Global Benzophenone Market: Introduction
- Benzophenone is used as a photo initiator in UV-curing applications such as inks, imaging, and clear coatings in the printing industry. It belongs to the class of UV absorbers. Benzophenone acts by changing the conformational structure, emitting higher wavelength, and converting UV light into heat. It offers low to moderate stabilization performance for general applications. Benzophenone is often used in paints and coatings due to its excellent solubility in the oil phase and low melting point.
- In home care applications, benzophenone is primarily used as a fragrance ingredient in laundry and cleaning products. It is added to perfumes to provide protection against degradation from UV rays and air. Additionally, benzophenone is often used as an industrial photo initiator in adhesives and sealants.
Properties of Benzophenone to Drive Market
- The global benzophenone market is driven by the rise in demand for benzophenone in various applications such as paints & coatings, adhesives & sealants, agrochemical, pharmaceutical, home care, and personal care. Ability of benzophenone to prevent discoloration and photo degradation of physical, mechanical, and chemical properties of polymers from UV light is expected to drive the market in the near future.
Covid-19 Pandemic and Stiff Competition from Substitutes to Hamper Benzophenone Market
- Benzophenone is primarily employed in the production of paints & coatings formulations, which are further used in the building & construction sector. However, disruption as well as modification of the supply chain due to the ongoing Covid-19 pandemic is anticipated to adversely affect the demand for benzophenone in the building & construction sector. Weakening of the global economy due to the spread of the Covid-19 pandemic is further estimated to hamper the benzophenone market.
- Prominent substitutes of benzophenone include benzotriazole, triazine, and hindered amine light stabilizers. Benzotriazole offers high and broad absorption ranging from 270nm to 400nm and is compatible with a wide range of polymer systems and additives. This helps prevent gloss reduction, cracking, blistering, and color change. Additionally, these types of UV absorbers offer better properties than benzophenone, even though the cost of benzotriazole Is bit higher than benzophenone. Therefore, benzotriazole is used extensively in formulations of paints and coatings. On the other hand, triazine possesses superior light fastness property compared to benzotriazole and benzophenone. Additionally, it can be used for acidic rain applications or acid-catalyzed systems. This is expected to hamper the benzophenone market in the next few years.
Asia Pacific to Hold Major Share of Global Benzophenone Market
- Based on region, the global benzophenone market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a leading global consumer of benzophenone. China is one of the leading producers of benzophenone across the world. Rapid economic growth, improvement in the standard of living of the people, and large-scale urbanization have boosted the demand for benzophenone in Asia Pacific. Government programs such as the National Smart Cities Mission are projected to boost the construction industry in India. This, in turn, is anticipated to augment the benzophenone market in Asia Pacific. However, the Covid-19 pandemic has disrupted the building & construction sector. This is estimated to hamper the consumption of benzophenone in the near future. However, building & construction sector is expected to bounce back after two to three years, thereby fueling demand for benzophenone across Asia Pacific in the near future.
- Prominent manufacturers of benzophenone operating across North America include SI Group, Inc., 3V Sigma USA Inc., Valtris Specialty Chemicals, and Mayzo, Inc. These producers are primarily engaged in enhancing existing chemistries and processes as well as development of innovative and unique products through extensive research & development activities.
- The market in Brazil is much larger compared to that in Mexico due to the former’s expanding economy. However, the market in Mexico is likely to expand significantly during the forecast period owing to the rise in investment by certain automakers in the country. Additionally, increase in investments in transport infrastructure, energy, and housing projects is expected to drive the paints & coatings sector in the near future. This, in turn, is projected to boost the benzophenone market in Latin America in the near future.
Key Players in Global Benzophenone Market
The global benzophenone market is highly fragmented. Major players operating in the global benzophenone market include:
- 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
- Everlight Chemical
- YiDu Jovian Industry
- Lianyungang Deyang Chemica
- Hubei Meikai Chemical
Global Benzophenone Market: Research Scope
Global Benzophenone Market, by Application
- Paints & Coatings
- Adhesives & Sealants
- Home Care
- Personal Care
- Others (Food Packaging, Plastic Packaging, Inks, Colorants, etc.)
Global Benzophenone Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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