According to the report, global benzoic acid market was valued at USD 959 million in 2017 and is expected to reach USD 1,376 million in 2024, growing at a CAGR of 5.3% between 2018 and 2024.
New York, NY, Sept. 04, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Benzoic Acid Market by Applications (Benzoates, Benzoate plasticizers, Benzoyl Chloride, Alkyd Resins, and Animal Feed Additive) and by End-use Industry (Food & Beverages, Chemical, and Pharmaceutical): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global benzoic acid market was valued at USD 959 million in 2017 and is expected to reach USD 1,376 million in 2024, growing at a CAGR of 5.3% between 2018 and 2024.
Benzoic acid is a fungicide, bactericide, viroicide, and virucide, which is used for disinfection. Benzoic acid occurs naturally in many plants and in animals. Therefore, it is a natural constituent of many foods including milk products.
Browse through 60 Tables & 33 Figures spread over 110 Pages and in-depth TOC on “Global Benzoic Acid Market Size 2017 Report: Industry Type, Share, Trends, Growth Analysis and Forecast to 2024”.
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Benzoic acid is an odorless chemical, which is used as a chemical reagent. It is extensively used as an additive to obstruct the growth of fungus and bacteria in the food & beverages industry. In 2017, benzoic acid was increasingly used for several applications. The rising consumer demand for benzoic acid is anticipated to boost the market. The positive response by the government for the green environmental policies and the raw material availability are factors that will help in enhancing the market growth in the near future.
The increasing demand for packaged food and beverages especially from the emerging economies is the major key factor that is driving the market growth. Availability of alternative cheap substitutes and fluctuating prices of the raw materials may hinder the market growth to some extent. The manufacturing companies are focusing on developing innovative products thus opening great opportunities for the market.
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On the basis of application, the global benzoic acid market includes benzoate plasticizers, benzoates, alkyd resins, benzoyl chloride, and animal feed additive. Majority of benzoates are used as an intermediate in the production of other organic compounds. The benzoate plasticizers segment is anticipated to be the fastest growing application segment of the benzoic acid market during the forecast period. Based on end-use industry, the pharmaceutical sector is estimated to be the fastest growing end-use industry of the global benzoic acid market during the forecast period. Benzoic acid as an antimicrobial preservative and antifungal agent is widely used in the pharmaceutical segment. Food & beverages application segment accounted for more than 45% market share in 2017 and is projected to maintain its dominance over the forecast period.
The chemical industry also has an increased demand for the benzoic acid thus boosting the market growth. Increasing investments in the oil & gas refinery processing are also projected to augment the demand for benzoic acid over the forecast period. The growth of the pulp and paper segment is directly attributed to the growth of the paper recycling industry. The food & packaging end-user segment expected to be the major growth driver for the benzoic acid market in the forecast period.
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The Asia Pacific was leading the benzoic acid market in 2017 both in terms of value and volume. The growth in the region mainly attributed to the growing demand for various applications such as benzoate plasticizers, benzoates, alkyd resins, benzoyl chloride, and animal feed additive. Moreover, the changing dynamics in China and India are likely to propel the market growth during the forecast period. Rapidly growing population, increase in per capita income, the rise in the demand for preserved food by working women along with rapid industrialization, increased dependency over processed food, and improving living standards are the major drivers that fuel the benzoic acid market growth. In the Asia Pacific, China leads the benzoic acid market due to increased demand for benzoate plasticizers products. There is an increased adoption of ready-to-eat food and beverages in developing countries such as India and China thus contributing to the market in recent years.
Europe was the second largest market for benzoic acid in 2017. Rapid urbanization has contributed towards the growth of the pharmaceutical sector and other industries, which is expected to propel the benzoic acid market. The UK, France, and Germany anticipate contributing majorly to the market’s revenue margin in the forecast period since they are matured market for benzoic acid suppliers. Owing to which it is anticipated that the demand, as well as production for benzoate plasticizers, will increase significantly in the future.
Browse the full “Benzoic Acid Market by Applications (Benzoates, Benzoate plasticizers, Benzoyl Chloride, Alkyd Resins, and Animal Feed Additive) and by End-use Industry (Food & Beverages, Chemical, and Pharmaceutical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024“ report at https://www.zionmarketresearch.com/report/benzoic-acid-market
North America also held a vital market share for benzoic acid. New government regulations implemented will lead to the replacement of phthalate plasticizers by benzoate plasticizers thus driving the growth of the benzoic market. In 2017, the U.S. was the dominant country, which is anticipated to continue in the upcoming years. Increasing demand for benzoic acid in the pharmaceutical and food & beverage industries is anticipated to boost the market size in the region in the forecast period.
Latin America is estimated to observe considerable growth owing to the expanding chemical and pharmaceutical industries. Latin America benzoic market is anticipated to grow at a good rate during the forecast period. Argentina and Brazil countries have huge prospects for the benzoic acid market because of the growing applications of refrigeration in various pharmaceutical and chemical end-use industries. Furthermore, high saturation of environmental concerns together with the huge support from government bodies is anticipated to fuel the demand for benzoic acid in the region in the near future.
The Middle East & Africa region is anticipated to experience a good growth of the benzoic acid market in the forecast period due to the noteworthy investments by the worldwide companies for benzoic acid projects. Usage of food preservatives in the Middle East is expected to provide good opportunities in this region. In Africa, the benzoic acid market anticipates developing at a steady growth rate owing to the rising demand from the food preservative manufacturing industry.
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Some of the major players of the global benzoic acid market include Emerald Performance Materials, Tianjin Dongda Chemical Group, Wuhan Youji Industries Co., Liao Ning Huayi Chemical Industry & Commerce Co., Ganesh Benzoplast Limited, Shri Hari Chemicals, Hebei Smart Chemicals Co. Ltd., Merck Group, Novaphene Specialties Pvt. Ltd., Chemcrux Enterprises, Apollo Scientific, Shree Chemopharma Ankleshwar Pvt. Ltd., and Clarion Drugs Ltd., among others. Major companies in the market are adopting expansions, acquisitions, and mergers strategy to expand their production capacities and share in the benzoic acid market in the forecast period.
This report segments the global benzoic acid market as follows:
Global Benzoic Acid Market: Application Analysis
- Benzoate Plasticizers
- Benzoyl Chloride
- Alkyd Resins
- Animal Feed Additive
Global Benzoic Acid Market: End-Use Industry Analysis
- Food & Beverages
Global Benzoic Acid Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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