Global Benzoic Acid Market – Overview

Market Research Future (MRFR) has announced a new release on the Global Benzoic Acid Market. The report predicts the global benzoic acid market to exhibit a sturdy 5.92% CAGR over the forecast period (2018-2023), rising from a value of USD 868 million in 2017 to USD 1,219 million by the end of the forecast period in 2023.

Benzoic acid is a carboxylic acid with the chemical formula C6H5COOH. It has various functional properties, including antifungal and antibacterial properties, which have made it popular in a number of end-use industries. It is naturally found in a number of fruits, including plums, prunes, cranberries, and raspberries, and is primarily used in the food and beverage, chemical, and pharmaceutical industries.

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Segmentation:

The report segments the global benzoic acid market on the basis of application, end use, and region. On the basis of end use, the global benzoic acid market is segmented into food and beverage, chemicals, pharmaceuticals, and others. The food and beverage industry registered the strongest share in the global benzoic acid market in 2017 and is likely to grow at the highest growth rate over the forecast period due to the growing demand for packaged food and beverages. It is expected to exhibit a robust 6.3% CAGR over the forecast period.

By application, the global benzoic acid market is segmented into sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizers, alkyd resins, benzoyl chloride, feed additives, and others. In accordance with the dominance of the food and beverage industry in the global benzoic acid market, sodium benzoate, the derivative of benzoic acid used as a preservative in the food and beverage industry, is likely to remain the dominant contributor to the global benzoic acid market over the forecast period. The segment accounted for 32% of the global benzoic acid market in 2017. It is touted to exhibit a strong 6.64% CAGR to reach a size of USD 406.9 million by 2023.

Benzoic Acid Market   - Competitive Landscape

The competitive market of Benzoic Acid appears to be fragmented due to numerous companies are churning the market competition. Constant innovations and technologies generate strong investment opportunities. Market players strive to commercialize other techniques that can lower the production cost.

These players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities to gain the competitive advantage.

Key Players:

The fervent players leading the global benzoic acid market include Emerald Performance Materials LLC (US), Novaphene specialties Pvt. Ltd (India), Hebei Smart Chemicals Co., Ltd (China), Chemcrux Enterprises (India), Apollo Scientific (UK), Shri Hari Chemicals (India), Ganesh Benzoplast Limited (India), Clarion Drugs Ltd (India), Merck Group (Germany), and Shree Chemopharma Ankleshwar Pvt. Ltd. (India). Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.

Benzoic Acid Market   - Regional Analysis

In 2016, Asia Pacific accounted for the largest market for benzoic acid, holding the largest market share. The growth attributes to the rapid industrialization, Burgeoning FB industry, and the improved standard of living in the region. 

Major economies such as India and China backed by the improving per capita income in the region are witnessing the growth in the processing and packaging sector of food and aerated beverages industry which further increases the market growth in the region.  Markets in India and China demonstrate huge scope for food preservation as well as industrial chemicals production in the upcoming years which is expected to drive the growth of the market in the region.

The Netherlands, Estonia, the USA, and China are the largest producers of benzoic acid.

Europe is also one of the largest producers of benzoic acid and a larger amount of quantity further gets processed to phenol and the second larger share is processed to caprolactam to develop nylon fibers. In Europe, Benzoic acid is increasingly used in the production of Diethylene and Dipropylene Glycol Dibenzoate Plasticizers in Adhesive formulations.

Furthermore, the shift in consumer preferences towards the convenience food and aerated beverages, driven by the heady lifestyle, is a trend affecting the market growth positively, encouraging demand for benzoic acid.

The North America benzoic acid market on the other hand emerging as one of the lucrative markets will witness steady growth over the assessment years. Market growth substantiating factors include the stringent government regulation in this region that has led to increasing the uptake of benzoate plasticizers replacing phthalate plasticizers.  North America, will be growing with the modest CAGR during the forecasted period.

The benzoic acid market in the Middle East Africa regions is expected to demonstrate positive growth in the coming years due to the growing urbanization in these regions which is projected to increase industrial output, encouraging the demand for benzoic acid. 

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Industry/Innovation/Related News:

August 16, 2018 – Eastman Chemical Company (EMN – US), a global specialty chemical company announced the price increment for Benzoic Acid effective 1st Sep. 2018 or as contracts permit due to elevated operating costs, especially of raw materials. The Company also mentioned that it is taking appropriate pricing actions in the wake of raw material cost inflation. The said price hike will be of 3 cents per lb.

August 02, 2018 – The United States Environmental Protection Agency (the US EPA) issued The Toxic Substances Control Act (TSCA), significant new use rules for 145 substances subject to section 5(e) consent orders. relating to a variety of substances, the TSCA, though the majority deal with various benzoic acid substances used for monitoring oil and gas well performance.

During review of each substance's pre-manufacture notice (PMN), the EPA determined that restrictions were warranted to mitigate potential unreasonable risk. Therefore, the agency negotiated the consent orders with the PMN submitters requiring them to implement certain risk management and exposure controls.

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