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Benzenoid Market Analysis

Report ID: GMI6421
Published Date: Aug 2023
Report Format: PDF

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Benzenoid Type Market Analysis

Benzenoid Market Size, By Type,

Based on type, the benzenoid market is segmented as benzaldehyde, benzoic acid, toluene, xylene, styrene. Benzaldehyde held a majority market value of USD 214.6 million in 2022. Benzaldehyde is utilized in the fragrance and flavor industry as a key component in creating almond-like scents. Toluene is a versatile solvent used in various industrial applications, including paints, adhesives, and chemical synthesis. Moreover, an increasing usage will further accelerate the segmental growth.

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Based on source, the benzenoid market is segmented as natural and synthetic. Natural segment held the dominant market share of around 55% in 2022. Consumers are increasingly seeking natural and organic products, including fragrances and flavors derived from essential oils. This trend drives the demand for benzenoids from natural sources. Essential oils are used in aromatherapy and wellness products for their therapeutic properties, contributing to the demand for natural benzenoids.

Based on application, the benzenoid market is segmented as flavor and fragrance, food and beverages, pharmaceuticals, polymers and plastics, paints and coatings, others. Food & beverages held a dominant market share in 2022 and is anticipated to grow at 4.8% CAGR till 2032. Consumer demand for scented products, such as perfumes, body care, and home fragrances, drives the need for benzenoids used as aromatic compounds. The trend of personalized fragrances and flavors creates demand for a diverse range of benzenoids to cater to individual preferences. Thus, the high-quality services and growing usage of Benzenoid are anticipated to expedite the business expansion.

U.S. Benzenoid Market Size,

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U.S. dominated the North American region with majority market share and a revenue of USD 162.3 million in 2022 and is anticipated to expand at a significant pace from 2023-2032. The North American market has a strong demand for fragrances and flavors in personal care and beauty products, including perfumes, lotions, and hair care items. Thus, the above-mentioned variables would augment the Benzenoid business growth in the North America positively.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for benzenoid was USD 700 million in 2022 and is estimated to reach USD 1167.1 million by 2032 owing to increasing demand in the food and sector industry for fragrance and flavoring agents.

Benzenoid industry size from the benzaldehyde type segment accounted for USD 214.6 million in revenue in 2022 and is likely to gain significant traction through 2032 owing to surging need in various industrial applications, including paints, adhesives, and chemical synthesis.

U.S. market size for benzenoid was USD 162.3 million in 2022 and is anticipated to expand at significant pace through 2032 owing to the rising demand for fragrances and flavors in personal care and beauty products, including perfumes, lotions, and hair care items in the region.

The competitive landscape of the benzenoid industry includes prominent companies, such as BASF SE, Dow Chemical Company, Exxon Mobil Corporation, DuPont de Nemours, Inc., Huntsman Corporation, Lanxess AG, Chevron Phillips Chemical Company LLC, and LyondellBasell Industries N.V.