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Global Benzotriazole Market Is Set To Reach US$ 900 Million By 2033

benzotriazole-market-forecast-2023-2033

The global benzotriazole market is valued at US$ 400 million in 2023 and is set to reach US$ 900 million by 2033, expanding rapidly at a CAGR of 8.4% during the forecast period (2023 to 2033). Benzotriazole (BTA) is an organic compound that is also known as 1- benzotriazole-3- carboxylate. It is triazole in structure, with an oxygen bridge connecting the two rings. Benzotriazole is a white crystalline substance with a slight odor. Benzotriazole can be manufactured through chemical synthesis or fermentation of microorganisms such as yeast.

It is extensively employed as a metal anticorrosive and UV stabilizer additive in a variety of industrial and commercial applications. Benzotriazole has been shown to be an effective corrosion inhibitor for a wide range of metals and alloys, including copper, brass, solder, steel, aluminum, and cast iron, in applications such as heat exchangers, automatic radiators, and heating systems. Benzotriazole is commonly used as a corrosion inhibitor for copper and copper alloys.

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Benzotriazole-based ultraviolet stabilizers are frequently employed in industrial and personal hygiene products to safeguard the material or skin from damaging UV radiation. An ultraviolet stabilizer absorbs ultraviolet light. It is widely used to protect materials by preventing harmful ultraviolet light from damaging them, hence enhancing the materials’ performance, durability, stability, and service life. The growing demand from applications such as plastics, adhesives, coatings, and personal care is driving the sales growth of benzotriazole-based ultraviolet stabilizers. Plastics are regarded as one of the most important applications for benzotriazole-based ultraviolet stabilizers in both emerging and developed economies.

Key Takeaways from Market Study

  • The global benzotriazole market is worth US$ 400 million in 2023.
  • Demand for benzotriazole is predicted to surge at a CAGR of 8.4% from 2023 to 2033 (forecast period).
  • The global market is anticipated to reach US$ 900 million by 2033.
  • The market in the United States was valued at US$ 96 million in 2022.
  • The plastics segment is estimated to witness substantial growth during the forecast period.

Competitive Landscape

Key players in the benzotriazole market are focusing on new developments and technologies, strategies, product innovations, and long-term contracts to gain market share. Moreover, the global market is providing numerous opportunities for small manufacturers and startups to develop innovative solutions.

  • In January 2022, Emerald Performance Materials listed four chemical plants in Henry, Illinois, for sale. Formerly, the processing and production units were utilized to develop antioxidants, accelerators, and specialized chemicals. Emerald’s operations were officially suspended in September 2021 following the company’s acquisition by the New York-based private equity firm American Securities LLC.
  • In October 2021, Azelis signed a new distribution agreement with Hexigone, a corrosion inhibitor manufacturer in the United Kingdom. Hexigone corrosion inhibitors will be sold by Azelis throughout Europe, Ukraine, Turkey, and the Baltics. Azelis’ Hexigone line of products is intended to allow the company to deliver unique anti-corrosion coatings and applications. As per Azelis, Hexigone’s focus on sustainability, including the replacement of traditional heavy metals, phosphates, and toxic chromates with manufactured organic additives, is consistent with the company’s commitment to sustainability.

Key Companies Profiled

  • Beijing Wisdom Chemicals
  • Nanjing Trust Chem
  • Seiko Chemical
  • Hangzhou Jingyou Chemical
  • Nanjing Shenbai Far East Chemica
  • Rugao Jinling Chemical
  • Shivam Chemicals

Regional Analysis

North America is dominating the global benzotriazole market due to increasing awareness of the harmful effects of UV rays. The United States is leading in the regional market due to the substantial use of benzotriazole in personal care products.

Moreover, the Asia Pacific is following North America in terms of growth. Japan and South Korea are major markets in Asia Pacific. Furthermore, Europe is making considerable contributions to the global market. Germany is playing a significant role in the European market due to the thriving automobile industry.

Key Segments of Benzotriazole Industry Research

  • By Application :
    • Plastics
    • Coatings
    • Adhesives
    • Personal Care
    • Others
  • By Region :
    • North America
    • Latin America
    • Europe
    • Asia Pacific & China
    • Middle East & Africa

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global benzotriazole market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.

The study divulges essential insights on the market on the basis of application (plastics, coatings, adhesives, personal care, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

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