Global Benzoic Acid Market 2021 Outlook – Ready for Prosperous Growth by Revenue till 2030 | Ganesh Benzoplast Limited (India),Tianjin Dongda Chemical Group Co. Ltd. (China)
Research Reports
May 25, 2022
Global Benzoic Acid Market Overview
During the forecast period, the Benzoic Acid Market is expected to grow USD 902.3 million CAGR 5% during the forecast 2021-2030. Benzoic acid is a carboxylic acid with a simple aromatic structure. Commercially, it is made by partially oxidizing toluene with oxygen. It’s also found in a variety of plants. Benzoic acid is used as an intermediate in the production of sodium benzoate, potassium benzoate, phenol, and alkyd resins, among other salts. Benzoic acid is used in a variety of applications in the food and beverage, chemical, and pharmaceutical industries. The forecast has been provided for the period between 2021 and 2030, with 2020 as the base year for company profiles.
Benzoic acid market is a preservative commonly found in packaged foods and beverages. Pickles, jams, fruit drinks, carbonated beverages, and sparkling drinks, among other acidic foods and beverages, are commonly preserved with it. The fact that benzoic acid does not alter or affect the odour or taste of the foods or beverages to which it is added has led to an increase in its use as a food preservative.
Changes in consumer choices for packaged food and beverages, as well as increased per capita income, have all contributed to the growth of the benzoic acid market’s food & beverages end-use specific industry. The processed and packaged food and beverage industry has also seen significant growth as a result of increased demand for frozen foods and beverages around the world. The growing food preservative market in China and India is expected to propel the global benzoic acid market’s food & beverages end-use industry segment forward.
The research methods used to estimate and predict the global benzoic acid market began with credible data such as Hoovers, Bloomberg, Chemical Weekly, Factiva, and various other government and private websites capturing data on key vendor revenues. To determine market segmentation, vendor offerings were also taken into account. Following the determination of the overall market size, the total market was divided into several segments and sub-segments, which were then confirmed through primary research by carrying out extensive interviews with key personnel such as CEOs, VPs, directors, and executives.
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Benzoic Acid Market: Prominent Players
Ganesh Benzoplast Limited (India),Tianjin Dongda Chemical Group Co. Ltd. (China),Choice Organochem LLP (India),Spectrum Chemical Manufacturing Corp. (U.S.),Hemadri Chemicals (India),Emerald Performance Materials (U.S.),Wuhan YouJi Industries Company Limited (China),Alfa Aesar, Thermo Fisher Scientific (U.S.),Avantor (U.S.),MP Biomedicals LLC (U.S.).
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Segmental Analysis
On the Basis of End-Use Industry:
- Food & Beverages
- Chemical
- Pharmaceutical
On the Basis of Application:
- Benzoates
- Benzoate plasticizers
- Benzoyl Chloride
- Alkyd Resins
- Animal Feed Additive
On the Basis of Region:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
South America
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Regional Overview
During the forecast timeframe, South America is anticipated to witness the fastest market for benzoic acid. Because of the increasing applications of cold storage in various end-use sectors such as manufacturing and pharma, the benzoic acid market in South America has enormous growth potential. The flourishing pharmaceutical industry in particular, which is growing at a rate of 12% annually, is responsible for the growth of the pharmaceutical end-use industry segment of the South American benzoic acid market.
Industry News
Emerald Kalama, an American chemicals company, was acquired by Lanxess, a German specialty chemicals company, for USD 1.1 billion. Emerald Kalama is one of the world’s largest benzoic acid producers.
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1 Executive Summary
2 Market Introduction
2.1 Market Definition 19
2.2 Scope Of The Study 19
2.3 List Of Assumptions 19
2.4 Market Structure 20
3 Research Methodology
3.1 Research Process 22
3.2 Primary Research 23
3.3 Secondary Research 24
3.4 Market Size Estimation 24
3.5 Forecast Model 25
4 Market Dynamics
4.1 Introduction 27
4.2 Drivers 28
4.2.1 Growing Demand From Food & Beverage Industry 28
4.2.2 Growing Pharmaceutical Industry 29
4.2.3 Use Of Benzoic Acid In Chemical Synthesis 30
4.3 Restraints 31
4.3.1 Heath Hazards Associated With Benzoic Acid 31
4.4 Opportunities 32
4.4.1 Growing Use Of Benzoates In Cosmetics & Personal Care Applications 32
4.5 Trends 32
4.5.1 Increasing Demand For Non-Phthalate Plasticizers Over Phthalate Plasticizers 32
5 Market Factor Analysis
5.1 Supply Chain Analysis 34
5.1.1 Raw Materials 34
5.1.2 Benzoic Acid Manufacturers 34
5.1.3 Distribution Channel 35
5.1.4 End-Use Industries 35
5.2 Porter’s Five Forces Analysis 35
5.2.1 Threat Of New Entrants 35
5.2.2 Threat Of Rivalry 36
5.2.3 Threat Of Substitutes 36
5.2.4 Bargaining Power Of Suppliers 36
5.2.5 Bargaining Power Of Buyers 36
5.3 Estimated Production Capacity 36
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