Benzoic Acid Market - Forecast(2020 - 2025)

Report Code: CMR 0808 Report Format: PDF + Excel (Delivery in 48 Hrs)

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.

Key Takeaways

  • 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 By Application - Segment Analysis

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 By End-Use - Segment Analysis

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 Geography - Segment Analysis

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- 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 type of Application
2.3. Key Trends segmented by Geography
3. Benzoic Acid Market-Comparative analysis
3.1.1. Product Benchmarking - Top 10 companies
3.1.2. Top 5 Financials Analysis
3.1.3. Market Value split by Top 10 companies
3.1.4. Patent Analysis - Top 10 companies
3.1.5. Pricing Analysis 
4. Benzoic Acid Market– Startup companies Scenario Premium
4.1. Top 10 startup company Analysis by
4.1.1. Investment
4.1.2. Revenue
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
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 10 companies
6. Benzoic Acid Market- Market Forces
6.1. Drivers
6.2. Constraints
6.3. Challenges
6.4. Porters five force model
6.4.1. Bargaining power of suppliers
6.4.2. Bargaining powers of customers
6.4.3. Threat of new entrants
6.4.4. Rivalry among existing players
6.4.5. Threat of substitutes 
7. Benzoic Acid Market-Strategic analysis
7.1. Value chain analysis
7.2. Opportunities analysis
7.3. Product life cycle
8. Benzoic Acid Market– By Production Method (Market Size -$Million / $Billion)
8.1. Segment type Size and Market Share Analysis 
8.2. Application Revenue and Trends by Type of Production Method
8.3. Application Segment Analysis by Type
8.3.1. Friedel-crafts reaction
8.3.2. Grignard reagent
9. Benzoic Acid Market – By Application (Market Size -$Million / $Billion)
9.1. Animal feed additive
9.2. Benzoate plasticizers
9.3. Benzoates
9.4. Alkyd resins
9.5. Benzoyl chloride
9.6. Drilling mud additive
10. Benzoic Acid Market – By End User (Market Size -$Million / $Billion)
10.1. Market Size and Market Share Analysis 
10.2. Application Revenue and Trend Research by type of End User
10.3. Product Segment Analysis
10.3.1. Chemical
10.3.2. Plastics
10.3.3. Pharmaceutical
10.3.4. Food & Beverages
11. Benzoic Acid - By Geography (Market Size -$Million / $Billion)
11.1. Benzoic Acid Market - North America Segment Research
11.2. North America Market Research (Million / $Billion)
11.2.1. Segment type Size and Market Size Analysis 
11.2.2. Revenue and Trends
11.2.3. Application Revenue and Trends by type of Application
11.2.4. Company Revenue and Product Analysis
11.2.5. North America Product type and Application Market Size
11.2.5.1. U.S.
11.2.5.2. Canada 
11.2.5.3. Mexico 
11.2.5.4. Rest of North America
11.3. Benzoic Acid - South America Segment Research
11.4. South America Market Research (Market Size -$Million / $Billion)
11.4.1. Segment type Size and Market Size Analysis 
11.4.2. Revenue and Trends
11.4.3. Application Revenue and Trends by type of Application
11.4.4. Company Revenue and Product Analysis
11.4.5. South America Product type and Application Market Size
11.4.5.1. Brazil  
11.4.5.2. Venezuela
11.4.5.3. Argentina
11.4.5.4. Ecuador
11.4.5.5. Peru
11.4.5.6. Colombia 
11.4.5.7. Costa Rica
11.4.5.8. Rest of South America
11.5. Benzoic Acid - Europe Segment Research
11.6. Europe Market Research (Market Size -$Million / $Billion)
11.6.1. Segment type Size and Market Size Analysis 
11.6.2. Revenue and Trends
11.6.3. Application Revenue and Trends by type of Application
11.6.4. Company Revenue and Product Analysis
11.6.5. Europe Segment Product type and Application Market Size
11.6.5.1. U.K  
11.6.5.2. Germany 
11.6.5.3. Italy 
11.6.5.4. France
11.6.5.5. Netherlands
11.6.5.6. Belgium
11.6.5.7. Spain
11.6.5.8. Denmark
11.6.5.9. Rest of Europe
11.7. Benzoic Acid – APAC Segment Research
11.8. APAC Market Research (Market Size -$Million / $Billion)
11.8.1. Segment type Size and Market Size Analysis 
11.8.2. Revenue and Trends
11.8.3. Application Revenue and Trends by type of Application
11.8.4. Company Revenue and Product Analysis
11.8.5. APAC Segment – Product type and Application Market Size
11.8.5.1. China 
11.8.5.2. Australia
11.8.5.3. Japan 
11.8.5.4. South Korea
11.8.5.5. India
11.8.5.6. Taiwan
11.8.5.7. Malaysia
12. Benzoic Acid Market - Entropy
12.1. New product launches
12.2. M&A's, collaborations, JVs and partnerships
13. Benzoic Acid Market – Industry / Segment Competition landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Country- Top companies
13.1.2. Market Share by Region- Top 10 companies
13.1.3. Market Share by type of Application – Top 10 companies
13.1.4. Market Share by type of Product / Product category- Top 10 companies
13.1.5. Market Share at global level- Top 10 companies
13.1.6. Best Practises for companies
14. Benzoic Acid Market – Key Company List by Country Premium
15. Benzoic Acid Market Company Analysis
15.1. Market Share, Company Revenue, Products, M&A, Developments
15.2. Emerald Kalama Chemical
15.3. Huayin Jinqiancheng
15.4. Fushimi
15.5. Wuhan Youji Industries
15.6. Nantong Haiers
15.7. Chemcruz Enterprises Ltd.
15.8. Novaphene
15.9. San Fu
15.10. Sinteza SA
15.11. Huangshitaihua Industry
15.12. Company 11
15.13. Company 12
15.14. Company 13 and more
"*Financials would be provided on a best efforts basis for private companies"
16. Benzoic Acid Market -Appendix
16.1. Abbreviations
16.2. Sources
17. Benzoic Acid Market -Methodology Premium
17.1. Research Methodology
17.1.1. Company Expert Interviews
17.1.2. Industry Databases
17.1.3. Associations
17.1.4. Company News
17.1.5. Company Annual Reports
17.1.6. Application Trends
17.1.7. New Products and Product database
17.1.8. Company Transcripts
17.1.9. R&D Trends
17.1.10. Key Opinion Leaders Interviews
17.1.11. Supply and Demand Trends