15-Jun-2022 | Zion Market Research
The global benzoic acid market attained revenue growth of 1.22 billion in 2021 and it is projected to reach around USD 1.72 billion by 2028, growing at a 5.58% CAGR. Benzoic acid is a white and crystalline aromatic carboxylic acid. Benzoic was first made from the resin of trees belonging to the genus Styrax. Benzoic acid is widely used to preserve items in the food and beverage sectors. It aids in the control of bacterial and fungal development. Benzoic acid is employed as a chemical reagent as well. Because of the rise in working-class people and rising urbanization, demand for packaged foods and drinks has propelled the market for benzoic acid.
The flourishing food and chemical sector significantly contribute to the growth of the global benzoic acid market. Because of the growing popularity of canned, ready-to-eat food, and packaged products among customers all over the world, the benzoic acid business is booming. However, to maintain food safety and microbes-free for longer periods, food manufacturers are expected to embrace cost-effective and safe ingredients & components, which would drive up demand for benzoic acid. Food preservation, on the other hand, was necessary to extend the shelf life of canned, instant, and packaged foods, propelling the worldwide benzoic acid industry forward. Furthermore, benzoic acid is used to make phenols in the chemical industry, as well as preservatives in toothbrushes and mouthwash, all of which were key products in Covid-19 and were readily accessible in retail and online stores. Furthermore, the substitution of phthalate plasticizers with non-phthalate plasticizers, notably in the North American and European countries, has generated a huge market potential for benzoic acid makers, especially with the growing use of the acid in the paper industry.
The COVID-19 pandemic caused various challenges for producers, as several facilities were shuttered or staffing levels were cut, resulting in a lesser output of a limited number of commodities. With the unexpected outbreak of Covid, severe government rules were implemented, resulting in a spike in demand for canned or packed foods, drinks, and confectionaries all over the world, causing the need for benzoic acid to skyrocket. The benzoic acid market has had good development in recent years as a result of its prevalence in application categories, and it is likely to continue growing at a quicker rate after the pandemic phase.
The global benzoic acid market is bifurcated based on applications, end-users, and regions. By application, the market is divided into benzoate plasticizers, benzoates, alkyd resins, and others. Due to the increasing consumption of non-plasticizers, which also include benzoate plasticizers in varied uses such as wires & cables, flooring & wall coverings, and consumer products, among others, the benzoate plasticizers industry is estimated to exhibit the highest growth over the forecast period. The market by end-user, is segregated into chemical industry, food & beverages, pharmaceutical industry, and others.
Asia Pacific has been the largest buyer of benzoic acid in recent years. Regional demand is projected to be driven by rising per capita disposable income and a trend away from processed foods and RTD drinks, particularly in China and India. As phenol production rises in tandem with expansion in end-use sectors including food & beverages, personal care, and pharmaceuticals, Asia Pacific is likely to see significant gains during the projection period. North America is predicted to increase at a steady pace throughout the projection period. Due to government laws, benzoate plasticizers are being substituted for phthalate plasticizers, which is expected to boost growth in this industry.
Key players with the major share in the global benzoic acid market included in the report are Tianjin Dongda Chemical Group, Emerald Performance Materials, Liao Ning Huayi Chemical Industry & Commerce Co., Wuhan Youji Industries Co., Ganesh Benzoplast Limited, Shri Hari Chemicals, Merck Group, Chemcrux Enterprises, Novaphene Specialties Pvt Ltd., Hebei Smart Chemicals Co. Ltd., Apollo Scientific, Clarion Drugs Ltd., and Shree Chemopharma Ankleshwar Pvt. Ltd.
Browse the full “Benzoic Acid Market By End User (Food & Beverage, Chemical Industry, Pharmaceutical Industry, & Others), By Application (Benzoates, Benzoate Plasticizers, Alkyl Resins, & Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/benzoic-acid-market
The global benzoic acid market is segmented as follows:
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