The global benzoic acid market has been estimated at USD 1.05 billion and is projected to hit USD 1.59 billion by 2027, at a CAGR of 5.4 percent, according to the latest review of Reports and Results. Benzoic acid is a pure aromatic carboxylic acid which through partial oxidation of toluene with oxygen, is produced commercially. Benzoic acid is commonly used in the manufacture of salts, such as potassium benzoate, sodium benzoate, phenol, and alkyd resins, among others, as an intermediate product. In their applications, the food and beverage, pharmaceutical and chemical industries use benzoic acid.

Key Players in the market include:

Emerald Performance Materials
Wuhan Youji Industries Co.
Tianjin Dongda Chemical Group
Liao Ning Huayi Chemical Industry & Commerce Co.
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Benzoic Acid Market: Segmentation

For this report, Reports and Data has segmented the Benzoic acid market based on applications, end-use, and region:

Application (Revenue in USD Million; Volume in Tons, 2017–2027)

Sodium Benzoates
Benzoate plasticizers
Benzoyl Chloride
Alkyd Resins
Animal Feed Additive
End Use (Revenue in USD Million; Volume in Tons, 2017–2027)

Food & Beverage
Chemicals
Pharmaceuticals
Region (Revenue in USD Million; Volume in Tons, 2017–2027)

North America
Europe
Asia Pacific
Middle East & Africa
South America
Benzoic acid consumption is comparatively higher in the Asia Pacific region. The market is driven by increasing demand for sodium and potassium benzoate here. In India and China, per capita plastic consumption is very high, increasing the use of plasticizers and thus boosting the demand for benzoic acid. Benzoic acid is used in the food & beverage industry in the manufacture of preservatives that keep food fresh for longer. Rising demand around the globe for frozen food products & beverages fuels consumer demand.

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Sodium benzoate is a significant application segment, holding the largest share of 42.8% of the market for benzoic acid. As in acidic foods such as salad dressings, sodium benzoate is commonly used in vinegar and carbonated beverages, such as acetic acid.

A large number of pharmaceutical companies and new companies make up the benzoic acid industry, which makes the market quite fragmented in nature. In addition, due to the availability of research funding and the favourable regulatory scenario for external medicine production, new entrants in the industry have an excellent opportunity to enter the market for benzoic acid.

The benzoic acid market is structured and in their long-term growth strategies, major players in this market aim to absorb small players. Small-kay players, however are planning to invest in R&D to implement novel benzoic acid applications.

Regulations limiting the willful use of benzoic acid in packaged food products and drinks are barriers to the growth of the benzoic acid market, as unnecessary intake of benzoic acid can affect the lungs and digestive tract.

In the Asia Pacific region, the demand for benzoic acid is rising at a CAGR of 4 percent, followed by North America with 8.5 percent and Europe with 7.2 percent. The market was dominated by Asia-Pacific and accounted for over 41 percent of the market share. During the forecast period, the area is expected to register significant growth. The rise is attributed to an improvement in per-capita disposable income prices, with patterns changing. North America is seeing steady business growth. During the forecast era, benzoate plasticizers are expected to see substantial demand in North America.

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