Benzophenone Market Size, Share & Industry Analysis, By Application ( Paints & Coatings, Adhesives & Sealants, Agrochemical, Pharmaceutical, Home Care, Personal Care ) and regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Benzophenone is an organic compound with a formula (C6H5)2CO. It is a white solid, that dissolves in organic solvents. Benzophenone is a commonly used key component in organic chemistry. Benzophenone is used as an UV curing agent, flavouring ingredient, perfume fixative, fragrance enhancer and as a filler for plastics, and adhesives formulations. Benzophenone is also used as a filter to avoid light-induced ultraviolet exposure to cosmetics.
An increase in demand for benzophenone in application in paints & coatings and adhesives & sealants drives the global market for benzophenone. The potential of benzophenone to avoid discoloration and photodegradation of the physical, chemical, and mechanical properties of Ultraviolet energy polymers is predicted to propel the market growth. However, the availability of substitutes, such as benzotriazole offers high penetration and is efficient with a wide range of polymeric materials and additives which, in turn, inhibits the growth of the global market.
Market Segmentation:
Based on the application, the market is classified into paints & coatings, adhesives & sealants, agrochemical, pharmaceutical, home care, personal care. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increasing application in paints and coatings drives the market.
Key Market Restraint -
Availability of substitutes will restrict growth.
Key Players Covered:
The global benzophenone market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global benzophenone market SONGWON Industrial Group, BASF SE, ADEKA Corporation, Bioray Chemical Co., Ltd., SI Group, Inc., Clariant AG, Chitec Technology Co., Ltd., Everspring Chemical Co., Ltd., Rianlon Corporation, Everlight Chemical Industrial Corp., Chongqing ChangFeng Chemical, Shanghai Yongzeng Chemical and others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Global Benzophenone Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
The global benzophenonemarket has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the market for benzophenone. Asia Pacific is the world's largest producer of benzophenone. Rapid economic development, rising people's standard of living and large-scale urban growth have fuelled demand for benzophenone in Asia Pacific. It, in effect, is expected to boost the benzophenone demand in Asia Pacific. Popular manufacturers of benzophenone operating throughout North America are continuously involved in the enhancement of existing chemicals and processes, as well as in the production of new and unique products through intensive research and development activities that stimulate the region's growth rate. Latin America is likely to increase substantially during the forecast period due to an increase in development by some automakers in the region. In addition , increased investment in transport infrastructure, electricity and housing developments is projected to boost the paint & coatings industry in the near future. Thus it , is expected to improve the benzophenone market in Latin America in the near future. The Middle East and the African region will be among the latest advancement in regional industrial growth especially in the development of manufacturing plants.
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Segmentation
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- Ongoing
- 2023
- 2019-2022
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