Benzoic Acid Market Show Exponential Growth By 2023

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Benzoic Acid Market show exponential growth by 2023

Benzoic Acid Market Overview

Market Research Future (MRFR) has announced a new release on the global benzoic acid market. The report predicts the global benzoic acid market to exhibit a sturdy 5.92% CAGR over the forecast period (2018-2023), rising from a value of USD 868 million in 2017 to USD 1,219 million by the end of the forecast period in 2023.

Benzoic acid is a carboxylic acid with the chemical formula C6H5COOH. It has various functional properties, including antifungal and antibacterial properties, which have made it popular in a number of end-use industries. It is naturally found in a number of fruits, including plums, prunes, cranberries, and raspberries, and is primarily used in the food and beverage, chemical, and pharmaceutical industry.

The growing use of benzoic acid in personal care products and cosmetics is likely to be a major driver for the global benzoic acid market over the forecast period. Benzoic acid and salicylic acid are often used in conjunction to counter the threat of fungus, as they both have excellent antifungal properties. The increasing demand for well-crafted and effective personal care products, especially in developing economies round the world, is likely to be a major driver for the global benzoic acid market over the coming years.

Growing demand from the food and beverage industry is likely to be a major driver for the global benzoic acid market. Benzoic acid and its sodium, potassium, or calcium salts are used as a food preservative due to their effective antifungal property. The growing demand for preserved and packaged food from the global consumer demographic is likely to drive the demand for effective natural preservatives such as benzoic acid.

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Plasticizers derived from benzoic acid, i.e. benzoate plasticizers, are also likely to be a major fruitful channel for the key players in the global benzoic acid market. While phthalates are widely used as plasticizers at present, the environmental impact of the same has been adverse. This has led to a renewed interest in finding alternatives that don’t hurt the environment and still fulfill the important functional criteria. Benzoate plasticizers are likely to find increasing demand in the global plastics market over the coming years, driving the demand from the global benzoic acid market.

Competitive Analysis:

Leading players in the global benzoic acid market include Wuhan YouJi Industries Company Limited (China), Spectrum Chemical Manufacturing Corp. (U.S.), Hemadri Chemicals (India), Avantor (U.S.), Tianjin Dongda Chemical Group Co. Ltd. (China), Alfa Aesar, Thermo Fisher Scientific (U.S.), MP Biomedicals LLC (U.S.), GFS Chemicals Inc. (U.S.), Emerald Performance Materials (U.S.), Eastman Chemical Company (U.S.), Navyug Pharmachem (P) Ltd. (India), Ganesh Benzoplast Limited (India), and Choice Organochem LLP (India).

Segmentation:

The report segments the global benzoic acid market on the basis of application, end use, and region.

On the basis of end use, the global benzoic acid market is segmented into food and beverage, chemicals, pharmaceuticals, and others. The food and beverage industry registered the strongest share in the global benzoic acid market in 2017 and is likely to grow at the highest growth rate over the forecast period due to the growing demand for packaged food and beverages. It is expected to exhibit a robust 6.3% CAGR over the forecast period.

By application, the global benzoic acid market is segmented into sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizers, alkyd resins, benzoyl chloride, feed additives, and others. In accordance with the dominance of the food and beverage industry in the global benzoic acid market, sodium benzoate, the derivative of benzoic acid used as a preservative in the food and beverage industry, is likely to remain the dominant contributor to the global benzoic acid market over the forecast period. The segment accounted for 32% of the global benzoic acid market in 2017. It is touted to exhibit a strong 6.64% CAGR to reach a size of USD 406.9 million by 2023.

Regional Analysis:

By region, the Global Benzoic Acid Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific dominated the global benzoic acid market in 2017 and is likely to remain in the lead over the forecast period due to the growing demand from the emerging economies in the region. The Asia Pacific market accounted for close to 47% of the global benzoic acid market in 2017 and is likely to rise to a valuation of USD 588.9 million by 2023.

Europe is the second largest regional segment of the global benzoic acid market and is likely to reach a valuation of USD 312.5 million by 2023 at a CAGR of 5.53% during the forecast period.

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Keywords: benzoic acid market

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