The global benzophenone market size is expected to showcase considerable growth in the forthcoming years due to the increasing application of the product in paints and coatings. This information is published by Fortune Business Insights in its report, titled “Benzophenone Market, 2022-2029“. The compound is utilized intensively in organic chemistry and as a UV curing agent, perfume fixative, flavoring agent, fragrance enhancer, and others. The growing demand for the compound in various adhesives and sealants is expected to further drive the growth of the market globally.
By application, the market for benzophenone is segmented into paints & coatings, adhesives & sealants, agrochemical, pharmaceutical, home care, and personal care. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions.
The report has details on all the latest technology available in the market for benzophenone. The technological advances made in the industry have been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advises various solutions to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
Increasing Focus on Development of Building and Construction Industry to Augment Growth
The rising demand for the compound in paints and coating is boosting the benzophenone market growth. The increasing preference for aesthetic interior decoration in households and commercial spaces is further generating demand for various paints and coatings. For instance, in October 2019, Berger Paints India acquired STP Ltd. which is a construction material manufacturer. This acquisition was aimed at enhancing the company’s profile, while expanding its business. The growing end-user industry for the compound and its application in the chemical industry is expanding its consumer base across various sectors.
Rapid Economic Development in Asia Pacific to Spur Demand for Product
Asia Pacific is expected to hold the largest benzophenone market share in the foreseeable future. This is due to the region being the largest producer of the compound. Moreover, the rapid economic development coupled with rising standard of living in the region has led to urbanization. This is projected to fuel the growth of the product in the region.
North America is anticipated to hold substantial market share in the forthcoming years. The presence of prominent manufacturers in the region and constant advancement in the chemical industry is projected to facilitate high demand for the product.
Read Related News:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –