Benzoic Acid Market 2018 | Driving Factors, Industry Analysis, Investment Feasibility and Trends, Outlook -2023

07/ago/2018 08:18:18 Market Research Future Contatta l'autore

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Market Overview: 

Benzoic Acid is used as an intermediate in the synthesis of phenol & caprolactum and it is used in the production of industrial chemicals. This has resulted into increasing application scope of Benzoic Acid and it is highly favored in the industrial manufacturing including chemical manufacturing, animal feed, and in drug production. Some of the prominent factors that positively influence the growth of Benzoic Acid Market are rising demand for food preservation, improving standard of living led by economic reforms, and increasing industrialization across the globe. Benzoic Acid is one of the important feedstock, which is in the phenol production. Therefore, increasing phenol production across the globe is likely to complement growth of the Global Benzoic Acid Market. Countries such as China & India are following higher consumption trend of plastics, which, in turn, is projected to offer lucrative growth opportunities in the coming years. 

Regional Analysis: 

Asia Pacific dominates the market in terms of regional consumption as well as production across the globe. The region is projected to be the largest market over the forecast period due to improving standard of living across the region driven by economic reforms. Moreover, growing per capita income in China & India is likely to propel the demand for plasticizers and ultimately drive the market growth for Benzoic Acid.

The demand for Benzoic Acid is significantly increased in both Europe and North America regions on account of increasing consumption of benzoate plasticizers. Whereas, its production growth is also on the rise driven by substituting phthalate plasticizers. 

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Competitive Analysis: 

Key players of the global benzoic acid are Hebei Smart Chemicals Co.,Ltd (China), Emerald Performance Materials LLC (U.S.),  Novaphene specialties pvt ltd (India), Shri Hari Chemicals (India), , Chemcrux Enterprises (India), Apollo Scientific (UK), and Merck Group (Germany), Ganesh Benzoplast Limited (India), Shree Chemopharma Ankleshwar Pvt. Ltd (India), and Clarion Drugs Ltd (India). 

Market Segmentation 

The Global Benzoic Acid Market is majorly segmented on the Basis Production Method, Application and Regions. The global market is divided into Grignard reagent and Friedel-Crafts reaction. Production of Benzoic Acid is majorly done through Grignard reagent synthesis, inosit, bromobenzene is used to prepare Grignard reagent and the acid is prepared. Benzoic Acid, which is widely adopted to commercially manufactures Benzoic Acid, which accounted for major market shares as of 2016. 

Further, On the Basis of the Application, the market has been divided into food and beverages, chemicals, pharmaceuticals, plastics and animal feeds. Global growth rate of 8.3%. USD 812 billion by 2023 with annual growth of 8.3%. Dynamic growth in this industry expected to create lucrative opportunities for food preservation, which, in turn, double the demand for benzoic acid. Apart from the food preservation, Benzoic Acid is used as an antifungal and antibacterial agent in the production. Benzoic Acid significantly increasing the potential for the production of chemical products. It is used as feedstock in the production of phenol, 

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