Benzoic Acid Market Size, Company Revenue Share, Key Drivers, and Trend Analysis, 2022–2030

 

Global Benzoic Acid Market – Overview

Benzoic acid is a type of acid which has a number of functional properties which include being antifungal and antibacterial. These properties have made its use popular in a number of end-use industries. Market Research Future has observed the global benzoic acid market and has found that it will grow at a CAGR of 5.9% during the assessment period. The global benzoic acid was observed to have valued USD 868 Mn in 2017 and is on track to grow to reach an estimated market value of USD 1,219 Mn by the end of the assessment period in 2023.

Benzoic acid is naturally occurring and is often found in fruits such as plums, cranberries, and raspberries among others. The most prominent use of benzoic acid Market Sizeis in food & beverage, chemical and pharmaceutical applications. Growing demand for benzoic acid from the thriving food & beverage industry is expected to be a major driver over the forecast period. In the F&B sector benzoic acid is key as an ingredient which helps prevent the growth of fungus and bacteria. Benzoic acid is particularly useful in keeping away mol and yeast. The growing demand for packaged and preserved food will drive the demand for benzoic acid. Moreover, as benzoic acid is naturally sourced it is a preferred ingredient as consumer demand for natural ingredients is high. Moreover, sparkling beverages use benzoic acid, and the growing demand for sparkling beverages and soft drinks is expected to drive market growth. Moreover, the use of benzoic acid for the manufacturing of flavors, and insect repellents among other things is expected to spur market growth.

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 Benzoic acid is also associated with certain health hazards, particularly in high consumption which is a deterrent for market growth. However, the growing use of benzoates in cosmetics is expected to reveal an opportunity for growth over the forecast period.

Global Benzoic Acid Market: Segmental Analysis

The benzoic acid market has been segmented on the basis of application and end use.

By application, the benzoic acid market is segmented into potassium benzoate, sodium benzoate, benzoate plasticizers, benzyl benzoate, benzoyl chloride, alkyd resin, feed additives, and others. Considering the dominance of the F&B sector, sodium benzoate is likely to gain prominence. It is a derivative of benzoic acid, which is used as a preservative in the F&B industry and is likely to exhibit a healthy CAGR of 6.64%, touching a valuation of USD 406.9 million by the end of 2023.

The end use segment comprises food and beverage, chemicals industry, pharmaceuticals industry, and others. Of these, the food & beverage industry is likely to register the strongest share and expand at the highest rate owing to the mounting demand for packaged food and beverages. The segment is likely to showcase a healthy CAGR of 6.3% in the foreseeable future. 

Benzoic Acid Market   - Competitive Landscape

The competitive market of Benzoic Acid appears to be fragmented due to numerous companies are churning the market competition. Constant innovations and technologies generate strong investment opportunities. Market players strive to commercialize other techniques that can lower the production cost.

These players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities to gain the competitive advantage.

Key Players:

The fervent players leading the global benzoic acid market include Emerald Performance Materials LLC (US), Novaphene specialties Pvt. Ltd (India), Hebei Smart Chemicals Co., Ltd (China), Chemcrux Enterprises (India), Apollo Scientific (UK), Shri Hari Chemicals (India), Ganesh Benzoplast Limited (India), Clarion Drugs Ltd (India), Merck Group (Germany), and Shree Chemopharma Ankleshwar Pvt. Ltd. (India). Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.

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Benzoic Acid Market   - Regional Analysis

In 2016, Asia Pacific accounted for the largest market for benzoic acid, holding the largest market share. The growth attributes to the rapid industrialization, Burgeoning F&B industry, and the improved standard of living in the region. 

Major economies such as India and China backed by the improving per capita income in the region are witnessing the growth in the processing and packaging sector of food and aerated beverages industry which further increases the market growth in the region.  Markets in India and China demonstrate huge scope for food preservation as well as industrial chemicals production in the upcoming years which is expected to drive the growth of the market in the region.

The Netherlands, Estonia, the USA, and China are the largest producers of benzoic acid.

Europe is also one of the largest producers of benzoic acid and a larger amount of quantity further gets processed to phenol and the second larger share is processed to caprolactam to develop nylon fibers. In Europe, Benzoic acid is increasingly used in the production of Diethylene and Dipropylene Glycol Dibenzoate Plasticizers in Adhesive formulations.

Furthermore, the shift in consumer preferences towards the convenience food and aerated beverages, driven by the heady lifestyle, is a trend affecting the market growth positively, encouraging demand for benzoic acid.

The North America benzoic acid market on the other hand emerging as one of the lucrative markets will witness steady growth over the assessment years. Market growth substantiating factors include the stringent government regulation in this region that has led to increasing the uptake of benzoate plasticizers replacing phthalate plasticizers.  North America, will be growing with the modest CAGR during the forecasted period.

The benzoic acid market in the Middle East & Africa regions is expected to demonstrate positive growth in the coming years due to the growing urbanization in these regions which is projected to increase industrial output, encouraging the demand for benzoic acid. 

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Industry/Innovation/Related News:

August 16, 2018 – Eastman Chemical Company (EMN – US), a global specialty chemical company announced the price increment for Benzoic Acid effective 1st Sep. 2018 or as contracts permit due to elevated operating costs, especially of raw materials. The Company also mentioned that it is taking appropriate pricing actions in the wake of raw material cost inflation. The said price hike will be of 3 cents per lb.

August 02, 2018 – The United States Environmental Protection Agency (the US EPA) issued The Toxic Substances Control Act (TSCA), significant new use rules for 145 substances subject to section 5(e) consent orders. relating to a variety of substances, the TSCA, though the majority deal with various benzoic acid substances used for monitoring oil and gas well performance.

During review of each substance's pre-manufacture notice (PMN), the EPA determined that restrictions were warranted to mitigate potential unreasonable risk. Therefore, the agency negotiated the consent orders with the PMN submitters requiring them to implement certain risk management and exposure controls.

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