Global Benzoic Acid Market Set for Rapid Growth, to Reach USD 1,376 Million by 2024
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
Sarasota, FL -- (SBWire) -- 09/07/2018 --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 (C7H6O2, CAS NO. 65-85-0) is a form of carboxylic acid. It is a colorless chemical which is crystalline in nature and soluble in water. Benzoic acid is extensively used to manufacture its derivatives such as sodium benzoate and potassium benzoate.
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The global benzoic acid market is expected to grow at a substantial rate within the forecast period. The growing demand for food preservatives from the food and beverage sector in emerging economies fuels the growth of the market. Furthermore, increasing demand in the packaging industries for the benzoic acid is expected to be a major driver for the global benzoic acid market within the forecast period. Increasing population, growing disposable income, and changing lifestyle also leads to an increase in the growth of the benzoic acid market. Benzoic acid is also used in the manufacturing of benzoate plasticizers, benzoates, benzoyl chloride, alkyd resins, and animal feed additive. Stringent regulation in developed countries has restricted the growth of alkyd resins; as a result, it is hampering the benzoic acid market growth. However, adverse health effects associated with benzoic acid may hinder the market in the coming years. In addition, its prolonged usage and exposure can harm the lungs and digestive tracts. As there is an increased demand for the benzoic acid from industrial, chemical, and food preservation sectors its demand is expected to increase in the forecast period. Nonetheless, product innovation and emerging market in the Asia Pacific is likely to open new avenues for the major players of the market during the years to come.
The global benzoic acid market has been segmented on the basis of application, end-use industry, and region. On the basis of application, the benzoic acid market is classified into benzoate plasticizers, benzoates, benzoyl chloride, alkyd resins and animal feed additive. Benzoates segment is anticipated to account for the largest share for the benzoic acid market in the forecast period.
Based on end-use industry, the global benzoic acid market is mainly segmented into food & beverages, chemical, and pharmaceutical. In terms of value, the pharmaceutical segment is anticipated to grow at the highest CAGR in the forecast period owing to increasing demand from emerging economies of the Asia Pacific and Latin American regions. Inorganic lubricants were the leading application segment of global benzoic acid market in 2017. The usage of benzoic acid is expected to increase in the food & beverages sector as the consumer are moving towards the adoption of convenience food and ready to drink (RTD) beverages across the globe. This factor is expected to be the major driver for the growth of the benzoic acid market. In the pharmaceutical segment, benzoic acid is used as an antifungal agent, antimicrobial preservative, and as a tablet & capsule lubricant. It is very effective in the prevention of bacterial infection. Hence, the demand for the benzoic acid will increase in the pharmaceutical sector in the coming years.
In terms of geography, the benzoic acid market has been classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, Asia Pacific is estimated to be the largest market for benzoic acid. This growth is mainly attributed to the rising demand for benzoic acid from various countries such as China, India, Japan, and South Korea. Moreover, Asia Pacific is predicted to be the fastest growing market of benzoic acid within the forecast period owing to the increasing demand from the food and beverages sector in the region. The Asia Pacific was followed by North America and Europe in the same year. The market growth rate in North America and Europe is anticipated to stay comparatively superior in the forecast period.
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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.
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