It’s being expected that by 2030, the Benzoic Acid market cap will hit USD 1.83 Billion at a CAGR growth of about 5.48%.
Benzoic acid is bactericide, fungicide, virucide and viroicide, and is used for disinfection processes. Benzoic acid is naturally available in many plants and animals and can be found in foods and milk products. Food & beverages industry is the dominating user of benzoic acid.
Various by products of benzoic acid like potassium benzoate and sodium benzoate contribute to 45% of the total market value. The salt derivatives of Benzoic acid are utilized as preservatives and symbolized by E-numbers, like E210, E211, E212 and E213. To increase the shell life of products, preservatives are used in the food and beverage industry, these preservatives are benzoic acid added at 0.05-0.1% concentration. Benzoic acid acts as constraining agent, restricting the growth of yeast, bacteria, and mol, in food products. Benzoic acid market is growing owing to its anti-fungal properties, due to which it is used in cosmetics industries and personal care such as mouthwash, facial cleaners, powders and lipsticks. Benzoic acid is also used in pharmaceutical industry in ointments and creams. Packaged food and beverages are continuously becoming popular due to the various product ranges available. It is used as a preservative in food and beverages products like baked goods, cheese and frozen dairy.
The growth in population and the higher income of people, along with change in beliefs and thinking process are some factors responsible for the growth of benzoic acid market size. The busy schedule of people has led to the growing demand of ready-to-eat/drink food and convenience products, in the food and beverages industry. Benzoic acid is widely used in phenol production, which is a constantly growing industry.
Though the growth in benzoic acid market size started in key regions like North America and Europe, it has subsequently spread across the globe. The initiatives approved by the government, towards green environment policies and availability of raw materials are some factors that are helping the growth of the industry. The benzoic acid market trend might get effected due to the volatile pricing nature of raw materials being used.
Based on application the benzoic acid market size can be segmented as benzoyl chloride, alkyd resins, benzoate plasticizers, benzoates, and animal feed additive. Benzoate plasticizers is the fastest growing application in the benzoic acid market. On the basis of production method, it can be segmented as Grignard reagents and Friedel-Crafts reactions. On the basis of end-user it can be segmented as Food and Preservatives, Chemicals, Pharmaceuticals, plastics and Animal Feed. On the basis of geography the benzoic acid market size is segmented into Asia-Pacific, Europe, and North America. Recent benzoic acid market trend study indicate Asia-Pacific to be the highest consumer for benzoic acid.
The key players in the benzoic acid market are Emerald Performance Materials, Shri Hari Chemicals, Wuhan Youji Industries Co., Tianjin Dongda Chemical Group, Hebei Smart Chemicals Co. Ltd., Novaphene Specialties Pvt. Ltd., Liao Ning Huayi Chemical Industry & Commerce Co., Ganesh Benzoplast Limited, Merck Group, Chemcrux Enterprises and so on.
The various segments of Global Benzoic Market are,
Based on Application
- Benzoate Plasticizers
- Benzoyl Chloride
- Alkyd Resins
- Animal Feed Additive
Based on production method
- Grignard reagents
- Friedel-Crafts reactions
Based on End-User
- Food & Beverages
- Plastics and animal feed
Based on Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
What to expect from the upcoming report on ‘Global Benzoic Acid Market’:
- Future prospects and current trends of the Benzoic acid market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations across the world
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market