Benzoic Acid Market Overview:
Germany was the largest importer of benzoic acid in 2017, importing quantity of 29,882 tons of benzoic acid. Netherlands was the largest exporter of benzoic acid in 2017, exporting quantity of 83,935 tons followed by china and USA. Asia pacific have the largest market shares for benzoic acid. In Asia Pacific China region contributes the major share. The varying lifestyle and of population and also the increasing industrialization have increased the demand for packaging and processing of food and beverages items in this region and thus increasing the market share.
Benzoic Acid Market Outlook:
Based on applications benzoate plasticizers dominates the benzoic acid market. They are used as an intermediate for producing other organic compounds. Based on end users food & beverages is ruling the benzoic market. Salts of benzoic acid is used as a preservative to hinder fungi and bacteria growth in food and beverages industry. The rising demand of preservatives for improving shelf life of packaged food products is contributing to increase the market share for the benzoic acid market.
Benzoic Acid Market Growth drivers:
The growing demand for benzoic acid from the food and beverages industry is one of the major driver that is contributing to the growth of the benzoic market. Food preservation is necessary inorder to increase the shelf life of the packed food products.
Benzoic Acid Market Challenges:
Benzoic acid is found in processed foods like varying sauce, cheese, meats etc. It is also found in variety of pharmaceutical as well as cosmetic products. Consumption of benzoic acid may cause eye damage and irritation of skin which includes burning sensation, redness etc. This is becoming a challenge for the benzoic market to grow.
Benzoic Acid MarketResearch Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Benzoic Acid Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the electric vehicle market, and their specific applications in different types of vehicles.
Benzoic Acid Market Report: Industry Coverage
By Production Method: Friedel-crafts reaction, Grignard reagent
By Application: Animal feed additive, Drilling mud additive, Benzoate plasticizers, Benzoates, Alkyd resins, Benzoyl chloride
By End User (Chemical, Plastics, Food & Beverages, Pharmaceutical
Benzoic Acid Marketreport also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Benzoic Acid Market Key Players Perspective:
Some of the Key players in this market include: Emerald Kalama Chemical, Huayin Jinqiancheng, Fushimi, Wuhan Youji Industries, Nantong Haiers, Chemcruz Enterprises Ltd., Novaphene, San Fu, Sinteza SA, Huangshitaihua Industry, Srihari Chemicals, and others.
Market Research and Market Trends of Benzoic Acid Market
- There is always a contradiction in effects of benzoic acid and its derivatives and their safety level. Generally benzoic acid and its related compound is recognized as safe. Use of benzoic acid as flavoring agent in foods, pharmaceutical, hygiene products and cosmetics by FDA/USDA and FAO/WHO.
- The benzoic acid market has observed a substantial growth since past few years and it is expected to increase it demand in future. Booming food and beverage industry is contributing to the growth of benzoic acid market. It is used as an antifungal agent in food and beverages industry. Additionally it is used in improving the shelf life of food product packaging. This is constantly increasing the demand for benzoic market.
- Strict government regulations in developed countries is which can be a restriction for the benzoic acid market to grow. Additionally adverse health effect that is coupled with benzoic acids that includes eye damage, digestive tracts etc. can be an obstacle for the benzoic acid market to grow.