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%.
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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 variety of furniture finishes.
Major demand from millennial and generation Z has been seen in the prevalence of sun care creams with anti-ageing and SPF benefits, which has accelerated the growth of sunscreen industry and in-turn leading to the development of Oxybenzone market. Attributed to the ever-increasing cosmetic industry in developed as well as developing countries, Oxybenzone market is expected to grow at a higher CAGR in the upcoming years.
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.
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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:
- Lip Balms
- Hair Spray
Based on Source, Oxybenzone market has been segmented as follows:
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
- East Asia
- South Asia & Oceania
- Middle East and Africa
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.
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.
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.
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