The global Benzenoid Market size is estimated to be USD 651 million in 2020 and is projected to reach USD 857 million by 2025, at a CAGR of 5.6% during the forecast period. The market is primarily driven by factors such as rising demand for aroma chemicals in major end-use industries coupled with favourable operating conditions, primarily in the Middle East and Asia Pacific, is expected to drive the global market for benzenoid chemicals.
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The major benzene derivatives such as benzaldehyde, benzyl alcohol, benzyl chloride, benzyl benzoate, benzyl salicylate, cinnamyl amongst others are successfully used into varied industrial applications such as soaps and detergents, personal care products, cosmetics, and household products amongst others. The use of synthetic aroma chemicals in these industries is prevalent as they can have uses and advantages that cannot be replicated by natural products or ingredients. There are hundreds of fragrances created every year, in countries all over the world.
The benzyl alocohol sub-segment in the by type segment is estimated to account for the largest share in the benzenoid chemicals market during the forecast period, since it has been approved of low acute toxicity with no concern with respect to genotoxicity and carcinogenicity and established an acceptable daily intake (ADI) of 4 mg/kg body weight (bw) per day by the The Panel on Food Additives and Flavourings (FAF). Benzyl alcohol is the most widely used benzenoid compound with applications in products such as baby lotions, oils, powders, creams, bath oils, tablets, and salts, eye makeup preparations, colognes and toilet waters, fragrance preparations, hair conditioners, hair sprays, shampoos, face powders, and makeup bases amongst others.
The cosmetics & personal care sub-segment in the by application segment is estimated to observe the second fastest growth int he benzenoid chemicals market. Most personal care and cosmetic products including sunscreen, shampoo, soap, body wash, deodorant, body lotion, makeup, facial cream, skin toner, serums, exfoliating scrubs and perfume include exclusive fragrances in them for capturing higher market demands. Consumer research indicates that fragrance is one of the key factors that affect people’s preference for cosmetic and personal care products. There are hundreds of fragrances created every year, in countries all over the world. This sector is one of the most beneficial sectors to the benzenoids market as the profit margins to these products are extremely high compared to all other application categories.
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The Asia Pacific region is estimated to account for the largest share of the global benzenoid chemicals market in 2020 in terms of value. The rising income, purchasing power, rapid growth of the middle-class population, and consumer demand for processed food and beverage products present promising prospects for growth and diversification in the region’s benzenoid chemicals sector. China ranks first in terms of imports and exports of organic chemicals globally. The global chemical industry has seen a 7% annual growth rate. With the major growth rate being driven by Asia that owns nearly half of global chemical market. The European aroma chemicals manufacturers are gradually losing their market share, failing to compete with products from Asia (mainly from China), where labor costs are much lower and the quality control is constantly growing, imitating western technologies.
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