Benzyl Salicylate Market Trends

Growth Drivers

• Increased Awareness of UV Ray's Harmful Effects and Sun Protection to Boost Benzyl Salicylate Adoption - The increased awareness of UV radiation's damaging effects and the need for protection has led to a surge in demand for sunscreens containing benzyl salicylate. Sunscreen has been advocated by the Skin Cancer Foundation as a means of protecting skin from harmful UV rays. Sunscreens with SPF 15 reduce the risk of melanoma and squamous cell carcinoma (SCC) by 50 and 40 percent, respectively. According to the WHO, more than 1.5 million cases of skin cancer will be diagnosed worldwide in 2020, resulting in more than 120 000 deaths. Benzyl salicylate is thought to absorb the UV radiation before it reaches the skin, thus preventing skin damage and potentially reducing the risk of skin cancer. Furthermore, its anti-inflammatory properties help to reduce inflammation and redness caused by UV radiation, making it a beneficial ingredient in sunscreens.

• Growing Popularity of Aromatherapy and Essential Oils - Aromatherapy and essential oils are becoming more popular due to their purported health benefits. Many of these oils contain benzyl salicylate, a compound that has been linked to relaxation and pain relief. As more people turn to aromatherapy and essential oils for these benefits, the demand for benzyl salicylate is expected to increase. An estimated 35% of American adults believe that essential oils have health benefits, and 32% believe that aromatherapy is a form of health care that has benefits for the body.
• Rise in Personal Disposable Income - As people have more disposable income, they are able to purchase more luxury items. Benzyl Salicylate is used as a fragrance in many cosmetics and hygiene products, so as disposable income increases, people are more likely to purchase these items, thus driving market growth. The amount of disposable personal income in India increased from 2893559 Million USD in 2021 to 3324845 USD Million in 2022. Also, the United States saw a 1.7% growth in disposable income per capita in 2019.
• Rapid Urbanization Contributes to The Use of Benzyl Salicylate in Various End-Use Industries - As urbanization increases, so does the demand for consumer products such as personal care products, cleaning supplies, and fragrances, which all utilize Benzyl Salicylate. With a growing population, the demand for these products is expected to also increase, contributing to a higher demand for Benzyl Salicylate. The World Bank estimates that 56% of the world's population - 4.4 billion people - live in cities today. Urbanization is expected to continue, with nearly seven of every ten people living in cities by 2050, more than doubling its current size.
• Rising Exports and Demand for Organic Chemicals- Exports of organic & inorganic chemicals have increased 34% year on year to reach USD 27 billion during the period April 2021 to February 2022.

Challenges

• Harmful Health Concern Associated with the Compound- Benzyl Salicylate can trigger allergies in certain individuals, which can lead to wheezing, coughing, and difficulty breathing. The long-term exposure to this chemical can cause cancer, as well as neurological damage. These potential risks associated with Benzyl Salicylate are expected to restrain its market growth in the near future.
• The Increasing Availability of Substitutes Such as Ethyl Salicylate and Other Natural Ingredients
• Increasing Raw Material Costs and Fluctuating Prices of the Finished Product