The size of the benzyl benzoate market has the potential to increase at a 4.1% CAGR during the forecast period of 2024 and 2032, and the market's growth will accelerate over the course of the forecast period due to the steady increase in year-over-year growth. In the pharmaceutical industry, benzyl benzoates have a wide range of applications and are recognized as an essential medicine for the treatment of scabies and the control of lice infestations. According to the World Health Organization (WHO), benzyl benzoate is one of the most essential human healthcare medications. The rising use of benzyl benzoate in the pharmaceutical industry as well as in the flavor and fragrance business is the most significant factor driving the growth of the global benzyl benzoate market. In non-medical contexts, benzyl benzoates have been utilized in the textile industry and as a plasticizer. In addition, it can be used as a color carrier, a pesticide to repel mosquitoes and a solvent for cellulose derivatives. In addition to the personal care products market, the pharmaceutical industry has demonstrated a substantial demand for benzyl benzoate. There has been an increase in the number of uses for benzyl benzoate in the pharmaceutical sector as a result of an older population and the rising prevalence of chronic diseases. This increase in applications would contribute to the expansion of benzyl benzoate products and fuel market expansion.
It is estimated that fragrance manufacturers devote roughly 8 percent of their yearly net revenue to research and development. Retailers and manufacturers of consumer goods frequently rely on the fragrance industry's innovation to provide differentiation through the use of technology, a grasp of consumer trends, and ecologically responsible production. Individuals' shifting flavor preferences, particularly in the wake of the implementation of global lockdowns, are projected to boost the benzenoids market for high-quality benzenoid chemicals in the near future.
According to the World Health Organization, there are around 300 million recorded cases of scabies worldwide each year. The Pacific and South American regions are driving the industry due to the region's high population density. It is projected that the market for scabies treatment would expand in developing nations where the majority of the population is constituted of young people. Scabies is caused by environmental factors, which are also anticipated to be the key factor driving the scabies treatment market over the forecast period. Home healthcare treatments have the potential to be a restraint, as their presence will lower the demand for prescription-only drugs.
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The expansion of the market is being hampered by reasons such as fluctuating raw material costs and the proliferation of substitute products. In the past year, the price of crude oil has fluctuated by as much as $60 per barrel, which has become a major concern for the benzyl benzoate business. This is because the prices of fuel and chemicals have a negative impact on a vast array of other market areas.
In 2023, industrial grade accounted for over 54% of the total revenue generated by the worldwide benzyl benzoates market. This made it the most essential business category. The increasing use of benzyl benzoates as textile auxiliaries and as a plasticizer is hypothesized to increase demand for industrial-grade benzyl benzoates over the forecast period. If the current trend continues unabated for the duration of the prognosis, industrial-grade benzyl benzoate will maintain its position as the sector's market leader. It is projected that the industrial grade segment will provide the most income overall.
In terms of revenue, textile auxiliaries were identified as the most dominant segment of the global benzyl benzoates market in 2023, accounting for more than 43.7% of the market share. During the time of projection, it is predicted that the category would maintain its leading position while rising at a significant compound annual growth rate (CAGR) in terms of revenue. It is anticipated that the textile application area would be the most prominent application area and that its growth rate will remain stable over the forecast period. Benzyl benzoate is frequently used in the textile industry as a dye carrier, leveling agent, and sealant.
Asia-Pacific was found to be the most important region in 2023, accounting for over 42% of the global benzyl benzoate market's total sales. Throughout the period covered by this forecast, it is also anticipated that the region would see the greatest increase in benzyl benzoate use (2023–2031). Its growth is attributable to the region's fast-growing textile, cosmetics, and pharmaceutical industries. China is the most significant market for benzyl benzoate in the region due to its exclusivity in the worldwide textile and fragrance sectors. It is projected that India's developing pharmaceutical and healthcare industries will advance at a healthy rate, leading to a rise in the country's demand for benzyl benzoate. In addition, increased import and export operations by developing economies due to a shift in manufacturing bases to low-cost economies such as India and China are anticipated to drive demand for benzyl benzoate throughout the projection period. This is anticipated to be the key driver boosting benzyl benzoate demand.
The benzyl benzoate market is significantly consolidated. Leading players 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, and Liaoning Huahai Chemical, among others. Even though the rising demand for cosmetics and personal care products will give substantial expansion opportunities, the significant threat of substitute competition is anticipated to impede the expansion strategies of market participants. To make the most of the chances, market suppliers should focus more on the growth potential in the fast-developing sectors of the market while retaining their positions in the slower-expanding segments.
