The size of the benzyl benzoate market has the potential to register a CAGR of 4.1% during the forecast period of 2023-2031, and the growth of the market will accelerate throughout the forecast period because of the consistent increase in year-over-year growth. Benzyl benzoates have a wide range of applications in the pharmaceutical sector and are regarded as an important drug for the treatment of scabies and the management of lice infestations. According to the World Health Organization (WHO), benzyl benzoate is one of the most important medicines that should be used in the healthcare system of humans. The most important element that is contributing to the expansion of the global benzyl benzoate market is the expanding use of benzyl benzoate in the pharmaceutical industry as well as in the flavor and fragrance industry. The use of benzyl benzoates in non-medical contexts has included uses in the textile industry and as a plasticizer. In addition to that, it can be used to carry color, as an insecticide to ward off mosquitoes, and as a solvent for cellulose derivatives. The pharmaceutical industry, in addition to the personal care products industry, has shown a significant demand for benzyl benzoate. As a result of an aging population and the increasing prevalence of chronic diseases, there has been a rise in the number of applications for benzyl benzoate in the pharmaceutical industry. This rise in applications would simultaneously support the expansion of benzyl benzoate products and drive the growth of the market.
The expansion of the market will be driven by rising demand from the fragrance industry
It is estimated that worldwide fragrance makers invest approximately 8% of their annual net revenue in research and development. Many times, the innovation that comes from the fragrance business is relied on by retailers and producers of consumer goods to give differentiation through the use of technology, an understanding of consumer trends, and environmentally responsible production. It is anticipated that the changing flavor preferences of individuals, particularly in the aftermath of the enforcement of worldwide lockdowns, will propel the benzenoids market for high-quality benzenoid chemicals in the not-too-distant future.
High prevalence of scabies propels the market for benzyl benzoate
In a given year, there are around 300 million instances of scabies reported all over the world, as stated by the World Health Organization. Because of the region's high prevalence, the Pacific and Latin American markets are driving the market. It is anticipated that the market for scabies treatment will expand in nations where the bulk of the population is comprised of young people, such as all emerging countries. Scabies is caused by environmental factors, which are also expected to be the primary factor driving the market for scabies treatments during the course of the projected period. Home healthcare treatments have the potential to be a constraint because their presence will reduce demand for pharmaceuticals that are sold with prescriptions.
Fluctuating chemical prices to Restrain the Market Growth
The growth of the market is being hindered by factors such as fluctuating prices of raw materials and an increase in the prevalence of alternative products. The price of crude oil has changed by as much as $60 per barrel in the past year, which is emerging as a primary issue for the benzyl benzoate industry. This is because fuel and chemical prices are hurting a wide variety of other market segments.
Industrial Grade Dominates the Market by Product
In 2023, the industrial grade category represented more than 54% of the total revenue generated by the global market for benzyl benzoates. This made it the most important segment in the business. It is hypothesized that the growing use of benzyl benzoates as textile auxiliaries and as a plasticizer will drive demand for industrial-grade benzyl benzoates over the projection period. If the current pattern continues unabated throughout the time frame of the forecast, industrial-grade benzyl benzoate will maintain its position as the market leader in the product type sector. It is anticipated that the industrial grade segment would likewise achieve the greatest total revenue.
Textile Auxiliaries Dominate the Market by Application
In 2023, it was identified that textile auxiliaries were the most dominating category of the worldwide benzyl benzoates market, accounting for more than 43.7% of the market share in terms of revenue. It is anticipated that the category will continue to maintain its dominant position throughout the projection period while growing at a considerable compound annual growth rate (CAGR) in terms of sales. The textile application area is anticipated to be the most prominent application area, and it is projected to keep a stable trend during the forecast period. In the textile business, benzyl benzoate is utilized widely as a dye carrier, leveling agent, and sealer.
APAC to Remain the Global Leader
In 2023, Asia Pacific was determined to be the most important region, accounting for more than 42% of the total revenue generated by the worldwide benzyl benzoate market. During the time covered by this estimate, it is also projected that the region would experience the biggest rise in terms of benzyl benzoate consumption (2023–2030). This expansion can be ascribed to the region's rapidly expanding textile, cosmetics, and pharmaceutical industries. As a result of the country's monopoly on the global textile and fragrance industries, China is the most important market in the area for benzyl benzoate. It is anticipated that India's burgeoning pharmaceutical and healthcare industries will progress at a healthy rate, which will lead to an increase in the market demand for benzyl benzoate in the country. Additionally, growing import and export activities by developing economies due to a shift in manufacturing bases to low-cost economies such as India and China are expected to drive demand for benzyl benzoate over the course of the forecast period. This is expected to be the primary factor driving demand for benzyl benzoate.
Market to Remain Consolidated
The market for benzyl benzoate is highly consolidated. Key companies in the benzyl benzoate market include LANXESS AG, Hubei Greenhome Fine Chemical Co ltd, Wuhan Yoji, Zengrui Chemical, Vertellus, Jiangsu BVCO, Ernesto Ventos, Hunan Hongrun, Wuhan Biet, Tianjin Dongda, Liaoning Huyai Chemical, and others. Even while the increasing demand for cosmetics and personal care goods will present enormous prospects for expansion, the significant risk of competition from substitutes is expected to hinder the market participants in their expansion strategies. Market suppliers should focus more on the growth potential in the rapidly expanding segments of the market while simultaneously maintaining their positions in the slowly expanding segments in order to make the most of the opportunities.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Benzyl Benzoate market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
