The study methodologies used to examine Benzoic Acid Market for the forecast period, 2020 - 2027 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.
New York, NY -- (SBWIRE) -- 11/30/2020 -- According to the current analysis of Reports and Data, the global Benzoic acid market was valued at USD 1.05 billion and is expected to reach USD 1.59 billion by the year 2027, at a CAGR of 5.4%. Benzoic acid is a pure aromatic carboxylic acid that is produced commercially through partial oxidation of toluene with oxygen. Benzoic acid is widely used as an intermediate product in the manufacturing of salts such as potassium benzoate, sodium benzoate, phenol, and alkyd resins, among others. Food and beverages, pharmaceutical and chemical industries use benzoic acid in their applications.
Key Players in the market include:
Emerald Performance Materials
Wuhan Youji Industries Co.
Tianjin Dongda Chemical Group
Liao Ning Huayi Chemical Industry & Commerce Co.
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The consumption of benzoic acid is comparatively higher in Asia Pacific. Rising demand for sodium and potassium benzoate here drives the market. Per capita plastic consumption in India and China is quite high, which augments the use of plasticizers, thus boosting benzoic acid market. In the food & beverage industry, benzoic acid is used in the production of preservatives that keep food fresh for longer. Increasing demand for frozen food items & drinks across the globe drives market demand.
Sodium benzoate is a significant application segment and held the largest share of 42.8% of the benzoic acid market. Sodium benzoate is widely utilized as in acidic foods such as salad dressings such as acetic acid in vinegar and in carbonated drinks.
Benzoic Acid Market: Segmentation
For this report, Reports and Data has segmented the Benzoic acid market based on applications, end-use, and region:
Application (Revenue in USD Million; Volume in Tons, 2017–2027)
- Sodium Benzoates
- Benzoate plasticizers
- Benzoyl Chloride
- Alkyd Resins
- Animal Feed Additive
End Use (Revenue in USD Million; Volume in Tons, 2017–2027)
- Food & Beverage
- Chemicals
- Pharmaceuticals
Region (Revenue in USD Million; Volume in Tons, 2017–2027)
- North America
o U.S.
o Canada
- Europe
o Germany
o France
o UK
o Spain
o Italy
o Rest of Europe
- Asia Pacific
o China
o India
o Japan
o Australia
o ASEAN
o Rest of Asia-Pacific
- Middle East & Africa
- South America
o Brazil
o Mexico
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The benzoic acid market comprises a vast number of pharmaceutical companies as well as emerging firms which makes the market rather fragmented in nature. Besides, new entrants in the industry have an excellent opportunity to penetrate the benzoic acid market, owing to the availability of research funding, and favorable regulatory scenario for external medicine development.
The benzoic acid market is organized, and key players of this market are planning on the acquisition of small players in their long-term business strategies. However, small kay players are planning to invest in R&D to introduced innovative applications for benzoic acid.
Hinderances to the growth of the benzoic acid market are regulations that restrict the wanton use of benzoic acid in packaged food items & beverages, as excess consumption of benzoic acid can harm the lungs and digestive tract.
The benzoic acid market is growing at a CAGR of 4% in the Asia Pacific region, followed by North America with 8.5 % and Europe with 7.2% CAGR. Asia-Pacific dominated the market and accounted for more than 41% of the market share. The region is anticipated to register significant growth during the forecast period. The upsurge is due to an increase in per-capita disposable income levels with shifting in trends. North America is witnessing a steady growth in the market. Benzoate plasticizers are expected to register major demand in North America during the forecast period.
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