The benzoyl chloride market is experiencing significant growth driven by several key factors. The expanding demand for benzoyl chloride in various industries such as pharmaceuticals, agrochemicals, and polymers is a major driver. Benzoyl chloride is a crucial intermediate in the production of benzoyl peroxide, which is extensively used in acne treatment medications, further propelling its demand in the pharmaceutical sector. Additionally, the agrochemical industry relies on benzoyl chloride for the synthesis of herbicides and insecticides, contributing to market growth. Moreover, benzoyl chloride is utilized in the production of benzoyl derivatives, which find applications in plasticizers, perfumes, and flavors, thereby augmenting its market demand. Furthermore, the growth of end-user industries such as cosmetics, textiles, and dyes is bolstering the consumption of benzoyl chloride for various applications like dye intermediates and chemical synthesis. Advancements in production technologies and increasing investments in research and development activities are expected to further drive the growth of the benzoyl chloride market in the forecast period.

 The global benzoyl chloride market size reached 110.6 Thousand Tons in 2023. By 2032, IMARC Group expects the market to reach 159 Thousand Tons, at a projected CAGR of 4.10% during 2023-2032.In the final quarter of FY23, the benzoyl chloride market in North America experienced a series of fluctuations, largely influenced by a complex interplay of economic factors and geopolitical events. Initially, the market remained relatively stable in October, buoyed by moderate demand and steady feedstock benzene prices. However, as November and December unfolded, prices began to decline in the US market. This downturn was attributed to a combination of factors, including a decrease in feedstock benzene availability and weakened demand. The Israel-Palestine conflict, which initially impacted oil prices, also played a role, although its effects on the North American economies were limited. Despite excess benzene supply, sluggish demand persisted, leading to further price declines in December. However, amidst these challenges, there remains optimism for potential improvements in 2024, driven by anticipated shifts in the macroeconomic landscape. Despite the overall negative outlook, some industry insiders anticipate a positive trajectory, albeit contingent upon resolving ongoing geopolitical tensions and stabilizing demand dynamics.

The benzoyl chloride markets in the APAC and Europe regions demonstrated distinctive trend throughout the last quarter of FY23. In the APAC region, prices initially declined in October due to weak support from crude oil and lower feedstock benzene prices. This decline was exacerbated by oversupply in the market, particularly as China restricted exports to prioritize its domestic fertilizer market. However, as the quarter progressed, prices rebounded, driven by increased procurement from importing countries and heightened demand in sectors such as beauty and personal care. Despite persistent challenges in downstream agrochemicals, collaborations with major players and consistent investments in the aromatics sector bolstered demand, leading to upward pressure on prices. Conversely, in Europe, benzoyl chloride prices experienced a mixed trend, initially rising in October due to elevated feedstock benzene costs and a moderately positive demand outlook. However, prices declined in November and December, reflecting weakened demand and excess benzene supply. Despite concerns about geopolitical tensions and anticipated low demand, there remains cautious optimism for potential improvements in 2024. The overall outlook in both regions underscores the intricate interplay of global and domestic factors shaping benzoyl chloride prices, with market dynamics poised to respond to shifts in economic conditions and geopolitical landscapes.

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