Global Benzoic Acid Market was US$ XX Mn in 2019 and is estimated to reach US$ XX Mn by the end of 2027, growing at a CAGR of XX% .
Benzoic acid is a crystalline, aromatic carboxylic acid which is a partially water-soluble, having chemical formula C6H5COOH, usually synthesized from natural resins like, toluene and used chiefly as an antiseptic and preservative in the synthesis of dyes, benzoates, perfumes, and in medicine as a germicide. Also, used as a pH adjuster in preventing the growth of microbes.
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The report comprises of worldwide Conjugate Vaccine Market presentation in terms of revenue from various segments and detailed evaluation of the trends and factors that are playing a substantial role in the market. These factors involve the drivers, restraints, opportunities and challenges for the key companies and stakeholders in the industry.
Rising demand for processed food items and beverages throughout the world is estimated to boost the market growth. Benzoic acid further used as a preservative in preserving food products and other acidified products like sparkling drinks, pickles, and fruit juice, therefore, increasing the shelf-life of these products. Besides food and beverage, benzoic acid chiefly used in pharmaceutical, plastics, chemical, and other industries, for medical purposes, animal feed, and dye intermediates. Furthermore, benzoic acid is used for treating fungal skin infections such as Tinea, athlete’s foot, ringworm, etc., propelling the global benzoic acid market growth. Benzoic acid also plays an important role in the production of cosmetics products as an anti-microbial agent. Moreover, Benzoic acid is an essential ingredient in mouthwashes, toothpaste, deodorants, etc. Aside from all these factors, easy availability and the low-cost of benzoic acid is likely to propel the global benzoic acid market growth.
However, price fluctuation & stringent regulation regarding usage of benzoic acid in packaged food items & beverages. Moreover, Lack of awareness with associated side effects and prolonged use can cause harm to digestive tract and lungs which in turns hamper the market and restraints the growth.
Further, Phthalate plasticizers replacement with non-phthalate plasticizers mainly in European as well as North American regions has generated a great market opportunity for the benzoic acid industries.
Global Benzoic Acid Market: Market Segmentation
The report covers competitive analysis of the Conjugate Vaccine Market in each of the geographical segments thereby providing insight into a market share at the macro as well as micro levels.
Based on End-User; Food & beverages are estimated to dominate the benzoic acid consumption market with US$ XX.X Mn in 2019 and are likely to reach US$ XX.X Mn by 2027, growing at a CAGR of 46.4% over the forecasted period 2019 to 2027. Benzoic acid is most commonly used in the preparation of benzoyl chloride and phenols and thus, drive the global benzoic acid market. Benzoyl chloride is also the key element in the production of benzyl benzoate, which is used as a flavouring agent as well as insect repellants and many more. Thus, likely to drive the global benzoic acid market.
In terms of Applications; Plasticizer as derivatives of benzoate plasticizers is expected to grow at CAGR of 10% up to 2027. The increasing significance of phthalate-free plasticizers is likely to propel benzoic acid market growth. Benzoate plasticizer in form of, diethylene glycol, glycol, and triethylene glycol ether is used as a substituent for phthalate plasticizers in various applications such as films, cables and hoses, of which films and cables are widely used. Nearly 90% of plasticizers are being used in PVC, giving better durability and flexibility. The current urbanization and changing lifestyle of masses are the factors leading to the increased demand for packaged food items, which demands more for preservatives hence boosting the growth.
Global Benzoic Acid Market: Geographical Analysis
Asia-Pacific held the dominant market share of XX% in 2019 and is anticipated to reach US$ XX.X Mn by 2027, with a CAGR of 4% over the forecasted period 2019–2027 with more than 41% of the total volume. The Upsurge in per-capita disposable income levels joined with a shift towards processed foods and beverages mostly in emerging countries like India and China are likely to drive demand in this region. The Asia Pacific is also growing at a significant rate due to increase in phenol production along with growth in pharmaceuticals, food & beverages and also, acts as a preservative by preventing the growth of pathogens.
North America is expected to have steady growth rate over the forecast period. Benzoate plasticizers are estimated to rise in demand in North America over the forecast period because of the replacement of phthalate plasticizers by benzoate plasticizers due to stringent government regulations is probable to favour growth in this region. Moreover, increasing competition and a major key player in the region are also driving growth.
Competitive Analysis: Global Benzoic Acid Market:
The report Handheld Oscilloscopes Market analysis includes information of detailed analysis leading manufacturers and upcoming trends & challenges that will influence market growth. Further, the adoption of variant strategic business activities such as acquisitions, mergers, etc. are estimated to create productive opportunities for the global market over the forecast period.
Some of the Key Developments in the Market: Mergers & Acquisition –
• In July 2015, Emerald Performance Materials, benzoic acid global producer acquired Innospec. With this acquisition the company aims to enlarge their global footprint in their core markets around the world to support customers
• In April 2013, Emerald Performance Materials in Rotterdam, Netherlands expanded their plant capability for benzoic acid. The major objective for this expansion was to fulfil the growing market demand of product in the pharmaceutical, food and beverage,coatings and other benzoic products.
The objective of the report is to present a comprehensive analysis of the Global Benzoic acid Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Benzoic acid Market dynamics, structure by analyzing the market segments and projects the Global Benzoic acid Market size. Clear representation of competitive analysis of key players By Pathogen Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Benzoic acid Market make the report investor’s guide.
Scope of the Global Benzoic Acid Market:
Global Benzoic Acid Market, By production method
• Grignard reagents
• Friedel-Crafts reaction
Global Benzoic Acid Market, By Application
• Benzoate plasticizers
• Benzoyl Chloride
• Alkyd Resins
• Animal Feed Additive
Global Benzoic Acid Market, By End-Use Industry
• Food & Beverages
• Animal Feed
Global Benzoic Acid Market, By Region
• North America
• Asia Pacific
• The Middle East and Africa
• Latin America
Global Benzoic Acid Market, key Players
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