Benzoic Acid Market Outlook
Benzoic acid is an organic compound characterized by its colorless appearance and crystalline nature. The pleasant aroma of the compound makes it a prime constituent in handwashes and face creams. The commercial production of benzoic acid is conducted via the oxidation of toluene with the addition of oxygen. The application in food beverages, cosmetics, and pharmaceutical industries is likely to drive the global benzoic acid market.
Major industry participants in the global benzoic acid market include Avantor, Ganesh Benzoplast Limited, Navyug Pharmachem (P) Ltd., GFS Chemicals Inc., Eastman Chemical Company, MP Biomedicals LLC, Hemadri Chemicals, Thermo Fisher Scientific, Emerald Performance Materials, Wuhan YouJi Industries Company Limited, Alfa Aesar, Choice Organochem LLP, Tianjin Dongda Chemical Group Co. Ltd., Spectrum Chemical Manufacturing Corp., and others.
The Benzoic Acid Market is poised to reach a value of USD 1,219 million by 2023. It can exhibit a CAGR of 5.9% from 2018 to 2023 (forecast period). It stood at USD 868 million in 2017. The market is driven by the food beverage industry. The acidic nature of benzoic acid as well as its associated salts are used as preservatives due to their anti-fungal properties. High demand for packaged and preserved foods is likely to drive the market demand over the forecast period.
The market volume can touch 689.1 kilotons (KT) by 2023 due to the demand for the compound in carbonated beverages, acidic foods, and fruit juices. The use of the compound as a plasticizer is likely to boost the market revenue till the end of the forecast period. The need for packaging solutions in personal care products and others are likely to drive the demand in the global benzoic acid market.
The chemicals industry has found use for the organic compound in the preparation of phenols and benzoyl chloride. Benzoyl chloride is one of the key ingredients in the production of benzoates, which are in turn used in the formulation of insect repellents.
But raw material prices of toluene influenced by crude oil can impede the market growth.
The global benzoic acid market is segmented by application and end-use.
By application, it is segmented into feed additives, benzoyl chloride, alkyd resin, benzoate plasticizers, benzyl benzoate, sodium benzoate, potassium benzoate, and others. Sodium benzoate is touted to be dominant during the forecast timespan due to its application in the food beverage industry. It can exhibit 6.64% CAGR during the forecast period to touch a valuation of USD 406.9 million by 2023.
By end-use, it is segmented into pharmaceuticals industry, chemicals industry, food beverage, and others. The food beverage sector is likely to be the be the biggest end-user till 2023 due to heightened demand for packaged foods and beverages. It can showcase a CAGR of 6.3% to accrue significant revenue for the Benzoic acid solubility.
Asia Pacific (APAC), North America, Latin America, the Middle East Africa (MEA), and Europe are regions taken into consideration in the compilation of the global benzoic acid market report.
The APAC had dominated the market in 2017 and predicted to continue its streak till 2023. It can touch a value of USD 588.9 million by 2023 due to the growing demand for the compound from developing economies. High rate of consumption of the chemical partly driven by the rising population and the large disposable income levels can drive the regional market growth. Large consumption of plastics is another major driver of the region.
Europe can exhibit a CAGR of 5.53% during the assessment period to reach a value of USD 312.5 million by 2023. Hectic lifestyles of consumers as well as purchase of convenience foods and ready-to-drink (RTD) beverages
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