The global avobenzone market is enhanced due to its increasing demand in various industries especially in the cosmetics industry.
Covid-19 Impact & Market Status
The pandemic has negatively affected almost all of the markets leading to huge losses and also hampered the supply chain thus creating worldwide market breakdown which made it very difficult for the all the industries to stay afloat especially the smaller ones. The avobenzone market has been drastically affected by the pandemic as the demand has fallen considerably which has affected the revenue share in the market.
Purity (98%-99%) Segment To Be Highly Popular
The purity (98%-99%) type of avobenzone is leading the global avobenzone market in revenue share and is predicted to remain at the top of the market during the forecast years as it is most commonly used in the cosmetics industry in sunscreens, lotions etc. In contrast to all other elements, not simply contaminants, the percentage shows how much Avobenzone is pure. Up to 99 percent of the content in this variety is pure. The number of contaminants in Avobenzone CAS 70356 09 is categorised according to purity (98 percent to 99 percent). According to the specifications for this particular type of avobenzone, CAS 70356 09, it has been demonstrated that impurities make up less than 0.01 percent of the product in this instance.
Cosmetics Segment To Earn Highest Revenue
The cosmetics segment is the foremost application for avobenzone which is leading the global avobenzone market in revenue share and is predicted to remain at the top of the market during the forecast years because of the increased demand for cosmetics in the present time. Avobenzone beneficial properties ensures that it is commonly used in sunscreens and lotions as it protects the skins from harmful elements.
North America To Witness Greater Merger and Acquisition Activities
North America will remain atop the global avobenzone market in revenue share and is predicted to remain at the top of the market during the forecast years because of the easy availability of products across the United States and Canada, as well as rising demand especially for cosmetics products from both middle-aged and young consumers.
Asia-Pacific will rise drastically in the forecast period because of the increasing awareness among the people of the beneficial properties of avobenzone for different medical purposes and also for various kinds of cosmetics.
Growing light-related diseases and disorders of pigmentation has increased the need of sunscreens to protect skin from UV light has improved the reliance on avobenzone furthering the development of global avobenzone market.
The global avobenzone market rise is also fuelled by increasing awareness of the people regarding the beneficial properties of avobenzone and technological advancements resulting into development of different application products.
Avobenzone is a sunscreen that absorbs both UVA and UVB radiation, which make up 95% of UV rays that reach the earth. In contrast to sunscreens that emit light, it absorbs light and converts the light into energy that is less hazardous to skin. Avobenzone absorbs the full spectrum of UVA rays. Premature ageing and skin cancer are caused by UVA radiation. The greatest substitute for inorganic sunscreens like zinc oxide and titanium oxide is avobenzone.
The global avobenzone market is rising rapidly, and it is expected that it will grow about USD 2.1 billion by 2029 during the analysis period at a CAGR of 8.3 percent.
Avobenzone is being used as an oil-soluble ingredient in different sunscreen products for a very long time. Initially it was used only in making of sunscreen products. Gradually, industrialists started exploring avobenzone's other undiscovered benefits and invested heavily in research and development and lessen the apparent side effects that avobenzone causes.
Avobenzene being GMO-free, vegan, and devoid of any animal-based ingredients further draws customers by giving them the impression that the product is safe for their skin. Avobenzone has additional applications as a stabiliser. Additionally, it serves as a preservative in cosmetics, extending their shelf life and enhancing the quality of the cream.
Owing to these benefits the Avobenzone is experiencing rapid demand fostering remarkable progress in global Avobenzone market.
However, photoallergic and cytotoxic reactions associated with using Avobenzone experienced by consumers using the products has impacted the global Avobenzone market. Furthermore, new developments topical antioxidants and oral and subcutaneous agents with photoprotective and antiphotocarcinogenic properties has led to protection against UAV rays. Also, growing use of cosmetics, widespread attention to Avobenzone products, growing awareness about skin care, growing light-related diseases and disorders of pigmentation is anticipated to be a growth opportunity to the global Avobenzone market.
The global avobenzone market has intense competition due to the high demand and consists of several big corporations like Merck, Selleck Chemicals, LGC Limited, Adina, Promois International Santiago, Abcam, Anshul Life Sciences, Selleck Chemicals, Xiamen Aeco Chemical Industrial, Hangzhou Weckchem, CHEMSPEC CHEMICAL, NS Chemicals, Zhonglan Industry, and Making Cosmetics among others.
Latest Innovations in the Global Avobenzone Market: A Snapshot
- Abcam, a leader in the development of reagents and technologies for the life sciences, has successfully acquired BioVision and increased its capacity for immunoassays in Eugene, Oregon. Abcam's internal innovation is improved by the integration of BioVision, which also brings scale to assist the biochemical assay and cellular assay businesses. After a successful acquisition, Abcam now has access to BioVision's product line, capabilities, and 70-person manufacturing and development teams.
Avobenzone Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2.1 billion|
|Growth Rate||CAGR of 8.3 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Merck, Selleck Chemicals, LGC Limited, Adina, Promois International Santiago, Abcam, Anshul Life Sciences, Selleck Chemicals, Xiamen Aeco Chemical Industrial, Hangzhou Weckchem, CHEMSPEC CHEMICAL, NS Chemicals, Zhonglan Industry, and Making Cosmetics among others.|
Key Segments of the Global Avobenzone Market
Type Overview, 2019-2029 (USD Billion)
- Purity (Less than 98%)
- Purity (98%-99%)
- Purity (More than 99%)
Application Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa