Albany, NY -- (SBWire) -- 12/05/2018 --Benzoic acid is a crystalline colorless chemical found in solid form. It is an aromatic carboxylic acid that is soluble in water. Its molecular formula is C6H5COOH. Benzoic acid is an odorless chemical. It is largely used as a chemical reagent. The acid is soluble in water and hence, it is used in the food preservation industry.

Benzoic acid is also employed in the production of a variety of chemicals such as benzoate plasticizer, benzoyl chloride, alkyd resins, sodium benzoate, and potassium benzoate. Benzoic acid has the ability to act as an anti-microbial agent. Hence, it is used in toothpastes, deodorants, and mouthwashes.

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Benzoic acid naturally occurs in various fruits and berries such as cranberries, plums, and prunes. Additionally, cloudberries and cinnamon contain large quantities of benzoic acid. It also has the property to act as a fungicide, vermicide, and bactericide. Benzoic acid is available at lower prices compared to other chemicals. Hence, it is largely used for research purposes in laboratories.

Global Benzoic Acid Market: Overview

The benzoic acid market can be segmented based on production method, application, and region. Methods used for the commercial-level production of benzoic acid include partial oxidation, Grignard reaction, and Friedel–Crafts reaction. Commercially, the partial oxidation method is used at a larger scale. However, at a small scale, benzoic acid is prepared in laboratories, due to its lower price.

Based on application, the benzoic acid market has been segmented into benzoate plasticizers, benzoates, alkyd resins, benzoyl chloride, food & beverages, plastics, and pharmaceuticals. The benzoate plasticizers segment is estimated to expand at a rapid pace during the forecast period. The food & beverages segment dominates the market, owing to increased demand for benzoic acid for use in processed food.

Global Benzoic Acid Market: Developments and Trends

The global benzoic acid market has witnessed significant growth over the last few years and the trend is expected to continue during the forecast period. Benzoic acid is employed to enhance the shelf-life of packaged food products, which has made benzoic acid highly favorable for use in the food industry.

Rise in population, increase in the disposable income, and changes in lifestyle in Asia Pacific drive the benzoic acid market in the region. Due to the property of benzoic acid to act as an anti-microbial agent, it is largely used in the treatment of skin diseases such as athlete's foot and ringworm.

Developed countries have implemented strict rules about the use of alkyd resins. This has hampered the benzoic acid market. In addition, detrimental health effects associated with benzoic acid are expected to restrain the market in the next few years. Prolonged usage of benzoic acid can harm the lungs and the digestive tracts. However, the global benzoic acid market is likely to witness growth in the next few years, owing to rising demand in food preservation across the world.

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Global Benzoic Acid Market: Regional Outlook

Based on the region, the global benzoic acid market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of these, Asia Pacific is a key region accounting for a significant share of the global benzoic acid market.

The benzoic acid market in Asia Pacific is expected to register the maximum CAGR during the forecast period, due to growth of the chemical industry in the region. China, Japan, and South Korea are projected to witness increasing demand for benzoic acid in the near future, followed by India.

China is expected to account for a leading share of the market in Asia Pacific until 2026. Due to growing population, the country witnesses high usage of frozen food items as well as phthalate-free plasticizers. This factor is expected to augment the demand for benzoic acid in China during the forecast period.

Global Benzoic Acid Market: Key Players

The major manufacturer of benzoic acid in China is Tianjin Dongda Chemical Industry Limited Company. It is followed by Wuhan Youji Industry Company Limited and Liaoning Huayi Chemical Industry & Commerce Co. Ltd. Emerald Kalama Chemical is the leading producer of benzoic acid in the U.S. Choice Organochem Lip, Akhil Healthcare Private Limited, Clarion Drugs Ltd, Chemcrux Enterprises, Krishna Chemicals, and Arrow Fine Chemicals are producers of benzoic acid based in India.