The Benzophenone Market Size was estimated at 5.02 (USD Billion) in 2022. The Benzophenone Industry is expected to grow from 5.2(USD Billion) in 2023 to 7.2 (USD Billion) by 2032. The Benzophenone Market CAGR (growth rate) is expected to be around 3.68% during the forecast period (2024 - 2032).
Emerging economies, particularly in Asia-Pacific, are driving the demand for benzophenone due to rapid industrialization and urbanization. The increasing use of plastics and polymers in various applications is fueling the need for benzophenone as an ultraviolet (UV) absorber and stabilizer. Additionally, the growing popularity of personal care products and cosmetics, which use benzophenone as a UV filter, is contributing to market growth.Key market drivers include increasing demand in the plastics, personal care, and pharmaceuticals industries, coupled with rising environmental concerns and regulations regarding UV exposure. Furthermore, technological advancements in benzophenone production processes are expected to create opportunities for innovation and cost optimization.Recent trends in the benzophenone market include the development of more environmentally friendly alternatives, such as biodegradable benzophenones, and the growing adoption of benzophenone-based additives in paints and coatings to enhance durability and weather resistance. These trends are shaping the market and driving demand for innovative solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Benzophenone is one of the most vital ingredients of an immense variety of personal care goods, namely, sunscreens, cosmetics, and fragrances. Today, the growth in the demand for the above-mentioned products occurring due to the rising awareness of the harmful impact of ultraviolet radiation and the increasing focus on the appearance of the general public provides the Benzophenone Market Industry with considerable opportunities for development.In particular, sunscreens, the use of which is essential to protect one’s skin from the hazardous radiation of the sun, incorporate benzophenone as a key element in their composition. As the target audiences become increasingly aware of the need to use sunscreen, the demand for the specified product in general, as well as for benzophenone in particular, will grow. In addition, the increased popularity of both cosmetics and fragrances, where the identified chemical is frequently found in the composition as a stabilizer for UV or a fragrance itself, along with the growing disposable incomes and improving living standards in developing countries contribute to the impressive prospects of the personal care products industry, specifically, the benzophenone market.
Benzophenone is a widely used chemical in different industries. It is used in the production of plastics, rubber, and coatings. The rising demand for these materials is due to the growth of the Benzophenone Market Industry. Benzophenone is used as a photoinitiator in the production of plastics and rubber. It helps in hardening and curing the materials. The growing demand for plastics and rubber in the automotive, construction, and electronics industries is expected to increase the demand for benzophenone.Moreover, benzophenone is used as an additive to coatings for adding UV protection and more durability. Paints, inks, and other coating materials require benzophenone to be long-lasting and durable. The fast increase in different types of coating materials with UV resistivity is contributing to the expansion of benzophenone use.
The Benzophenone Market Industry is witnessing new opportunities that are being driven by ongoing technological advancements and product innovations. Research and development is taking center-stage with the aim of discovering new and/or other benzophenone-based products with improved and enhanced features and capabilities. Possible research work and innovations include the development of benzophenone derivatives with higher than currently standards UV absorption capacity and others with skin irritation potential less than the current existing products.Most, if not all of these innovations and developments, will work to increase the application areas of benzophenone. Similarly, as more and more industries move toward the use of benzophenone, its use in specialty applications for photoresists and electronic materials is contributing to its growth. The market is more likely to grow in the coming years due to non-stop innovations that result in new products being released into the market.
The end use segment of the Benzophenone Market consists of Ultraviolet Absorber Agents, Fragrance Ingredient, and Preservatives. Ultraviolet Absorber Agents is the leading segment of the Benzophenone Market in 2023 and is projected to retain its dominance over the forecast period. The expanding use of benzophenone-based UV absorbers in the plastics, as well as coatings, and personal care industries is a major reason that the segment dominated market share. Fragrance Ingredient is another important segment of the Benzophenone Market.With long-lasting fragrance benzophenone derivatives are used in aromatic industry as a fixative or solvent. The increasing demand of fragrances in various household and personal care products is a reason to drive the market in the upcoming years. Another important segment of the Benzophenone Market is Preservatives. Benzophenone derivatives are used as a substance for preservation in various products, including food, drinks, and cosmetics. Preservatives protect the product from bacterial, fungal, and other microorganism attack. With growing technology and demand for all these, the demand of preservatives is increasing and market is rather a profitable one.It is anticipated that the End Use segment of the Benzophenone Market is likely to grow at a consistent rate over the coming decade. Increased demand of benzophenone and its derivative based products in several end-use industries and rising understanding of the application of UV protection as well as conservation as safe means are the main reasons that the overall market is anticipated reach high levels.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Benzophenone Market is segmented by application into sunscreens and cosmetics, pharmaceuticals, and plastics and coatings. The sunscreens and cosmetics segment is the largest, accounting for over 50% of the Benzophenone Market revenue in 2023. This segment is expected to continue to grow at a steady rate in the coming years, driven by the increasing demand for sunscreens and other personal care products. The pharmaceuticals segment is the second largest, accounting for around 25% of the Benzophenone Market revenue in 2023.This segment is expected to grow at a slightly faster rate than the sunscreens and cosmetics segment in the coming years, driven by the increasing demand for pharmaceuticals and other healthcare products. The plastics and coatings segment is the smallest, accounting for around 15% of the Benzophenone Market revenue in 2023. This segment is expected to grow at a moderate rate in the coming years, driven by the increasing demand for plastics and coatings in various industries.
The Benzophenone Market is segmented by form into liquid and powder. Liquid benzophenone is a clear, colorless liquid with a slight aromatic odor. It is soluble in most organic solvents and is used as a UV absorber in sunscreens, cosmetics, and plastics. Powder benzophenone is a white to off-white powder that is insoluble in water. It is used as a UV absorber in plastics and rubber. The liquid form of benzophenone is expected to account for the largest share of the market in 2023, due to its wide range of applications. The powder form is expected to grow at a faster rate during the forecast period, due to its increasing use in plastics and rubber.
Benzophenone-3, benzophenone-4, and benzophenone-10 are the major derivatives in this segment. Benzophenone-3 is widely used in the production of optical brighteners, dyes, and pigments. Benzophenone-4 is primarily utilized in the manufacturing of sunscreens and personal care products. Benzophenone-10 finds applications in the pharmaceutical industry and as an intermediate in the synthesis of other chemicals. The growth of the derivatives segment can be attributed to the increasing demand for these chemicals in various end-use industries, including plastics, electronics, and pharmaceuticals.Additionally, the growing awareness of the harmful effects of UV radiation has led to an increased demand for benzophenone-based sunscreens and personal care products.
The Benzophenone Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market for benzophenone, due to the presence of a large number of end-use industries, such as plastics, coatings, and personal care products. Europe is the second largest market, followed by APAC. The APAC region is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for benzophenone in the region's rapidly growing plastics and coatings industries. South America and MEA are relatively small markets for benzophenone, but they are expected to grow steadily over the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major participants in Benzophenone Market concentrate on entering into collaboration, expanding, and launching new products to gain a competitive advantage. They invest in research and development to innovate production processes, as well as develop a product portfolio to better meet the evolving customer needs. Leading players of Benzophenone Market focus on sustainable practices in order to meet the environmental regulations and reduce carbon footprint. A critical strategy of the industry majors is entering emerging markets and growing regions to strengthen the market position. The collaboration with distributors, as well as suppliers, holds great importance for maintaining a strong supply chain and ensuring customer satisfaction. The Benzophenone Market Competitive Landscape is defined by the presence of both and regional participants in a constant search for an expanding market share.LANXESS is one of the industry majors that places a strong emphasis on providing customers with high-quality products, selecting production and trade companies with a strong local presence in establishing a distribution network. The company’s strong presence and innovation push to constantly develop and implement new efficient and sustainable products. The company’s research and development activities aim at the development of sustainable and efficient production processes, as well as expanding the product portfolio. The strong emphasis on sustainability and responsible practices in Benzophenone Market manufacturing make LANXESS a leading industry participant.Another industry major is BASF that provides value to customers through innovation and a wide range of tailor-made products. Innovation is at the core of the company’s values, as it invests significant resources into research and development to provide customers with sustainable solutions. Offering diverse and sustainable solutions, the greatest amount of BASF’s production facilities caters to customers worldwide. The focus on operational efficiency and partnerships supports the company’s market advantage. BASF’s sustainable approach to manufacturing products is mirrored in the company’s approach to sourcing lower price raw materials, as well as energy from renewable sources.
The benzophenone market is projected to reach USD 7.2 billion by 2032, exhibiting a CAGR of 3.68% from 2024 to 2032. Rising demand for benzophenone in the production of UV absorbers for plastics, coatings, and personal care products is driving market growth. Specifically, the increasing use of benzophenone-3 (BP-3) as a UV absorber in sunscreen lotions, cosmetics, and pharmaceuticals is contributing to market expansion. Moreover, growing awareness about the harmful effects of UV radiation on human health is further propelling the demand for benzophenone. Recent developments include the launch of new benzophenone-based products, such as UV-resistant coatings for automotive and construction applications, as well as the development of more environmentally friendly alternatives to traditional benzophenone compounds.
| Report Attribute/Metric | Details |
| Market Size 2022 | 5.02(USD Billion) |
| Market Size 2023 | 5.2(USD Billion) |
| Market Size 2032 | 7.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.68% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | BASF SE, Jilin Hualian Chemical Industry Co., Ltd., Kureha Corporation, Binzhou Lianhua Chemical Co., Ltd., Hebei Dongfang Chemical Co., Ltd., Eastman Chemical Company, Sinopec Yangzi Petrochemical Company, LANXESS, Shijiazhuang Jincheng Industry and Trade Co., Ltd., Huntsman Corporation, Dow Chemical Company, Arkema S.A., Evonik Industries AG |
| Segments Covered | End Use, Application, Form, Derivatives, Regional |
| Key Market Opportunities | UV Stabilizers Sunscreen Pharmaceuticals Fragrances and Agrochemicals |
| Key Market Dynamics | Rising demand from UV coatings UV inks and adhesives Growing awareness of skin cancer Strict regulations on VOC emissions Expanding applications in personal care and cosmetics Technological advancements in UV curing systems |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Benzophenone market is estimated to be valued at approximately USD 5.2 billion in 2023.
The Benzophenone market is projected to grow at a CAGR of 3.68% from 2024 to 2032.
North America is expected to account for the largest share of the Benzophenone market in 2023.
Benzophenone is primarily used as a UV stabilizer in plastics, coatings, and personal care products.
Key players in the Benzophenone market include BASF, Lanxess, Clariant, and Evonik.
The Benzophenone market is projected to reach a value of approximately USD 7.2 billion by 2032.
The growing demand for UV stabilizers in various industries, such as plastics, coatings, and personal care, is driving the growth of the Benzophenone market.
Regulatory restrictions and environmental concerns related to the use of Benzophenone pose challenges to the growth of the Benzophenone market.
The development of new applications and the expansion of emerging markets present opportunities for growth in the Benzophenone market.
The increasing demand for eco-friendly and sustainable alternatives to Benzophenone is a key trend in the Benzophenone market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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