Benzoic Acid Market 2019 Opportunity, Growth Analysis Forecast 2023

15/gen/2019 11:37:42 Market Research Future Contatta l'autore

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Synopsis of Benzoic Acid market

Benzoic Acid (CAS NO. 65-85-0) is a carboxylic acid, which is soluble in water, colorless chemical crystalline in nature. It occur naturally in many plants and extensively used as precursor for the production of chemicals like sodium benzoate, potassium benzoate, benzoyl chloride, benzoate plasticizers, and alkyd resins. Salts of benzoic acid are used as a food preservative to inhibit growth of bacteria and fungi in the food and beverages industry. The food and beverages industry is the major end user of the Benzoic Acid. Other than that, it is also used as a chemical reagent in the production of industrial chemicals.

Over the past seven years, the Global Benzoic Acid Market has witnessed a significant growth and it is anticipated to grow in the same trend over the forecast period. Growth in this market is highly credible to the flourishing food & beverage industry, wherein, it is used as an antifungal agent. Furthermore, it is used to increase the shelf life of packaged food products, which has made Benzoic Acid highly favorable in this industry. This, in turn, has generated robust demand for Benzoic Acid and considered as key driver in this market. Furthermore, rising population, higher income, and changing psychographics of Asian countries have also supported the growth of this market. In chemical industry, it is used for the production of benzoate plasticizer, benzoyl chloride, and alkyd resins. Consequently, growing industrial output anticipated to complement growth of this market. Stringent regulation in developed countries has restricted the growth of alkyd resins, which, in turn, may hamper the benzoic acid market growth. In addition, adverse health effects associated with Benzoic Acid such as its prolonged usage and exposure can harm lungs and digestive tracts expected to pose as a major growth barriers in the coming years. Nevertheless, the Global Benzoic Acid Market is anticipated to gain growth prospects on account of demand for industrial chemicals coupled with food preservation in the coming years.

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Key Players

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).

Benzoic Acid Market   - Segments

By Production Methods:  Grignard Reagent and Friedel-Crafts Reaction among others.

By Applications:  Food & Beverages, Chemicals, Pharmaceuticals, Plastics and Animal Feed among others.

By Regions:  North America, Europe, APAC and the Rest-of-the-World (RoW).

Benzoic Acid Market   - Geographical Analysis

Asia Pacific accounted for the largest market share in the Global Benzoic Acid Market owing to the rapid industrialization, burgeoning F&B industry, and the improved standard of living in the region backed by the improving economic conditions in the region.

India and China owing to the increasing per capita income perceive the growth in the food processing and packaging sector and in the aerated beverages industry which substantiates the market growth for Benzoic Acid in the region.

Europe being one of the largest producers of Benzoic Acid has become a prominent market witnessing huge accruals.

The North America Benzoic Acid market, on the other hand, is too growing rapidly due to the stringent government regulation in this region that is increasing the uptake of benzoate plasticizers replacing phthalate plasticizers. The region is projected to register a modest CAGR over the assessment years.

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