The benzyl benzoate market size has the potential to grow by USD 14.66 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by application (textile auxiliaries, flavors and fragrance, pharmaceuticals, and plasticizer) and geographic landscape (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Anmol Chemicals Group, Emerald Performance Materials, ERNESTO VENTÓS SA, Haihang Industry Co. Ltd., LANXESS AG, Tianjin Dongda Chemical Group Co. Ltd., Vertellus Holdings LLC, Wuhan Biet Co. Ltd., Wuhan Dico Chemical Co. Ltd., and Zhonglan Industry Co. Ltd.
Market Overview
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Market Competitive Analysis
The benzyl benzoate market is concentrated. Anmol Chemicals Group, Emerald Performance Materials ERNESTO VENTÓS SA, Haihang Industry Co. Ltd., and LANXESS AG are some of the major market participants. Although the rising demand for cosmetics and personal care products will offer immense growth opportunities, the high threat of substitutes will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this benzyl benzoate market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this benzyl benzoate market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Anmol Chemicals Group
- Emerald Performance Materials
- ERNESTO VENTÓS SA
- Haihang Industry Co. Ltd.
- LANXESS AG
- Tianjin Dongda Chemical Group Co. Ltd.
- Vertellus Holdings LLC
- Wuhan Biet Co. Ltd.
- Wuhan Dico Chemical Co. Ltd.
- Zhonglan Industry Co. Ltd.
Benzyl Benzoate Market: Segmentation by Geography
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APAC was the largest benzyl benzoate market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The booming pharmaceutical and textile industries will significantly drive benzyl benzoate market growth in this region over the forecast period.
Almost 40% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for benzyl benzoate in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Benzyl Benzoate Market: Segmentation by Application
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Textile auxiliaries are chemicals used to impart special finishing effects to textiles. Furthermore, these chemicals help in retaining colors in textiles. The increasing investments in the textile industry and the growing per capita income are some of the significant factors that will drive the benzyl benzoate market growth by the textile auxiliaries segment.
The benzyl benzoate market share growth by the textile auxiliaries segment will be faster than the growth of the market by the flavors and fragrance and pharmaceutical segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the benzyl benzoate market size.
Benzyl Benzoate Market: Key Drivers and Trends
Synthetic benzyl benzoate is used in a wide variety of cosmetics and personal care products, from essential oils to shampoos and conditioners, as a preservative and viscosity-decreasing agent. Moreover, the aromatic properties of benzyl benzoate make it a necessary part of skin and hair care products. Since almost all cosmetics and personal care products contain the substance, the growing cosmetic and personal care products industry will drive the development of the benzyl benzoate market growth. Skincare products account for 50%-70% of the global cosmetics and personal care market share, followed by hair care products with 10%-20% of the market share.
- Many research and development activities are going on to synthesize raw materials using eco-friendly processes, which is one of the vital benzyl benzoate market trends.
- The sustainable production process is expected to produce safer and comparatively lesser toxic chemical products.
- The gas phase oxidation method is a cost-effective, energy-efficient, and green alternative to the traditional method.
- Vendors are also focusing on the expansion of raw material manufacturing facilities to meet the growing demand.
- The market is expected to record a CAGR of over 4% during the forecast period.
Benzyl Benzoate Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive benzyl benzoate market growth during the next five years
- Precise estimation of the benzyl benzoate market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the benzyl benzoate industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of benzyl benzoate market vendors
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