COVID-19 Impact on Denatonium Benzoate Market
- The COVID-19 pandemic has impacted a large number of countries across the globe. Various measures introduced to deal with the pandemic such as lockdowns, fall in trade activities, and closure of various factories and workplaces in several countries could save lives. However, they carry wide-ranging economic effects that can induce an economic contagion.
- Shortage in supply of raw materials from various manufacturers of denatonium benzoate around the globe has resulted in a severe demand-supply gap. Manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to the lockdown amid COVID-19.
- The shutdown in various countries across the globe has prohibited import of various components, including additives and raw materials, required for improving performance of denatonium benzoate, thereby hampering application industries
Denatonium Benzoate Market: Segmentation
- The denatonium benzoate market can be segmented based on application and region
- In terms of application, the global denatonium benzoate market can be classified into automotive chemicals, cosmetics & personal care, pesticides, paints & coatings, and others
- Based on region, market can be been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Asia Pacific to Dominate Denatonium Benzoate Market
- In terms of geography, the global denatonium benzoate market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
- China, India, and Japan lead the denatonium benzoate market in Asia Pacific
- Rise in cultivation of high value crops and increase in awareness among farmers about the environmental benefits of denatonium benzoate are expected to create opportunities for market expansion in pesticide applications. Governmental policies in Asia Pacific countries such as subsidies (in certain countries up to 100% for marginal farmers) provided on fertilizers are the major factors boosting the market in the region.
- R&D investments in the development of denatonium benzoate and the installation of new production capacities by key players are also fuelling the market
- North America is the emerging region of the denatonium benzoate market. Increase in population, changing lifestyle, and improvement in disposable income are reasons driving the denatonium benzoate market in the region.
- The denatonium benzoate market in Europe, particularly in countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization. Norway and the Netherlands are also expected to contribute significantly to the denatonium benzoate market. Growth of the market in Europe can be ascribed to favorable government policies in the region.
- Demand for denatonium benzoate is expected to increase in Latin America and Middle East & Africa in the near future, led by growth in standard of living of people in these regions
Key Manufacturers Operating in Global Denatonium Benzoate Market
Key manufacturers operating in the global denatonium benzoate market include:
- Aversion Technologies, Inc.
- C-Tech Corporation
- Hubei Artec Biotechnology Co., Ltd.
- Johnson Matthey PLC
- Nikita Transphase Adducts Pvt. Ltd.
- PMC Specialties Group
- SENTINALCO s.a.
- Rachit Pharmachem Private Limited
Global Denatonium Benzoate Market: Research Scope
Global Denatonium Benzoate Market, by Application
- Automotive Chemicals
- Cosmetics & Personal Care
- Paints & Coatings
Global Denatonium Benzoate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Denatonium Benzoate: Introduction
- Denatonium benzoate is a bittering agent, which is used to give a bitter taste to toxic products in order to make the product more difficult to ingest. Examples of products that contain denatonium benzoate are detergents, floor cleaners, paint strippers, and toilet cleaners.
- In recent years, denatonium benzoate has been heavily promoted for inclusion in household products, gardening products, and cosmetics to prevent accidental ingestions by children
- New technological advancement has enabled more economical and more efficient denatonium benzoate products, creating opportunities for denatonium benzoate in automotive chemicals and pesticide applications
- Increase in demand for highly efficient fertilizers, favorable government regulations, and rise in the investments by key players are factors propelling the market
- Denatonium benzoate appears to be safe when used at low concentrations as an aversive agent. However, there exists limited data about whether aversive agents have an impact on either the number or the severity of pediatric ingestions, and its use should not be a substitute for other preventive measures such as child-resistant closures.