Benzenoid Market: Trends, Size, Share, Growth, Demand, Industry Analysis, Key Player profile and Regional Outlook by 2023 | Impact of COVID-19

Compound which contain one or more benzene ring and are of special characteristics are classified as Benzenoid aromatic compound such as toluene, pyridine, pyrene, benzopyrene, dibenzopyrene, anthracene, naphthalene, and phenanthrene, and others. Moreover, Benzenoid volatiles are lipophilic compounds with a characteristic scent and can be categorized as carbocycles and heterocycles. They possess the second largest group of plant volatiles after terpenoids. They find wide application scope in soap & detergent, cosmetics & personal care products, food & beverage, household products, and others.

Some of the prominent factors that positively influence the growth of Benzenoid Market are rapid urbanization, growing cosmetics & personal care, expansion of soap & detergent sector. Rapid industrialization along with the rising per capita disposable income in developing economies are predicted to drive the growth of the market over the assessment period. However, high cost involve in research & development and compliance with quality and regulatory standards is expected to hinder the growth of the market over the forecast period.

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Key Players:

The major 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.

Market Segmentation:

The Global Benzenoid Market is segmented into types, application, and regions.

On the basis of type the market is bifurcated into natural and synthetic. Natural Benzenoid are further classified as leaves & flower, wood & bark, oil, and others. Among the types, synthetic segment accounted for the largest market share and will continue its dominance during the forecast period, 2017 to 2023. However, the demand for natural Benzenoid is predicted to increase in future on account of growing interest in pharmaceutical and food sector.

On the basis of application, the market is categorized into soap & detergent, food & beverage, cosmetics & personal care, household products, and others. Others section includes, dyes, agricultural chemical, pharmaceutical, candles, and mosquito repellant. Among these, cosmetics & personal care and soap & detergent are accounted for the largest market share on account of wide utilization of Benzenoid in personal care products such as shampoo, hair care, lotion, cream. The growth factor associated with the Benzenoid Markets are growing soap & detergent industry on account of wide utilization of detergent in household as well as public laundry. Cosmetics & personal care is predicted to be the fastest growing application segment due to increasing consumer spending on personal care products. Soap & detergent segment is expected to grow with a significant CAGR due to expansion of laundry, industrial cleaning, and household cleaning segment.

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Regional Analysis:

Regionally, Benzenoid Market is categorized into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, Europe dominates the market and accounted for around 38% of the overall market share in 2016, and is expected to grow significantly during the review period. European market is trailed by North America, which is followed by Asia Pacific. In Asia Pacific, countries such as China and India are predicted to be the dominant region on account of expansion of various end use industries. Moreover, the market for Benzenoid in Middle Eastern & African and Latin American countries are estimated to grow on account of increasing demand for food, personal care and cosmetics products.

NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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