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A47412 | Pages: 230 | Charts: 54 | Tables: 82 |
The global benzenoid market was valued at $764.40 million in 2021, and is projected to reach $1,333.10 million by 2031, growing at a CAGR of 5.8% from 2022 to 2031. Benzenoids are also called aromatic hydrocarbons. They are a type of chemical compounds with a minimum of one benzene ring in their structure. Most common aromatic hydrocarbons are benzenoids and some of them are trans-bicalicene, toluene, nitrobenzene, phenol, aniline, and others.
[COVIDIMPACTSTATEMENT]
The substantial growth of the benzenoid market can be primarily attributed to increased demand from various applications including aroma chemicals, flavor, and fragrance sectors. Apart from the fragrance industry, benzenoid is extensively utilized in other industries such as pharmaceuticals, cosmetics, soaps, etc. Moreover, benzenoid use is important in fine fragrances and various consumer goods such as perfumes, hair oils, detergents, confectionaries, and beverages. Numerous products including specialty aroma chemicals, industrial fragrance compounds, customized fragrance compounds, and flavor compounds also frequently use benzenoid.
The possibility of negative health impacts associated with the use of synthetic chemicals is likely to restrain the benzenoid market growth during the forecast period. Several research investigations have established that increased exposure to benzenoid may lead to cancer. Moreover, benzenoid is flammable and toxic.
The industry players are investing a lot of effort on the research and development of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. Business expansion along with R&D activities is anticipated to offer ample growth opportunities to benzenoid market players during the forecast period. Benzenoid is extensively used by specialty chemicals companies for manufacturing various fragrances and flavors. These manufacturers are using different strategies to increase their market share in the benzenoid industry. For instance, in December 2021, Firmenich SA, a Switzerland-based company, partnered with Jungle, a French company to encourage sustainable innovation in natural ingredients.
The key players profiled in this report include Jayshree Aromatics Pvt. Ltd., BASF SE, Firmenich SA, LANXESS, International Flavors & Fragrances, Inc., Valtris Specialty Chemicals, Eternis Fine Chemicals Ltd., Symrise AG, Sensient Technologies Corporation, and Givaudan.
The global Benzenoid market is segmented on the basis of type, application, and region. As per type, the market is sub-segmented into benzyl acetate, benzoate, chloride, salicylate, benzaldehyde, cinnamyl, and vanillin. By application, the market is classified into soaps and detergents, personal care, food and beverage, and household care. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The benzenoid market is segmented into Type and Application.
[TYPEGRAPH]
By type, the benzoate sub-segment dominated the Benzenoid market share in 2021. Benzyl benzoate is an organic compound that is made from benzoic acid and benzyl alcohol. It is extensively used in numerous applications such as preservatives, solvents, fragrances, solvents, and plasticizers. Moreover, it is very effective as an insect repellent against bugs such as mosquitoes and ticks. Benzyl benzoate can be used for the treatment of lice and scabies. Benzyl benzoate in fragrances helps reduce the escape of fragrances and improves the lifespan of the perfume.Its use as a plasticizer makes the product less brittle. These factors are anticipated to drive the benzoate market growth during the analysis timeframe. These factors are predicted to expand the Benzenoid market size during the forecast period too.
[APPLICATIONGRAPH]
By application, the soaps & detergents sub-segment accounted for highest market share in 2021. Benzenoid is used as an aromatic compound for the production of detergents and soaps. The COVID-19 outbreak has increased the significance of personal hygiene around the world. Increasing hygiene awareness has increased the demand for soaps to curb coronavirus transmission. People started washing their hands more often which has significantly increased the demand for soaps & detergents globally. These factors are predicted to expand the Benzenoid market forecast period.
[REGIONGRAPH]
By region, Asia-Pacific region is expected to dominate the global benzenoid market during the forecast period. Asia-Pacific benzenoid market share is driven by high demand from the industries including personal care, cosmetics, and processed foods sectors. Also, high demand for unique flavor and fragrance blends is estimated to drive the benzenoid market size. China is one of the leading exporters of organic chemicals. In addition, Asia-Pacific regions such as Japan, South Korea, and China are the largest markets for cosmetics and one of the largest exporters of color cosmetics, hair care, sun care, deodorants, skincare, and others.
Impact of COVID-19 on the Global Benzenoid Industry
Key Market Segments
Key Market Players