Global Benzoic Acid Market Share, Size, Analysis, Market Trend Comment Growth Rate,

Report Summary

The market for benzoic acid is expected to increase from an estimated USD 1.22 billionĀ in 2021 to an estimated USD 1.72 billion by 2028, at a CAGR of 5.58% over that time frame. The simple aromatic carboxylic acid benzoic acid is. Commercial production involves the partial oxidation of toluene with oxygen. Additionally, it occurs naturally in a number of plants. Benzoic acid serves as an intermediary product in the production of salts like sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Benzoic acid is used in a variety of ways by the chemical, pharmaceutical, and food and beverage end-use sectors. The projected period runs from 2018 through 2023, with 2017 serving as the foundation year for firm profiles.

underlying market dynamics

Growing consumer lifestyle changes and ongoing urbanisation, especially in the Asia Pacific area, are driving up demand for benzoic acid from the food and beverage industry.
a rise in the popularity of processed foods and drinks

Restraints

laws that restrict the use of benzoic acid in packaged foods and beverages
Benzoic acid consumption over an extended period of time can affect the digestive system and lungs.

Opportunities

replacement of phthalate plasticizers in North America and Europe with non-phthalate plasticizers

Challenges

Benzoic acid is only occasionally used in industrialised nations as a food preservative.

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Toluene price fluctuations

Methodology of Research

Beginning with secondary sources including Hoovers, Bloomberg, Chemical Weekly, Factiva, and numerous other governmental and commercial websites, the research technique utilised to estimate and predict the worldwide benzoic acid market first collected data on significant vendor revenues. The segmentation of the market has also taken into account vendor offerings. Following the calculation of the overall market size, the market was divided into a number of categories and subsegments, which were subsequently confirmed by primary research by conducting in-depth interviews with key figures like CEOs, VPs, directors, and executives. The full market engineering process was completed using data triangulation and market breakdown techniques, which led to the precise figures for all market segments and subsegments. The figure below shows how the primary profiles are broken out.

Report Scope: This study classifies the global benzoic acid market by end-use industry, application, and geographic region. It also projects revenues and examines market trends for each of the submarkets.

The benzoic acid market is divided into three categories according to end-use industry: chemical, food & beverage, and pharmaceutical. During the projection period in 2018, the food and beverage category held a significant portion of the market. The population is changing, urbanisation is continuing, and packaged food items are in higher demand as a result. In the food and beverage end-use industry, benzoic acid is employed directly as a food preservative and is primarily eaten as sodium benzoate and potassium benzoate. Thus, a rise in the demand for food products packaged for sale fuels the expansion of the benzoic acid market globally.

During the forecast period, the market for benzoic acid is anticipated to develop at the quickest rate in South America. Due to the expanding usage of refrigeration in numerous end-use industries, including the chemical and pharmaceutical industries, South American countries offer very promising growth possibilities for the benzoic acid market. The booming pharmaceutical industry in South America, which is expanding at a rate of 12% yearly, can be credited for the expansion of the market for benzoic acid in this end-use sector.

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By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
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