According to a new market report published by Acute Market Reports “Global Benzyl Benzoate Market by product type, pharmaceutical grade, industrial grade and flavors & fragrance grade; by Application, pharmaceuticals (in scabies therapy), textile auxiliaries (dye carrier, leveling agent, healant), flavors & fragrance (the sole solvent of musk) and plasticizer; and by geography North America, Europe, Asia Pacific, Latin America and Middle East & Africa – Market Growth, Future Prospects and Competitive Analysis, 2017 – 2025 ,” the global benzyl benzoate market is expected to reach over US$ 80.7 Mn by 2025, expanding at a CAGR of 4.4% from 2017 to 2025.
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On the basis of type, the global benzyl benzoate market is segmented into pharmaceutical grade, industrial grade and flavors & fragrance grade. In 2016, industrial grade was observed to the largest segment for the benzyl benzoates accounting for more than 50% revenue share in global benzyl benzoates market. Increasing use of benzyl benzoates in textile auxiliaries and plasticizer is projected to drive the demand for industrial grade benzyl benzoates during the forecast period. Industrial grade segment is also expected to register highest by revenue.
On the basis of end use applications, the global benzyl benzoate market is segmented pharmaceuticals (in scabies therapy), textile auxiliaries (dye carrier, leveling agent, healant), flavors & fragrance (the sole solvent of musk) and plasticizer. In 2016, textile auxiliaries is observed to be the most dominant segment accounting for more than 40% market share by volume and by revenue in global benzyl benzoates market. The segment is projected to grow at significant CAGR by revenue and is expected to maintain its dominance through the forecast period. Plasticizer segment is expected to be the fastest growing segment with highest CAGR by revenue in upcoming years.
For the purpose of this study, the global hand sanitizer market is categorized into regional markets viz., North America, Europe, Asia Pacific and Latin America and Middle East and Africa. In base year 2016, Asia Pacific was observed as the largest market for benzyl benzoates followed by North America and Europe. Asia Pacific is expected to achieve highest growth rate compared to other regions due to presence of countries such as China, India and Japan are observing significant industrial growth.
Furthermore, the companies are focusing on expanding their business network, across regional markets. They are strengthening their market penetration by offering wide product range in the benzyl benzoates segment. Emerald Kalama Chemical, Hunan Hongrun Chemical Technology Co., Ltd., Hubei Greenhome Fine Chemical CO., LTD., Jiangsu BVCO Biological Technology CO., LTD. , LANXESS, Liaoning Huayi Chemical Industry& Commerce Co., Ltd., Tianjin Dongda, Tianjin Dajia Chemical Co., Ltd., Wuhan Biet Co., Ltd., Wuhan Sinocon New Chemical Materials Co., Ltd., Wuhan Youji Industries Co., Ltd., Zengrui Chemical Zibo Co., Ltd., etc. are few key manufacturers in global hand sanitizer market.
– High Demand from End-use Industries
– Volatile Raw Material Prices & Increasing Use of Substitutes are impacting the growth of the market
– Rising Demand from High Growth Economies
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