Benzoic Acid Market Overview
Benzoic Acid Market size is forecast to reach $2.4 billion by 2025, after growing at a CAGR of 9.5% during 2020-2025. Benzoic acid is an aromatic carboxylic acid that is colorless and crystalline. Benzoic originally was derived from tree resin which belonged to the genus Styrax. Benzoic acid is commonly used in food and beverage industries to preserve foodstuffs. It helps to curb the growth of the bacteria and fungi. Even the benzoic acid is used as a chemical reagent. The demand for packaged food and beverages has fueled the market for benzoic acid due to the increase in working-class people and rapid urbanization. Rising hours of work and the need for nutrient-rich food have made customers opt for prepared food rather than homemade meals. Currently, due to pandemic, various chemical industries have experienced huge loss, and a small number of companies are manufacturing chemical reagents, which tends to constrain the market growth.
Benzoic Acid Market Report Coverage
The report: “Benzoic Acid Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Benzoic Acid Market.
By Application: Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, and others.
By End-Use: Chemicals Industry, Food and Beverage, Pharmaceuticals Industry, and others.
By Geography: North America, South America, Europe, APAC, and RoW.
- Due to its dominance in the application segments over the past few years, the benzoic market has seen a positive growth and is expected to continue to achieve growth at a faster pace during the forecast period.
- Replacing phthalate plasticizers with non-phthalate plasticizers particularly in European as well as North American regions has generated a great market opportunity for the manufacturers of benzoic acid with growing application in the paper industry.
Benzoic Acid Market Segment Analysis - By Application
Over the forecast period, the use of benzoic acid in the preparation of benzoyl chloride and phenols will also likely remain a major driver for the global benzoic acid industry. Benzoyl chloride is the main component in benzyl benzoate processing, and is used in flavors as well as other uses such as insect repellents. Over the forecast period the diverse usability of such benzoic acid derivatives is likely to be a major driver for the global benzoic acid market.
Benzoic Acid Market Segment Analysis - By End-Use
Benzoic acid is commonly used in processed food products & drinks as a preservative. Among other things, it is primarily used to preserve acidic food products & beverages such as pickles, jams, fruit juices, aerated drinks and sparkling drinks. The increased use of benzoic acid as a food preservative may be due to not altering or changing the flavor of the food items or beverages to which it is applied. The growth of the benzoic acid market segment of the end-use food & beverages industry is also attributed to changes in consumer preferences for packaged food items & beverages, and increased consumer per capita income. The processed and packaged food & beverages industry is also experiencing substantial growth due to the increased demand for frozen food products & drinks across the globe. The rising demand for food preservatives in China and India is expected to drive the growth of the benzoic acid market segment of the end-use food & beverages industry worldwide.
Benzoic Acid Market Segment Analysis - By Geography
Over the past few years Asia Pacific has been the biggest buyer. -- per capita disposable income levels coupled with shifting to dependence on processed foods and RTD beverages is likely to drive regional demand, especially in China and India. Asia Pacific is also expected to achieve substantial gains over the forecast period as phenol production increases coupled with growth in end-use industries such as food & beverages, personal care, and pharmaceuticals. Over the forecast period North America is expected to see steady growth rates. The substitution of benzoate plasticizers for phthalate plasticizers due to strict government regulations is likely to favor growth in this field. For the aforementioned cause, benzoate plasticizers are expected to see an increase in demand in North America over the forecast period.
Benzoic Acid Market Drivers
Growing demand in packaged food and beverages
Increasing demand of packaged food and beverages drive the demand for Benzoic acid market across the world. Food preservation is necessary to increase the shelf life of the packaged food products which drives the growth of Benzoic acid market. Increasing demand for the replacement of phthalate plasticizers by benzoate plasticizers for different applications is likely to drive the demand for Benzoic acid market.
Benzoic Acid Market Challenges
Regulations across the globe tends to constrain the growth of the market
Strict regulation in developing countries has impeded the growth of alkyd resins, hampering the development of the benzoic acid industry. In the coming years, however, adverse health effects associated with benzoic acid could impede the market. Moreover, its repeated use and exposure can damage the lungs and digestive tracts.
Benzoic Acid Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Benzoic Acid market. In 2019, the market of Benzoic Acid has been consolidated by the top five players accounting for xx% of the share. Benzoic Acid Market top 10 companies are 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.
1. Benzoic Acid Market- Market Overview
1.1 Definitions and Scope
2. Benzoic Acid Market- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Application
2.3 Key Trends by End Use
2.4 Key Trends by Geography
3. Benzoic Acid Market- Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Benzoic Acid Market- Startup Companies Scenario Premium
4.1 Top startup company Analysis by
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Benzoic Acid Market– Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top companies
6. Benzoic Acid Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5Threat of substitutes
7. Benzoic Acid Market-Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Market life cycle
7.4 Suppliers and distributors Analysis
8. Benzoic Acid Market– By Application (Market Size -$Million)
8.1 Sodium Benzoate
8.2 Potassium Benzoate
8.3 Benzyl Benzoate
8.4 Benzoate Plasticizers
8.5 Alkyd Resin
8.6 Benzoyl Chloride
8.7 Feed Additives
9. Benzoic Acid Market– By End Use (Market Size -$Million)
9.1 Chemicals Industry
9.2 Food and Beverage
9.3 Pharmaceuticals Industry
10. Benzoic Acid Market- By Geography (Market Size -$Million)
10.1 North America
10.2 South America
10.2.4 Rest of South America
10.3.7 Rest of Europe
10.4 Asia Pacific
10.4.3 South Korea
10.4.5 Rest of APAC
10.5.1 Middle East
11. Benzoic Acid Market- Entropy
11.1 New Product Launches
11.2 M&A’s, Collaborations, JVs and Partnerships
12. Market Share Analysis Premium
12.1 Market Share by Country- Top companies
12.2 Market Share by Region- Top companies
12.3 Market Share by type of Product / Product category- Top companies
12.4 Market Share at global level- Top companies
12.5 Best Practices for companies
13. Benzoic Acid Market- List of Key Companies by Country Premium
14. Benzoic Acid Market- Company Analysis
14.1 Market Share, Company Revenue, Products, M&A, Developments
14.2 Company 1
14.3 Company 2
14.4 Company 3
14.5 Company 4
14.6 Company 5
14.7 Company 6
14.8 Company 7
14.9 Company 8
14.10 Company 9
14.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"