Oxybenzone is a common derivative of Benzophenone which is capable of absorbing UVB, and UVA II rays, which results in a photochemical excitation and absorption of energy, and when the compound returns to its ground state, the absorbed energy results in the emission of more prolonged wavelength radiation and decreases skin penetration of radiation which reduces the risk of DNA damage. According to BlueQuark Research & Consulting, the global Oxybenzone market is expected to witness a significant growth rate during the forecasted period. Factors like the increasing use of Oxybenzone in the manufacture of commonly used sunscreens are expected to drive the global Oxybenzone market. Further, the use of Oxybenzone as coatings to prevent harmful UV radiations from damaging consumer products is projected to drive the global Oxybenzone market. However, factors like increasing health problems related to Oxybenzone like cancer, endocrine disruption, developmental and reproductive toxicity, organ system toxicity, irritation, and Stringent Government regulations are expected to hinder the market growth.
Oxybenzone is used as a standard sunscreen, body lotions, soaps, anti-aging creams, aftershaves, baby oils, baby shampoo, and it is also used in the manufacture of insecticides, agricultural chemicals, hypnotic drugs, antihistamines, and other pharmaceuticals.
The Personal Care segment is the biggest consumer of Oxybenzone and is projected to drive the global market. It is used mainly because of its properties as it forms some colorless crystals that are readily soluble in most of the availiable organic solvents. It is used as an ingredient in sunscreen and other cosmetics because it absorbs UV-A ultraviolet rays. Further, leading consumer goods company Beiersdorf AG posted revenues of EUR 3.8 billion, a 12.3% year-on-year increase in its half-yearly reports for 2021. Properties of Oxybenzone like absorbing light in the UV-B (280–315 nm) and short-wavelength UV-A (315–355 nm) ranges make it ideal for use in sunscreens and other consumer goods. Leading Consumer Goods Company,The Edgewell Personal Care Company, posted net sales of USD 573.7 Million and an 18.6% year-on-year increase showing the growth in the market. Increasing global temperatures and booming population have increased the need for sunscreens by the consumers and the need for coatings that prevent UV radiations from causing any harm to the goods on which the coatings are applied. All the factors add up to the increased need and demand for Oxybenzone in the market.
Some of the market's key players areHangzhou Sunny Chemical,Hongda Group Company Ltd.,Hangzhou Jingyou Chemical Industry Co., Ltd.,Everlight Chemical Industrial Corp.,3V Sigma,SI Group, Inc.,Clariant AG,Rianlon Corporation, among others.
Asia-Pacific region is expected to be the leader in the production and consumption of Oxybenzone, with most of the consumption in countries like China and India. The demand for personal care products, cosmetics, and pharmaceuticals is enormous in the region since more than half of the world’s population lives there. Further, the use of Oxybenzone as a UV light inhibitor in paints and other coatings in the construction industry and the consumer goods industry is expected to drive the market in the region. Moreover, the use of Oxybenzone as a critical sunscreen manufacturing component is expected to drive sales in the region since the growing population demands more sunscreen. Growing demand from the Asia-Pacific region for better products in the personal care, cosmetics, and pharmaceutical industries has made Oxybenzone an essential material for the region's growth. Factors like these have made Asia-Pacific an essential region for growth in the Oxybenzone market. Additionally, Oxybenzone can be used for acidic rain applications or acid-catalyzed systems, thus driving the growth in the region. Thus adding to the demand for Oxybenzone in the Asia-Pacific Region.
Global Oxybenzone Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Oxybenzone market by segmenting based on the Type (95% Purity, 97% Purity, 99% Purity, Others), Application (Sunscreens, Plastics, Furniture Finishing, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.