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The Benzoid market has introduced significant drives that saw it find application in a wide range of industries, such as in fragrance, flavor, and pharmaceuticals among others. As one of the most remarkable phenomena in the area of the Benzenoid market, we can state that for the past couple of years, there has been a serious growth in demand in terms of the flavor and fragrance industry. The odor of perfumes, cosmetics, and even foods are created by benzenoids - compounds of benzaldehyde, benzyl acetate, and toluene that imparts the distinctive aroma. Product lifecycle continuation is a key success element at a higher point of the consumer's interest, that is the creation of novelty and unique sensory experiences, which makes benzenoids very useful in developing diverse and multi-leveled scents and flavors to cater for the positive market dynamics in this sector.
First of all, benzenoids are extensively applied by the pharmaceutical industry which is one the main demand managers for them. These molecules are the central essence and backbone in the synthesis of an array of drugs that are applied in the treatment of various ailments. Benzenoids are quite versatile in medicinal chemistry, the principle which allows the creation of various drug structures. By doing so, benzenoids are a great tool in the field of research and drug development. The pharmaceutical industry is among those that continue to register technological advancements and as such, the benzenoid demand in the process of the drugs synthesis and formulation is projected to experience a constant growth, thus, in turn, influencing the market trends in the pharmaceutical sectors.
Technological innovations, as a matter of fact, would be one of the key factors in the formation of trend in the market of Benzenoids. On-going efforts around research and development target further improvements in extraction methodology, scrutiny of new sources for benzenoid production, and intensification of synthesize reactions. Technological advances and the use of green chemistry lead to bio-technological methods covering production process compliance with eco-friendly approaches that in line with the industry’s mission.
Distribution of Benzenoid market across the four prominent regions is non-uniform as far as it is concerned with geography. Estimating a boom in economics because of the increase of fragrance, flavor, and pharmaceutical industries, the world experiences quite high utilization of benzenoids. The companies in this regard might seek to invest in different sections of this region for opportunities to expand and meet the specific demands of this these regions.
Moreover, there are the regulatory considerations and standards for people’s safety, which have an influence on the market trends of Benzenoids. Obeying regulations of this type is especially important for manufacturers of chemicals and for consumers. These regulations focus on the safety of products and impact on the environment. The industry's adaptation to regulatory changes is an underlying fact as it is reflected in the fast development and application of the sustainable practices and ensuring the safe use of benzenoid chemicals in different ways.
The aesthetic and the need industries are other sectors that Benzenoids is peneting to great extent. Such substances as aroma chemicals are effectively employed in the production of makeup, skin care, or hair care products thanks to their fragrant features. Professional markets in the cosmetic industry are fueled by the surge of consumers that go for natural and sustainable fragrances in cosmetics formulations. This has made it paramount to explore other benzenoids that are present in natural plant sources.
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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