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Oxybenzone Market

Oxybenzone Market

Oxybenzone Market Forecast, Trend Analysis & Competition Tracking - Global Review 2020 to 2030

Oxybenzone Market
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Oxybenzone Market: Overview and Dynamics

Oxybenzone belongs to the category of aromatic ketones known as benzophenones. Oxybenzone is a chemical naturally present in some flowering plants, but it is produced commercially from benzoyl chloride and 3-hydroxyanisole (1, 2). Oxybenzone is a derivative of benzophenone, which is used as a sunscreen agent due to its ability to absorb UVB and short-wave UVA Ultraviolet rays, acting as a filter and minimize skin damage caused by UV rays.

One of 16 sunscreen active ingredients (compounds that absorb, diffuse or reflect ultraviolet (UV) radiation) allowed for use in the United States is Oxybenzone (also known as benzophenone-3 or BP-3). The U.S. controls sunscreens as over-the-counter (OTC) drugs via its Food and Drug Administration (FDA). As an FDA approved active ingredient, Oxybenzone finds its uses in sunscreen and is proven to be safe and effective when used in concentrations up to 6%.

Sunburn and skin cancer are the major causes prompting the use of cosmetics thereby leading to a rise in the use of Oxybenzone which is a vital ingredient in sunscreens, foundations, moisturizers, lip balms among others. Although Oxybenzone is a toxic chemical ingredient majorly used in cosmetic products, it also has other diverse uses in the manufacturing of plastics, paints, and a variety of furniture finishes.

Major demand from millennials and generation Z has been seen in the prevalence of sun care creams with anti-aging and SPF benefits, which has accelerated the growth of the sunscreen industry and in turn leading to the development of the Oxybenzone market. Attributed to the ever-increasing cosmetic industry in developed as well as developing countries, the Oxybenzone market is expected to grow at a higher CAGR in the upcoming years.

However, recent studies show some side-effects ranging from reduced energy and hormonal issues in both males and females, leading to a move on from Oxybenzone based products, and towards plant-based cosmetics may hamper the growth to some extent. Furthermore, certain studies link Oxybenzone with having harmful effect on coral reefs and causing its bleaching. This has led to numerous governments passing laws to ban the products containing Oxybenzone and other chemicals damaging the environment.

This has a deteriorating effect on the demand related to Oxybenzone related products, especially those which have been proven to cause damage to the environment. Moreover, the manufacturers located in those area are obliged to follow the changing government and environmental regulations, causing hefty loses, negatively effecting the already existing demand disruption in place owing to unprecedented lockdowns in place to curb the rising cases of COVID-19.

COVID-19 Impact Insights 

Owing to the COVID-19 pandemic, majority of the countries imposed strict lockdowns and social distancing measures, to flatten the COVID-19 daily cases rise graph. COVID-19 pandemic has presented massive disruptions in majority of the industries including cosmetics with people moving towards work from home culture and thereby reduction in cosmetic product usage, leading towards economic losses at a global level.

Furthermore, the plant shutdowns in North America, Europe, India, South Korea in the second quarter of 2020 has reduced the production scale of personal care and cosmetics, furniture finishes, paints resulting in a drop in the production of Oxybenzone. Moreover, these lockdowns were not properly implemented in many countries leading to a spike in the overall active cases in the region. It is almost a year since the first strain of COVID-19 was detected and now there are news stating that, the COVID-19 strain is mutating.

For instance, recently a newer strain of COVID-19 which was found in UK led to numerous passenger and cargo flights being cancelled, from and to UK so as to prohibit the transmission of the newer strain in the destination countries. This has led to multiple newer forms of weekly lockdowns and further deteriorating the supply chain flow which just seemed to have been started in a phased manner.

Although, reopening of the industries has opened the gates to the manufacturers to supply Oxybenzone. On the other side of the COVID implications coin, Tier-2 manufacturers are struggling to manufacture and channel the product in the market owing to the higher marginal loss and partial demand from the market. Considering the aforementioned factors, market is set to resuscitate completely by Q3 of FY2021.

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Oxybenzone Market: Regional Outlook

Based on the regional split, six major regions, including North America, Europe, Latin America, East Asia, South Asia and Oceania and the Middle East & Africa, are taken into account in the 'Oxybenzone Market' study. In the global Oxybenzone market, Asia Pacific holds a small share, however, it is estimated to be the fastest-growing market in the coming years.

In developing countries such as India, Malaysia, Indonesia and Thailand, the main reason for this is increased health awareness and the rising demand for Oxybenzone in cosmetics. Moreover, China holds dominance in the supply and manufacturing of Oxybenzone but the end consumer industry mostly is present in developed countries.

Besides, the increased demand for cosmetics from the middle-class population, which is rising at a substantial pace in developing countries, ultimately contributes to a rise in the requirement of Oxybenzone based cosmetic products. In terms of consumption, North America had the largest share of the global demand for Oxybenzone. Europe is also following North America in terms of end-consumption and is expected to grow moderately over the assessment period (2020 -2030).

However, there has been certain studies in the recent times linking Oxybenzone to the coral bleaching, which though is debatable in nature has formed the basis of certain governments passing laws to prohibit the sale of Oxybenzone containing products, to preserve coral reefs.

For instance, a study published in in 2015 in Archives of Environmental Contamination and Toxicology linking Oxybenzone to coral damage led to banning Oxybenzone containing products in Palau, and this ban was supposed to come into effect in 2020. Similarly, Hawaii State Legislature passed a bill prohibiting the sale of non-prescribed sunscreen which has Oxybenzone and other chemicals linked with damaging coral reefs, and is supposed to come into effect from 1st January, 2021.

Similar ban on sale of sunscreen that contain Oxybenzone and octinoxate was implemented via a legislation in Key West. However, this was suspended by Florida state legislature by Senate bil 172. Also, Florida voted against a ban of Oxybenzone related products, by mentioning the benefits of Oxybenzone in cosmetics and arguing that there is not enough scientific evidence supporting the ban.

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Oxybenzone Market: Key Players

Being a moderately consolidated market, players have a dominant presence across regions through streamlined distribution networks. ATK Chemical, Hubei Meikai Chemical, Ash Longchem, Dallion Richfortune Chemicals, Kunshan Odowell, Wellona Pharma, Salicylates And Chemicals, Salavidas Pharmaceutical etc. are amongst the prominent players in Oxybenzone market accounting for over 60% of the market revenues.

Furthermore, certain players are investing in research and development activities related to the changing consumer demand towards organic and plant based Oxybenzone products. Manufacturing and establishing long term supply contracts with the industries and are providing an upper edge to the market players.

However, regional clusters in the Asia-Pacific region backing the local manufacturers are presenting challenges to global players offering their products at higher price points which in turn is significantly disturbing the overall Oxybenzone market revenues.

The research report presents a comprehensive assessment of the Oxybenzone market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Oxybenzone market report provides analysis and information, according to market segments such as geographies, product type, material type and end-use.

The Oxybenzone Market Report Covers Exhaustive Analysis On:

  • Market Segments
  • Market Dynamics
  • Market Size & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Technology
  • Value Chain

An Adaptive Approach to Modern-day Research Needs

The Oxybenzone Market Regional Analysis Includes:

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Argentina, Chile, Peru)
  • Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
  • East Asia (China, Japan, South Korea)
  • South Asia & Oceania (India, ASEAN, Australia and New Zealand, Rest of South Asia & Oceania)
  • The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)

The Oxybenzone report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The Oxybenzone report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The Oxybenzone report also maps the qualitative impact of various market factors on market segments and geographies.

The Oxybenzone Market Report Highlights:

  • A detailed overview of the parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

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Segmentation Analysis of Oxybenzone

The global Oxybenzone market is bifurcated into three major segments:

Based on End Use, Oxybenzone market has been segmented as follows:

  • Sunscreen
  • Lip Balms
  • Hair Spray
  • Conditioner
  • Moisturizers

Based on Source, Oxybenzone market has been segmented as follows:

  • Organic
  • Inorganic

Based on Function, Oxybenzone market has been segmented as follows:

  • UV Filter
  • UV Stabilizer

Based on Region, Oxybenzone market has been segmented as follows:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East and Africa

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