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The Benzenoid's market specifics show the market to be a multilayer climate that is a result of interplay of various factors, such as supply and demand, which drives its growth or decline. Benzenoids, which is a category of aromatic compounds from benzene, serve different purposes in surface treatment, as they are used in the fragrance and flavor industry, pharmaceutics, and chemical synthesis. The benzenoids’ presence is the core ingredient in defining the flavor and aroma industry, which has significant impact on consumer attraction towards these products. Such ingredients impart an individualistic aromatic personality to perfumes, cosmetics, and food products. Consumers tend to get glamoured to these individually styled products which in turn creates trends and drive markets. Unlike the static situation that exists in many other areas, fragrance and flavor formulations is continually revised with the changing market landscape of changing consumer preferences, and industry regulations that impact the supply chain of benzenoids in the target sector.
The benzoid molecules have a profound contribution in the production of the medicines as the core components in the manufacturing of meds and pharmaceutical compounds. Specific pharmaceutical goods, influenced by tendencies in healthcare, the disease epidemiology, and the drugs creation are the main factor which defines market trends of benzenoids . In light of the latest developments in genetic engineering and medicine, these more and more targeted benzenoid derivatives are also required.
It involves chemicals and production of colors and quality chemicals used in various chemical applications that determine the market dynamics of benzenoids They are the indispensable catalysts in a number of chemical process that results to the creation of multiple products. The chemical industry comprises of different trends including the application of fresh synthesis techniques and the consideration of sustainability. Such are the trends which affect the need for benzenoids, as commodities in chemical applications.
A range of supply-side elements including production techniques, availability of related materials and the capabilities of renowned market players are the main factors that can be seen to influence the total market outlook for benzenoids. The manufacturing of benzenoids is usually composed of several complex chemical processes, so the innovation in creating production techniques leads to establishing a demand and supply level. Any disturbances within supply chain process, whether it is a shortage of raw materials or the manufacturing difficulties, might influence the hedges availability and pricing, and so, the excitement in market would change.
The importance of regulatory considerations in which benzenoids’ market dynamics consist of one of the vital factors. As chemical compounds employed in a lot of sectors, benzenoids take along standards relating to safety, environmentalimpact andproduct quality. Compliance with those regulations is critical for manufacturers; therefore, alterations in regulatory strategies, for instance the stipulation of specific components’ usage or guidelines for environmental conservation, can influence the market of benzenoids extremely.
Benzenoid Market Highlights:
Benzenoid Market Synopsis
Benzenoids belong to a special class of aromatic organic compound which contain one or more benzene ring such as naphthalene, anthracene, phenanthrene, pyridine, and others. Naturally, they are found in leaves & flowers, oil, and wood & bark. They are widely utilized in numerous application such as cosmetics & personal care, soap & detergent, household products, food & beverage, and others, owing to its aroma and scent.
As per our analysis, some of the important market factors and trends identified in the global Benzenoids resin are, growing awareness, increasing consumption of flavored dairy products, rising population. Rising number of working professional coupled with increasing per capita disposable income is expected to boost up the demand for Benzenoid over the forecast period. Rising usage of Benzenoid in the manufacturing of personal care products along with increasing demand for cosmetics & personal care products is predicted to fuel the growth of the market during 2017 to 2023. Moreover, increasing demand for aromatic soap and detergent along with growing public laundry sector is estimated to give a new momentum to the demand for Benzenoids. Additionally, rapid expansion of end use industries in developing countries is expected to positively influence demand patterns. Moreover, changing lifestyle and growing purchasing power of people are some other factors which are expected to positively influence the growth of the market.
Benzenoid Market Segmentation
The Global Benzenoid Market is classified on the basis of type, application, and region. On the basis of type, the market is bifurcated into natural and synthetic. On the basis of application, the market is categorized into food & beverage, cosmetics & personal care, soap & detergent, household products, and others. On the basis of region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Key Players
Some of the prominent players operating in the Global Benzenoid Market are BASF SE (Germany), Sigma-Aldrich Co. LLC. (U.S.), The Good Scents Company (U.S.), International Flavors & Fragrances (U.S.), Givaudan (Switzerland), Firmenich (Switzerland), Quest International (the Netherlands), Takasago (Japan), Haarmann & Reimer (Germany), Sensient Technologies (U.S.), and others.
The Global Benzenoid Market Share by Application (2016), (%):
Regional Analysis:
The Global Benzenoid Market is categorized into five regions namely– Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Europe emerged as the leading Benzenoid Market in 2016, driven by the growth of various end use application such as cosmetics & personal care and soap & detergent. Europe region was estimated to account for around 38% of the overall volume share in 2016, and is expected to grow with the steady CAGR during the assessment period. European countries such as Germany, Russia, Spain, UK, France, and Italy have emerged as the major contributors in the regional Benzenoid Market growth and is expected to continue their dominance during the review period on account of wide utilization of Benzenoid in cosmetics and personal care products.
North America is estimated to witness a substantial growth in Benzenoid Market due to a strong consumer base for various industries along with the rising investments to revitalize food & beverage sector over the forecast period. In North American region, countries such as the U.S. and Canada are among the prominent contributors in the regional growth of Benzenoid Market and are predicted to see a significant demand for Benzenoid during the assessment period, 2017 to 2023. The U.S accounted for the largest market share and is followed by Canada in terms of value and is predicted to grow with the moderate CAGR due to growth in pharmaceutical sector.
Asia Pacific regional market is predicted to grow with the highest CAGR over the assessment period, (2017 to 2023) on account of expansion of various end use application such as soap & detergent, cosmetics & personal care, and household products. The demand for Benzenoids is predicted to surge in numerous countries of the Asia Pacific such as Malaysia, China, Thailand, India, Vietnam, and South Korea due to growing demand for cosmetics and personal care products. In Asia Pacific, China and India are predicted to hold the major market share in terms of volume and is estimated to continue their dominance due to increasing purchasing power, availability of cheap labor & land, and soberly strict regulatory framework. Latin American countries such as Argentina, Brazil, and Colombia are predicted to dominate the regional market share on account of rising consumer spending on beauty care products and strong presence of personal care brand names. The Middle Eastern & African countries such as Oman, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are among the major contributors in the regional market growth and is estimated to positively influence the end use industries growth over the forecast period.Recent DevelopmentMay 2021 - The National Institutes of Health (NIH) in the United States discovered that pesticides like lindane and metalaxyl increase the risk of thyroid cancer. Advanced-stage thyroid cancer and non-aggressive thyroid tumors are becoming more common. However, environmental pollutants, such as pesticides, may have a role in this growth, according to researchers, especially given the widespread use of pesticides in the general population. According to the study, metalaxyl (benzenoid fungicide) and lindane (organochlorine insecticide) raise the incidence of thyroid cancer. Thyroid cancer shows an inverse relationship with high levels of carbaryl (a carbamate pesticide). Furthermore, chlorimuron-ethyl (herbicide) has an inverse relationship with papillary cancer, a prevalent thyroid cancer subtype.
Geographical Analysis:
The report covers brief analysis of geographical regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Intended Audience
- Benzenoid Manufacturers
- Traders and Distributors of Benzenoid
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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