Benzoic Acid Market Scope
The global benzoic acid market is touted to reach a valuation of USD 1,219 million by 2023. It can exhibit a CAGR of 5.9% during the forecast period. It stood at a value of USD 868 million in 2017. It can command a market demand of 689.1 KT by 2023 at a CAGR of 5.21% during the aforementioned period.
The Benzoic Acid Market has gained huge attention over the past few years due to the surging demand from the food and beverage industry. Benzoic acid and its potassium, sodium, and calcium salts are in high demand among the public as a preservative in foods owing to their effective antifungal property. It is effective against bacteria.
The surging demand for packaged and preserved foods is predicted to spark the demand for natural preservatives such as benzoic acid. The soaring demand for beverages such as fruit juices, soft drinks, and others can spur the market demand of benzoic acid during the assessment period. The use of benzoic acid in the preparation of phenols and benzoyl chloride will remain a key factor responsible for market growth.
Competitive Outlook
Navyug Pharmachem (P) Ltd., Eastman Chemical Company, Hemadri Chemicals, GFS Chemicals Inc., Choice Organochem LLP, Emerald Performance Materials, Wuhan YouJi Industries Company Limited, Avantor, Thermo Fisher Scientific, Ganesh Benzoplast Limited, MP Biomedicals LLC, Spectrum Chemical Manufacturing Corp., Alfa Aesar, and Tianjin Dongda Chemical Group Co. Ltd. are prominent players of the global benzoic acid market.
Segmentation
The global benzoic acid market is segmented on the basis of application and end use.
By application, the benzoic acid market is segmented into potassium benzoate, sodium benzoate, benzoate plasticizers, benzyl benzoate, benzoyl chloride, alkyd resin, feed additives, and others. The uptick of preservatives required in the food beverate industry can drive up the need for sodium benzoate. It is a derivative of benzoic acid, which is used as a preservative in the FB industry and is likely to exhibit a healthy CAGR of 6.64%, touching a valuation of USD 406.9 million by the end of 2023.
The end use segment comprises food and beverage, chemicals industry, pharmaceuticals industry, and others. Among them, the food beverage industry is likely to contribute the maximum to the market due to heavy need for packaged foods and beverages due to the current lifestyle of instant food consumption. The segment is likely to showcase a healthy CAGR of 6.3% in the foreseeable future.
Regional Analysis
Considering the global scenario, the Asia Pacific is likely to dominate the benzoic acid market owing to the surging demand from emerging nations. The regional market acquired 47% of the market share and will surpass a valuation of USD 588.9 million by the end of 2023. In this region, China is considered the largest contributor, and the growth is credited to the booming power and chemical industries in the region. The surging consumption of frozen food items in China has also led to an increased demand for benzoic acid.
Europe has assumed the second position and predicted to surpass a valuation of USD 312.5 million by the end of 2023 while attaining a CAGR of 5.53% during the forecast period.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: [email protected]
Allied Market Research published a new report, titled, " Benzoic Acid Market: Global Opportunity Analysis and industry Forecast, 2020–2027."
The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.The report offers key drivers that propel the growth in the global benzoic acid market.
Extensive analysis of sales, revenue, growth rate, and market share of each FF and GG for the historic period and the forecast period is offered with the help of tables.The market is analyzed based on regions and competitive landscape in each region is mentioned.
These insights help to devise strategies and create new opportunities to achieve exceptional results.The research offers an extensive analysis of key players active in the global benzoic acid industry.
Leading market players analyzed in the report include Ganesh Benzoplast Limited, Hemadri Chemicals, Emerald Performance Materials, Navyug Pharmachem (P) Ltd..
