Benzoic Acid Market

Benzoic acid is a colorless crystalline solid with the chemical formula C6H5COOH and belongs to the family of aromatic carboxylic acid. Benzoic acid occurs naturally in various plant and animal species, including plums, prunes, cranberries, raspberries, guinea pig, golden hamster, and steppe lemming, among others. The benzoic acid is also produced commercially by the partial oxidation of toluene with oxygen, catalyzed by manganese or cobalt naphthenates. Benzoic acid inhibits the growth of bacteria and fungi due to which it is used in a large number of end-use industries, including pharmaceutical, chemical, food, and beverages, among other industries.

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The property of inhibiting growth of bacteria, fungi, and yeast is one of the prominent factors driving the growth of the benzoic acid market in various industries, including food & beverages, pharmaceuticals, chemicals, cosmetics, and other industries. Growing demand for benzoic acid in the food and beverage industry is propelling the growth of the benzoic acid market during the forecast period. Benzoic acid and its compound with sodium, potassium, chlorine, and calcium are widely used as food preservatives. The high use of preservatives in food & beverages products, including fruit products, baked goods, cheese, and frozen dairy products, is boosting the demand for benzoic acid. The growing demand for beverages, including soft drinks, sparkling drinks, and packaged fruit juices and the use of preservatives to improve the shelf life of these beverages is likely to remain a key driver for the global benzoic acid market over the forecast period.

The growing cosmetic and personal care industry is boosting the demand for benzoic acid products throughout the world. Benzoic acid is one of the ideal components used in the manufacturing of facial powders, mouthwashes, facial cleansers, perfumes, dyes, and lipsticks owing to its anti-fungal nature. Benzoic acid is also utilized as an important ingredient for pharmaceutical products, including ointments, lotions, and creams. This factor is anticipated to increase the market growth of benzoic acid. However, the strict regulation regarding the usage of preservatives including benzoic acid, may hamper the global benzoic acid market.

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Based on the application, the market is segmented into benzoates, benzoate plasticizers, alkyd resins, benzoyl chloride, animal feed additive, and others. The benzoate plasticizers segment is expected to grow at a faster CAGR during the forecast period owing to the widespread use of benzoate plasticizers in flooring, wall coverings, inks and waxes, film and sheet products, and radiators of the cars. Additionally, the non-phthalate plasticizer is used in a wide range of applications such as PVC, adhesives, and sealants, which is further surging the segment growth.

Based on the end-use industry, the market is segmented into food & beverages, chemical, pharmaceutical, and others. The food & beverages application segment is projected to dominate the benzoic acid market owing to the huge demand for benzoic acid as preservatives in packaged foods, carbonated drinks, pickles, juices, and other food products.

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Based on the region, the Asia-Pacific region is expected to witness a higher CAGR over the forecast period owing to the increasing shift of consumers towards dependency on processed and packages foods and beverages, coupled with the increasing per capita income of people in developing countries, including India, China, Bangladesh, and Thailand. The surge in the number of end-use industries that include food & beverages, personal care and pharmaceuticals, consumer goods, and chemical industry is further propelling the growth of the benzoic acid market in the Asia-pacific region.

Various notable players operating in the global Benzoic Acid Market include Emerald Performance Materials, I G Petrochemicals Ltd., Merck KGaA, Chemcrux Enterprises Ltd., The Chemical Company, Novaphene, Hemadri Chemicals, Premier Group of Industries, Reliance Industries Limited, and Indian Oil Corporation Ltd., among others.

 Key Developments: 

• • In 2019, Emerald Performance Materials launched two new Kalama VITROFLEX range of benzoate plasticisers, namely, Kalama VITROFLEX A90 and Kalama VITROFLEX A99. These new products have excellent processing characteristics, pot life, and low fogging in insulated glass and are used in the polymer side of two-part polysulphide sealants.
  • In 2019, Gabriel Performance Products, a U.S.-based producer of specialty chemicals including coatings, and adhesives acquired a subset of alkyd resins products from Deltech Resin Company. This is expected to boost the product portfolio of Gabriel Performance Products in the alkyd resins products market.

The global benzoic acid market has been segmented on the basis of application, end-use industry, and regions. Based on the application, the market is segmented into benzoates, benzoate plasticizers, alkyd resins, benzoyl chloride, animal feed additive, and others. Based on end-use industry, the market is segmented into food & beverages, chemical, pharmaceutical, and others.

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Key questions answered in this research report:

• • At what pace is global Benzoic Acid Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Benzoic Acid Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Benzoic Acid Market?
  • Which application generated maximum revenues in 2019 and identify the most promising application during the forecast period?
  • What are the various end-use industries of global Benzoic Acid Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Benzoic Acid Market by Application

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

Global Benzoic Acid Market by End-Use Industry

• • Food & Beverages
  • Chemical
  • Pharmaceutical
  • Others

Global Benzoic Acid Market by Region

• • North America Benzoic Acid Market (Option 1: As a part of the free 25% customization)
    • North America Market by Application
    • North America Market by End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Benzoic Acid Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Application
    • Europe Market by End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Benzoic Acid Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Benzoic Acid Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Application
    • RoW Market by End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Benzoic Acid Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Emerald Performance Materials
  • I G Petrochemicals Ltd.
  • Merck KGaA
  • Chemcrux Enterprises Ltd.
  • The Chemical Company
  • Novaphene
  • Hemadri Chemicals
  • Premier Group of Industries
  • Reliance Industries Limited
  • Indian Oil Corporation Ltd.