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.
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Updated Thermoset Molding Compounds Market News and Forecast Analysis
The Thermoset Molding Compounds Market is a successful enterprise that employs a large number of people and has a significant impact on the global economy. Many readers of this newsletter may be interested to know the trends that will influence the Thermoset Molding Compounds Market in the near future. This article provides a summary of some of these trends, including a few perspectives related to their relevance.
List of Key Players Profiled in the 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
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.
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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.
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