Benzoic Acid Market Worth 1,313.5 Million USD By 2023

 The global benzoic acid market is projected to grow from an estimated USD 1009.9 million in 2018 to USD 1313.5 million by 2023, at a CAGR of 5.4% during the forecast period. Benzoic acid is a simple aromatic carboxylic acid. It is produced commercially through partial oxidation of toluene with oxygen. It is also found naturally in various plants. Benzoic acid is used as an intermediate product in the manufacturing of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Food & beverages, chemical, and pharmaceutical end-use industries use benzoic acid in various applications. The base year used for company profiles is 2017, and the forecast has been provided for the period between 2018 and 2023.

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Opportunities

• Replacement of phthalate plasticizers with non-phthalate plasticizers in the European and North American regions

Challenges

• Limited use of benzoic acid as a food preservative in developed economies
• Fluctuating prices of toluene

Increasing Use of benzoic acid in food and beverage industry drives the global benzoic acid market

Benzoic acid is primarily used as a preservative in packaged food items & beverages. It is majorly used to preserve acidic food items & beverages such as pickles, jams, fruit juices, aerated drinks, and sparkling drinks, among others. The increased use of benzoic acid as a food preservative can be attributed to the fact that it does not alter or affect the odor or taste of the food items or drinks to which it is added. The growth of the food & beverages end-use industry segment of the benzoic acid market is also due to change in the consumer preferences for packaged food items & drinks, and increased per capita income of consumers.

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• Premium Insights -
    4.1 Significant Growth Opportunities In the Benzoic Acid Market
    4.2 Benzoic Acid Market, By Region
    4.3 Asia Pacific Benzoic Acid Market, By Country and Application
    4.4 Benzoic Acid Market, By Application and Region
    4.5 Benzoic Acid Market, By Country

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Benzoic Acid Market Worth 1,313.5 Million USD by 2023

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.

The Benzoate Plasticizers Application Segment of the Benzoic Acid Market Is Projected to Grow at The Highest CAGR Between 2018 and 2023

The benzoic acid market is estimated at USD 1,009.9 Million in 2018 and is projected to reach USD 1,313.5 Million by 2023, at a CAGR of 5.4% from 2018 to 2023. 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 are expected to drive the benzoic acid market.

Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Industry & Commerce Co. (China) are recognized as visionary leaders in the benzoic acid market. These companies are focused on investing in plant capacity expansions. They also have the potential to broaden their product portfolios and compete with other key market players.

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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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Emerald Performance Materials is one of the leading providers of engineering services, globally. The company provides solutions for various industries such as food & beverages, building & construction, chemical, and pharmaceutical. The company markets its benzoic acid products around the world under the brand, Purox. The company offers its products through 3 product segments, namely, benzoates & intermediates, aroma chemicals/flavor & fragrance, and K-FLEX (non-phthalate, low-VOC plasticizers, and coalescent).


Wuhan Youji Industries Co. is among the leading companies in the antisepsis, preservatives, and anti-oxidation agents for the food & beverages industry. The company serves various sectors such as tanning, dyeing, defense, pharmacy, food preservation, and oil & gas exploration. Various grades offered by the company in benzoic acid are industrial, tech, mechanical, and pharma.  The company is a leading food additives manufacturer in China.


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Mr. Shelly Singh
MarketsandMarkets™ INC.
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The Benzoates Segment is Estimated to Account for the Largest Share of the Benzoic Acid Market, by Application for the Forecast Period

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.

Download Free PDF Brochure: https://bit.ly/2VkxMRD

Key players 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.

On the Basis of End-Use Industry:

• Food & Beverages
• Chemical
• Pharmaceutical

On the Basis of Application:

• Benzoates
• Benzoate plasticizers
• Benzoyl Chloride
• Alkyd Resins
• Animal Feed Additive

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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.

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.

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Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : +1-888-600-6441
Email: newsletter@marketsandmarkets.com