The size of the global benzoic acid market is expected to attain a value of USD 1.72 billion by 2028, growing at a 5.58% CAGR during the forecast period from USD 1.22 billion in 2021.
Benzoic Acid Market
Increase in demand for electric Benzoic Acid in global defense sector to strengthen international boundaries and restrict mobility across countries along with increase in size of middle class population will influence the Benzoic Acid market growth over the forecast period.
The size of the global Benzoic Acid market is expected to attain a value of USD 1.72 billion by 2028, growing at a rate of growth at the rate of 5.58% CAGR during the forecast period from USD 1.22 billion in 2021.
According to Zion Market Research, Asia Pacific to lead the global Benzoic Acid market due to increased preference for packed foods in India and China.
Insights from Zion Market Research state that major manufacturers are also increasing their product offerings in order to capture the widest variety of benzoic acid applications and gain a dominant position in the market. Some well-known companies in the industry are The Chemical Company, Merck KGaA, Chemcrux Enterprises, Emerald Performance Materials, and IG Petrochemicals Ltd.