Benzoic Acid Market Analysis
Benzoic acid is an aromatic carboxylic acid with various functional properties. It is naturally found in raspberries, cranberries, prunes, and plums and has applications across the pharmaceutical, food beverage, and chemical industries. The global benzoic acid market report compiled by analysts at Market Research Future (MRFR) highlights production methods for its extraction, expansion plans by manufacturers, and drivers and challenges to be faced by key market leaders for the period of 2018 to 2023 (forecast period).
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 Analysis has gained huge attention over the past few years due to the surging demand from the food 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.
On the contrary, the limited use of benzoic acid in the packaging industry can stagnate the market growth in the years to come.
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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.
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Regional Analysis
Geographically, the global benzoic acid market is segmented into North America, Europe, the Middle East Africa (MEA), Asia Pacific (APAC), and Latin America.
Considering the global scenario, the Asia Pacific is likely to dominate the benzoic acid market owing to the surging demand from the 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.
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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.
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