The benzyl benzoate market is expected to grow by USD 14.66 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Benzyl Benzoate Market 2020-2024 (Graphic: Business Wire)
The global cosmetic and personal care industry is growing at a significant rate, owing to the diverse categories of products available in the market, specifically for skin care and hair care. Almost all cosmetic and personal care products contain benzyl benzoate as it acts as an excellent solvent and preservative for other compounds present in those products. In addition, the aromatic properties of benzyl benzoate make it an essential part of skin and hair care products. Furthermore, benzyl benzoate is used in many gel-based creams and lotions owing to its viscosity-decreasing property. Thus, the rising need for cosmetic and personal care products will drive the growth of the market during the forecast period.
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As per Technavio, the inclination toward organic synthesis of raw materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Benzyl Benzoate Market: Inclination toward Organic Synthesis of Raw Material
The manufacturing process of benzyl benzoate includes catalytic reactions of various raw materials, such as benzyl chloride, benzyl alcohol, and other benzyl derivatives, which are toxic in nature and have negative impacts when exposed in air or disposed in water. Therefore, several research and development activities are being carried out in order to synthesize the raw materials using eco-friendly processes, which are expected to produce comparatively less toxic chemical products. The organic synthesis of the raw materials results in the production of safer and efficient industrial grades of benzyl benzoate. Therefore, the inclination toward organic synthesis of raw material will be one of the key trends in the market.
"Factors such as the expansion in raw material manufacturing facilities, growing textile industry, and the growing global prevalence of scabies will have a significant impact on the growth of the benzyl benzoate market value during the forecast period," says a senior analyst at Technavio.
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Benzyl Benzoate Market: Segmentation Analysis
This market research report segments the benzyl benzoate market by application (textile auxiliaries, flavors and fragrance, pharmaceuticals, and plasticizer) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the benzyl benzoate market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the booming pharmaceutical and textile industry in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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