According to ChemAnalyst report, “Global Benzoic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, 2015-2030”, The Benzoic Acid market has grown remarkably in the historic period of 2015-21 and is estimated to further grow at a steady CAGR of 4.56% in the forecast period. In the upcoming years, it is predicted that rising consumer demand for ready-to-eat meals and growing demand of plasticizers for applications in the construction will most likely fuel the demand for Benzoic Acid.
Benzoic Acid is a colourless and crystalline solid. Commercially, Benzoic Acid is produced by partial oxidation of toluene in a high-yielding environmental process, in presence of cobalt or manganese salt as a catalyst. It is popular as a fungistatic product and hence is largely used as a food preservative. Benzoic Acid is often turned into its constituent salt and esters for consumption as a preservative in drugs, foods, and personal care products. In addition to its usual uses, it also finds its use as a drilling mud additive for applications involving the recovery of crude oil. Additionally, it is used as an anti-microbial agent in deodorants, toothpaste, and mouthwash.
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Benzoic acid is being employed as a food preservative due to the enormous global demand for packaged foods and beverages. It keeps food products fresh longer and increases their shelf life. The popularity of the benzoic acid product has increased as a result of growing urbanization and the rise in the number of working-class individuals. Due to longer workdays and a need for nutrient-rich food, consumers are choosing packaged foods over prepared meals, which is anticipated to further expand the benzoic acid market in the forecast period. In addition, its usage in the plasticizer industry is also a potential growth segment for the forecast period owing to consistent advancements in the global plastic industry.
The Benzoic Acid market is segmented based on end-use, sales channel, and region. Based on end-use, the Benzoic Acid market is segregated into Chemical Industry, Food & Beverages, Pharmaceuticals, and Others. As of 2022, the Chemical Industry is the leading segment with a market share of 65%. Furthermore, a sizeable portion of the market for benzoic acid is held by the Food & Beverages industry.
Based on demand, Asia Pacific is dominating the Benzoic Acid market among all other regions. It is anticipated that it will continue to remain the most significant consumer owing to the growing demand for chemicals & plasticizers with an upswing in construction activities in developing nations like India, China, and Japan.
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“Global Benzoic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, 2015-2030”, the significant players in the Benzoic Acid market are Emerland Performance Chemicals, Chemcrux Enterprises Limited, IG Petrochemical Limited (IGPL), Tianjin Dongda Chemical Group, Wuhan Youji Industries Company, and Others.
“Consistently growing demand for Benzoic Acid in the chemical sector as a precursor to manufacture plasticizer for applications in adhesives and other industries is anticipated to further fuel the benzoic acid market in the forecast period till 2030. Additionally, the surging demand for benzoic acid as an additive in the food & beverage sector to increase the shelf-life of packaged items coupled with growing urbanization is likely to augment the benzoic acid market expansion in the forthcoming years. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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