The benzoic acid market 2020 can touch USD 1,219 million by 2023-end, reveals MRFR/Market Research Future. The market is also set to exhibit a decent growth rate of 5.9% between 2018 and 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Deterrents
Benzoic acid’s use in preparing phenols and benzoyl chloride is likely to be a major growth booster in the global market in the following years. Benzoyl chloride is a prime ingredient in the manufacturing of benzyl benzoate, which acts as a flavor and also finds use in insect repellants. The diverse use-cases of the various derivatives of benzoic acid is supposed to be work in the market’s favor during the evaluation period.
Benzoic acid finds extensive use in the food and beverage sector, for the preservation of food products. It helps restrict the growth of bacteria and fungi. It is works as an effective chemical reagent. The rapidly soaring demand for packaged food as well as beverages in light of the expanding working class pool along with fast urbanization can bolster the demand for benzoic acid in the near future. Surge in working hours along with the strong requirement for nutritious food has turned the consumers focus on packaged food from home cooked meals. Benzoic acid’s use in packaged food products helps extend their shelf-life. Preservation of acidified food products such as sparkling drinks, fruit juice and pickles, also remains a key use-case of benzoic acid, and can be a significant growth rendering factor in the global market.
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Benzoic acid has also been witnessing notable demand in industries such as pharmaceutical, chemical, plastics, and more. Other than these, it also has applications in dye intermediates, animal feed, and medicine. Benzoic acid notes substantial demand among patients with fungal skin diseases like ringworm, tinea, athlete’s foot, etc. Benzoic acid boasts of an extensive application range in the cosmetics and personal care industry, where it is a vital ingredient in mouthwashes, deodorants, toothpastes and more, acting as an anti-microbial agent.
The report segments the global benzoic acid market on the basis of application, end use, and region. On the basis of end use, the global benzoic acid market is segmented into food and beverage, chemicals, pharmaceuticals, and others. The food and beverage industry registered the strongest share in the global benzoic acid market in 2017 and is likely to grow at the highest growth rate over the forecast period due to the growing demand for packaged food and beverages. It is expected to exhibit a robust 6.3% CAGR over the forecast period.
By application, the global benzoic acid market is segmented into sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizers, alkyd resins, benzoyl chloride, feed additives, and others. In accordance with the dominance of the food and beverage industry in the global benzoic acid market, sodium benzoate, the derivative of benzoic acid used as a preservative in the food and beverage industry, is likely to remain the dominant contributor to the global benzoic acid market over the forecast period. The segment accounted for 32% of the global benzoic acid market in 2017. It is touted to exhibit a strong 6.64% CAGR to reach a size of USD 406.9 million by 2023.
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.
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.
Benzoic Acid Market - Regional Analysis
In 2016, Asia Pacific accounted for the largest market for benzoic acid, holding the largest market share. The growth attributes to the rapid industrialization, Burgeoning FB industry, and the improved standard of living in the region.
Major economies such as India and China backed by the improving per capita income in the region are witnessing the growth in the processing and packaging sector of food and aerated beverages industry which further increases the market growth in the region. Markets in India and China demonstrate huge scope for food preservation as well as industrial chemicals production in the upcoming years which is expected to drive the growth of the market in the region.
The Netherlands, Estonia, the USA, and China are the largest producers of benzoic acid.
Europe is also one of the largest producers of benzoic acid and a larger amount of quantity further gets processed to phenol and the second larger share is processed to caprolactam to develop nylon fibers. In Europe, Benzoic acid is increasingly used in the production of Diethylene and Dipropylene Glycol Dibenzoate Plasticizers in Adhesive formulations.
Furthermore, the shift in consumer preferences towards the convenience food and aerated beverages, driven by the heady lifestyle, is a trend affecting the market growth positively, encouraging demand for benzoic acid.
The North America benzoic acid market on the other hand emerging as one of the lucrative markets will witness steady growth over the assessment years. Market growth substantiating factors include the stringent government regulation in this region that has led to increasing the uptake of benzoate plasticizers replacing phthalate plasticizers. North America, will be growing with the modest CAGR during the forecasted period.
The benzoic acid market in the Middle East Africa regions is expected to demonstrate positive growth in the coming years due to the growing urbanization in these regions which is projected to increase industrial output, encouraging the demand for benzoic acid.
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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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