Synopsis of Benzoic Acid Market
Benzoic Acid (CAS NO. 65-85-0) is a carboxylic acid, which is soluble in water, colorless chemical crystalline in nature. It occur naturally in many plants and extensively used as precursor for the production of chemicals like sodium benzoate, potassium benzoate, benzoyl chloride, benzoate plasticizers, and alkyd resins. Salts of Benzoic Acid are used as a food preservative to inhibit growth of bacteria and fungi in the food and beverages industry. The food and beverages industry is the major end user of the Benzoic Acid. Other than that, it is also used as a chemical reagent in the production of industrial chemicals.
Over the past seven years, the Global Benzoic Acid Market has witnessed a significant growth and it is anticipated to grow in the same trend over the forecast period. Growth in this market is highly credible to the flourishing food & beverage industry, wherein, it is used as an antifungal agent. Furthermore, it is used to increase the shelf life of packaged food products, which has made Benzoic Acid highly favorable in this industry. This, in turn, has generated robust demand for Benzoic Acid and considered as key driver in this market. Furthermore, rising population, higher income, and changing psychographics of Asian countries have also supported the growth of this market. In chemical industry, it is used for the production of benzoate plasticizer, benzoyl chloride, and alkyd resins.
Industry/Innovation/Related News:
August 16, 2018 – Eastman Chemical Company (EMN – US), a global specialty chemical company announced the price increment for Benzoic Acid effective 1st Sep. 2018 or as contracts permit due to elevated operating costs, especially of raw materials. The Company also mentioned that it is taking appropriate pricing actions in the wake of raw material cost inflation. The said price hike will be of 3 cents per lb.
August 02, 2018 – The United States Environmental Protection Agency (the US EPA) issued The Toxic Substances Control Act (TSCA), significant new use rules for 145 substances subject to section 5(e) consent orders. Relating to a variety of substances, the TSCA, though the majority deal with various benzoic acid substances used for monitoring oil and gas well performance.
Key Players:
The fervent players leading the Global Benzoic Acid Market include Emerald Performance Materials LLC (US), Novaphene specialties Pvt. Ltd (India), Hebei Smart Chemicals Co., Ltd (China), Chemcrux Enterprises (India), Apollo Scientific (UK), Shri Hari Chemicals (India), Ganesh Benzoplast Limited (India), Clarion Drugs Ltd (India), Merck Group (Germany), and Shree Chemopharma Ankleshwar Pvt. Ltd. (India). Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.
Segmentation
The Global Benzoic Acid Market is majorly segmented on the basis Production Method, Application, and by Regions. Market segmentation based on production method includes Grignard reagent and Friedel-Crafts reaction. On the basis of Application, the market is segmented into food and beverages, chemicals, pharmaceuticals, plastics, and animal feed. Among all, the food & beverage industry was the major revenue generating segment in 2016 and is likely to drive this market in the years to come. On the basis of the region, this market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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