Benzoyl Peroxide Market Overview:
According to American Academy of Dermatology (AAD), 50 million Americans suffer from acne annually, and almost 85% of people between the age of 12 and 24 from the global population experience at least minute acne once in life. Benzoyl peroxide reduces the bacteria that cause acne when applied on the skin which happens to be the reason it is used as a prescribed paste for the same. The growing number of people suffering from acne owing to the discernible rise in population is creating a myriad of opportunities in the benzoyl peroxide market. In terms of volume, the global benzoyl peroxide market size was around 12.6 KT in 2018, and the demand for the same is estimated to grow with a compound annual growth rate (CAGR) of around 3.54% during the forecast period of 2019 to 2025.
Owing to genetic reasons, sensitive skin, and other aspects that attribute to the stressful life that people lead and increasing obesity rates in North America, the region bears the maximum number of people suffering from acne not only during adolescent but also in the later stage of life. Apparently, these people are prescribed with benzoyl peroxide for curing the skin disease, which happens to be the foremost factor responsible for North America being the leading region in the benzoyl peroxide market in 2018 with a market share of around 32%.
Benzoyl Peroxide Market Outlook:
Benzoyl peroxide is an industrial chemical that is widely used as antibiotics and for bleaching floor, hair bleaching, teeth whitening, and textile bleaching. However, its major application is in the pharmaceutical sector. As mentioned above, the most important role of benzoyl peroxide is in the treatment of acne wherein it is used in combination with antibiotics.
There is an enormous number of people suffering from acne which is also documented by the National Center for Biotechnology Information (NCBI) as the eighth most rampant disease worldwide with 9.4% of the global population suffering from it, and this makes up for a huge benzoyl peroxide marketplace in pharmaceuticals, and its application in the sector will grow with a CAGR of 4.21% through to 2025.
Benzoyl Peroxide Market Growth Drivers:
- The Growth of the Polymers Market –
According to a business intelligence study by IndustryARC, the polymers market was valued to be $665.6 billion in 2018. Furthermore, the demand for polymers is estimated to grow with a steady CAGR of 5.1% during the forecast period of 2019 to 2025. This is a boon to the benzoyl peroxide market because the chemical is prevalently used as a polymerization initiator in various manufacturing units. Considering the growth in the packaging sector is warranting an upsurge in plastic production, the polymer industry is a fairly sustainable marketplace for the vendors manufacturing benzoyl peroxide.
- The Increasing Consumption of Cheese –
World cheese industry was gauged to have grown by 2.5% in 2017 which translated to 4971,000 tons of total trade, according to the findings by the Food and Agricultural Organization (FAO). A gamut of cheese manufacturers uses benzoyl peroxide as a bleaching agent in flour which largely supports the benzoyl peroxide market. Even though there are other alternatives available in the market, some manufacturers still leverage the bleaching characteristic of benzoyl peroxide for cheese production.
- The Demand Influx in the Composites Market –
There has been a perceptible growth in demand for composites as the material is used in various industries that range from aerospace and construction to industrial structures such as storage tanks and even pipelines. Benzoyl peroxide is used as an initiator in the manufacturing of composites. Considering that the future will observe massive growth of aerospace, construction, and industrial sector, benzoyl peroxide will be continuously used to suffice the demand for composition.
Benzoyl Peroxide Market Trends:
In March 2019, Glenmark Pharmaceuticals received Abbreviated New Drug Application (ANDA) approval by the Food & Drug Administration (FDA) for the production of benzoyl peroxide. The new production facility is envisioned to position the company in the acne treatment and benzoyl peroxide market.
Latest Development by Arkema – The organization developed Luperox A75 benzoyl peroxide which will be widely used for room temperature curing operations such as thermosetting. Moreover, this product can be used to achieve acrylic composites using amine accelerators.
Benzoyl Peroxide Market Challenges:
Alternatives such as salicylic acid, niacinamide, glycolic acid, and azelaic acid are disrupting the competitive structure of the benzoyl peroxide market which is becoming a major challenge to the vendors. Additionally, benzoyl peroxide is found to cause side effects such as burning, itching, and peeling to the ones who use it for the treatment of acne. However, physicians and skin specialists are still prescribing the paste to cure skin disease. Moreover, the vendors are reinventing product strategies in order to provide a harmless solution in the pharmaceutical sector. Apart from this, the marketplace in the construction and industrial sector is still secured for the vendors in the benzoyl peroxide market.
Benzoyl Peroxide Market Key Players Perspective:
The key players striving to capitalize on the demand influx in the benzoyl peroxide market are AkzoNobel, United Initiators, Arkema, and Chinasun Specialty Products, Taizhou Yuanda, Haixiang, and SACI.
Benzoyl Peroxide Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the benzoyl peroxide market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of benzoyl peroxide market, and its application in various sectors that include pharmaceutical, industrial, and construction.
Benzoyl Peroxide Market Report: Industry Coverage
The benzoyl peroxide market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Benzoyl Peroxide Market Report
Is the market demand for benzoyl peroxide growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for benzoyl peroxide market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global benzoyl peroxide market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures