages, household goods, and others. The demand is expected to increase from soaps & detergents owing to increasing hygiene and safety concerns during the pandemic. The growth in the personal care industry is also expected to drive the market during the forecast period. The product is a major component in many unique care products, such as cosmetic creams, lotions, and fragrances.
Growing hygiene and wellness concerns, especially among the youth, coupled with the growth of e-commerce platforms are factors expected to provide growth opportunities in the coming years. The demand for the product has increased from Asia Pacific over the years owing to population growth, rising disposable income, and growing demand for personal care products. Rising industrialization, increasing application in cosmetics and wellness products, and strengthening the Food & Beverages industry also supports demand growth.
Some major Market Participants include Kao Corporation, Lanxess, Axxence Aromatic Gmbh, BASF SE, Alfa Aesar, Elan Chemical, Emerald Kalama Chemical, Eternis Fine Chemicals Limited, Firmenich, Yingyang, Indukern F&F Ingredients, International Flavors & Fragrances, Inc., Solvay, Bell Flavors & Fragrances, Prakash Chemicals International Pvt. Ltd., Premier Group Of Industries, Jayshree Aromatics Pvt. Ltd., S.H. Kelkar & Co. Pvt. Ltd., Sigma-Aldrich, Kadillac Chemicals Pvt. Ltd., Tennants Fine Chemicals Ltd, Tianjin Dacals Chemical Co., Ltd., Ube Industries, Ltd., Valtris Specialty Chemicals, Takasago International Corporation, and Symrise.
Polaris Market Research has segmented the benzenoid market report on the basis of type, application, and region:
Benzenoid, Type Outlook (Revenue, USD Million, 2016 - 2028)
Benzenoid, Application Outlook (Revenue, USD Million, 2016 - 2028)
Benzenoid, Regional Outlook (Revenue, USD Million, 2016 - 2028)