Benzoic Acid Market 2019 - Trends Forecast Analysis by Manufacturers, Regions, Type and Application to 2023

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. Consequently, growing industrial output anticipated to complement growth of this market. Stringent regulation in developed countries has restricted the growth of alkyd resins, which, in turn, may hamper the benzoic acid market growth. In addition, adverse health effects associated with Benzoic Acid such as its prolonged usage and exposure can harm lungs and digestive tracts expected to pose as a major growth barriers in the coming years. Nevertheless, the Global Benzoic Acid Market is anticipated to gain growth prospects on account of demand for industrial chemicals coupled with food preservation in the coming years.

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Key Players

Key players of the Global Benzoic Acid are Hebei Smart Chemicals Co.,Ltd (China), Emerald Performance Materials LLC (U.S.),  Novaphene specialties pvt ltd (India), Shri Hari Chemicals (India), , Chemcrux Enterprises (India), Apollo Scientific (UK), and Merck Group (Germany), Ganesh Benzoplast Limited (India), Shree Chemopharma Ankleshwar Pvt. Ltd (India), and Clarion Drugs Ltd (India).

Benzoic Acid Market   - Segments

By Production Methods:  Grignard Reagent and Friedel-Crafts Reaction among others.

By Applications:  Food & Beverages, Chemicals, Pharmaceuticals, Plastics and Animal Feed among others.

By Regions:  North America, Europe, APAC and the Rest-of-the-World (RoW).

Benzoic Acid Market   - Geographical Analysis

Asia Pacific accounted for the largest market share in the Global Benzoic Acid Market owing to the rapid industrialization, burgeoning F&B industry, and the improved standard of living in the region backed by the improving economic conditions in the region.

India and China owing to the increasing per capita income perceive the growth in the food processing and packaging sector and in the aerated beverages industry which substantiates the market growth for Benzoic Acid in the region.

Europe being one of the largest producers of Benzoic Acid has become a prominent market witnessing huge accruals.

The North America Benzoic Acid market, on the other hand, is too growing rapidly due to the stringent government regulation in this region that is increasing the uptake of benzoate plasticizers replacing phthalate plasticizers. The region is projected to register a modest CAGR over the assessment years.

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Benzoic Acid Market | Revenue, Key Players, Supply-Demand, Investment Feasibility and Forecast 2023

The Global Benzoic Acid Market is growing pervasively mainly due to the increasing usages of Benzoic Acid for food processing and preserving in the burgeoning food and beverages industry. The market is witnessing a positive growth in the past few years and is expected to keep on flourishing due to the importance of Benzoic Acid in the application segments.

Responding to the augmented demand with the growing production rate per year the Benzoic Acid Market is expanding further. Market Research Future (MRFR) in its recently published study report asserts that the revenue contribution of the Benzoic Acid Market is expected to increase by a substantial monetarily growth by 2023, registering a phenomenal CAGR during the period 2017 to 2023.

Globally, the market for Benzoic Acid has been increasing due to the food and beverages industries. Changing lifestyle and consumers’ preference towards processed, ready to eat food, packaged or canned foods, and frozen foods are the key driving forces for the market growth. The growth in per capita disposable income, rising urban middle-class population and food consumption across the globe are among the key growth contributors of the market.

The growing complexities in the food supply chain along with the highest demand for food preservatives especially from the western countries drives the market growth. Additional factors substantiating the market growth of benzoic acid include consumer demand for diverse food products, increasing imports and the rising demand for effective preservation techniques.

Additionally, the pharmaceutical industry contributes to the market growth of Benzoic Acid extensively. Benzoic Acid also finds applications in the cosmetic industry as a preservative in mouthwashes, deodorants, creams, aftershave lotions, etc. which, in turn, propel the market growth.

On the other hand, volatility in the prices and the demand and supply gap of feedstock required for the production of benzoic acid are some of the major factors impeding the market growth.

Benzoic Acid Market - Geographical Analysis

Asia Pacific accounted for the largest market share in the Global Benzoic Acid Market owing to the rapid industrialization, burgeoning F&B industry, and the improved standard of living in the region backed by the improving economic conditions in the region.

India and China owing to the increasing per capita income perceive the growth in the food processing and packaging sector and in the aerated beverages industry which substantiates the market growth for Benzoic Acid in the region.

Europe being one of the largest producers of benzoic acid has become a prominent market witnessing huge accruals.

The North America Benzoic Acid market, on the other hand, is too growing rapidly due to the stringent government regulation in this region that is increasing the uptake of benzoate plasticizers replacing phthalate plasticizers. The region is projected to register a modest CAGR over the assessment years.

Benzoic Acid Market - Competitive Landscape

The competitive market of Benzoic Acid appears to be fragmented due to numerous companies are churning the market competition. Constant innovations and technologies generate strong investment opportunities. Market players strive to commercialize other techniques that can lower the production cost.

These players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities to gain the competitive advantage.

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.

During review of each substance's pre-manufacture notice (PMN), the EPA determined that restrictions were warranted to mitigate potential unreasonable risk. Therefore, the agency negotiated the consent orders with the PMN submitters requiring them to implement certain risk management and exposure controls.

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Benzoic Acid Market 2018 Manufacturers, Countries, Type and Application, Forecast to 2023

Market Overview: 

Benzoic Acid is used as an intermediate in the synthesis of phenol & caprolactum and it is used in the production of industrial chemicals. This has resulted into increasing application scope of Benzoic Acid and it is highly favored in the industrial manufacturing including chemical manufacturing, animal feed, and in drug production. Some of the prominent factors that positively influence the growth of Benzoic Acid Market are rising demand for food preservation, improving standard of living led by economic reforms, and increasing industrialization across the globe. Benzoic Acid is one of the important feedstock, which is in the phenol production. Therefore, increasing phenol production across the globe is likely to complement growth of the Global Benzoic Acid Market. Countries such as China & India are following higher consumption trend of plastics, which, in turn, is projected to offer lucrative growth opportunities in the coming years. 

Regional Analysis: 

Asia Pacific dominates the market in terms of regional consumption as well as production across the globe. The region is projected to be the largest market over the forecast period due to improving standard of living across the region driven by economic reforms. Moreover, growing per capita income in China & India is likely to propel the demand for plasticizers and ultimately drive the market growth for Benzoic Acid.

The demand for Benzoic Acid is significantly increased in both Europe and North America regions on account of increasing consumption of benzoate plasticizers. Whereas, its production growth is also on the rise driven by substituting phthalate plasticizers. 

Competitive Analysis: 

Key players of the global benzoic acid are Hebei Smart Chemicals Co.,Ltd (China), Emerald Performance Materials LLC (U.S.),  Novaphene specialties pvt ltd (India), Shri Hari Chemicals (India), , Chemcrux Enterprises (India), Apollo Scientific (UK), and Merck Group (Germany), Ganesh Benzoplast Limited (India), Shree Chemopharma Ankleshwar Pvt. Ltd (India), and Clarion Drugs Ltd (India). 

Market Segmentation 

The Global Benzoic Acid Market is majorly segmented on the Basis Production Method, Application and Regions. On the basis of the production method, the global market is divided into Grignard reagent and Friedel-Crafts reaction. Production of Benzoic Acid is majorly done through Grignard reagent synthesis, wherein, bromobenzene is used to prepare Grignard reagent and the acid is prepared. This method is largely adopted to commercially produce Benzoic Acid, which accounted for major market shares as of 2016. 

Furthermore, On the Basis of the Application, the market has been divided into food and beverages, chemicals, pharmaceuticals, plastics and animal feed. Among all, the food and beverages industry is the most promising application segment occupied majority of global market and it is estimated to reach USD 812 billion by 2023 with annual growth of 8.3%. Dynamic growth in this industry expected to create lucrative opportunities for food preservation, which, in turn, double the demand for benzoic acid. Apart from the food preservation, Benzoic Acid is used to as an antifungal and antibacterial agent in the production. Chemical is another potential application segment for Benzoic Acid significantly generating demand due to increasing industrial output, specifically, increasing industrial chemical manufacturing. Additionally, it is used as feedstock in the production of phenol, which ultimately strengthen demand for benzoic acid. 

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