Benzenoid Market Growth Opportunities by 2025

The global benzenoid market size is estimated to be USD 651 million in 2020 and is projected to reach USD 857 million by 2025, at a CAGR of 5.6% during the forecast period. The market is primarily driven by factors such as steadily goring cosmetics, personal care and beauty market, cheaper availability of raw materials, and increasing trend of unique aroma formulations.

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The benzenoid chemicals market is dominated by a few globally established players such as Tennants Fine Chemicals Ltd. (England), Jayshree Aromatics Pvt. Ltd. (India), Emerald Kalama Chemical (US), International Flavors & Fragrances, Inc. (US), and Eternis Fine Chemicals (India). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

Jayshree Aromatics Pvt. Ltd. has gradually emerged as a strong player globally in the aroma chemicals sector. The company’s operations are a 100% concentrated on exports. The company has strong backing for conducting processes, such as chlorination, hydrogenation, distillation, and acetylation, in the same premise. The company’s growth is firmly driven by innovative chemistry and technology. Jayshree Aromatics Pvt. Ltd. has maintained a strong certification portfolio including ISO, HACCP, FSSAI, HALAL & KOSHER, and REACH certifications. These have helped the company develop as a strong exporter of aroma chemicals globally.

Tennants Fine Chemicals is a key aroma chemical and acetate ester chemicals manufacturer in the UK. It is owned by Tennants Consolidated Ltd. The company serves manufacturers with chemicals required in primary manufacturing processes and has over the years successfully developed an export network in over 90 countries worldwide. The three key areas of operation of the organization include distribution of chemicals, production of specialty chemicals, and services. Tennants Fine Chemicals Ltd. has established manufacturing sites in North America, South America, Europe, and China.

Emerald Kalama Chemical a business unit of Emerald Performance Chemicals offers wide range of flavor and fragrance intermediates, food & beverages preservatives, plasticizers, and other additives. This company was formed after the merger of aroma chemical business of Innospec Inc. in 2015 with Emerald Kalama, after an investment of USD 40 million. It focuses on investing in the toluene oxidation chemistry. It is one of the leading global producers of benzoic acid, benzyl alcohol, benzaldehyde, sodium benzoate, potassium benzoate, and specialty derivatives such as linear aldehydes and hexyl cinnamic aldehyde. The company offers its products through three product segments, namely, benzoates & intermediates, aroma chemicals/flavor & fragrance, and K-FLEX (non-phthalate, low-VOC plasticizers, and coalescent). The company has its manufacturing facilities located in Kalama (US), Rotterdam (Netherlands), and Widnes (UK). It offers its products to 70 countries across the globe. The company majorly exports benzoic acid to various plastic additive manufacturers in Asia. Aroma chemicals are exported to the key markets of Mexico and Argentina. Some of its key clients in these markets are Firmenich Argentina, Brenntag, and IFF Mexico.

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China ranks first in terms of imports and exports of organic chemicals globally. The global chemical industry has seen a 7% annual growth rate. countries such as China, Japan, South Korea, and Indonesia are doing exceedingly well in the cosmetics, beauty, and personal care products market. According to Istrata reports, Southeast Asia revenue in the Beauty and Cosmetics segment amounts to USD25.449 billion in 2020 where 74% of sales contribute to mass-marketed cosmetics and 26% to luxury items. Thus the region accounts for the largest market shares in the global benzenoid market.