The report "Benzoic Acid Market by Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), and Region - Global Forecast to 2023"The global benzoic acid market is projected to grow from USD 1,009.9 Million in 2018 to USD 1,313.5 Million by 2023, at a CAGR of 5.4% from 2018 to 2023. The growth of the benzoic acid market is driven by the rising demand for benzoic acid from the food & beverages industry; the ongoing urbanization and changing consumer lifestyle, particularly in the Asia Pacific region; and the increasing demand for processed food & beverages.
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Key players operating in the benzoic acid market include Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China), among others. These companies focus on investing in capacity expansions of plants to achieve growth in the benzoic acid market.
The benzoates segment is estimated to account for the largest share of the benzoic acid market, by application for the forecast period.
Based on application, the benzoates segment which includes sodium benzoate and potassium benzoate is estimated to account for the largest share of the benzoic acid market in 2018. The growth of this segment of the market can be attributed to increased use of benzoates in processed food items in emerging economies.
The pharmaceutical segment is estimated to be the fastest-growing end-use industry segment of the benzoic acid market during the forecast period.
Based on end-use industry, the pharmaceutical segment is expected to grow at the highest rate, due to the growing demand from emerging economies of the Asia Pacific and South American regions. Benzoic acid is very effective in the prevention of bacterial infection. It is used as an antimicrobial preservative, an antifungal agent, and as a tablet & capsule lubricant.
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Asia Pacific is expected to hold the largest share of the benzoic acid market during the forecast period.
China is the largest market for benzoic acid in the Asia Pacific region. The growth in power and chemical industries is projected to be the key driving factor for the benzoic acid in the Asia Pacific region. The growing consumption of frozen food items in China is also leading to the growth of the benzoic acid market in the country. Increased demand for phthalate-free plasticizers from the country is another factor driving the consumption of benzoic acid in China. China is the largest consumer of non-phthalate plasticizers in the Asia Pacific region.
