The benzoic acid market is projected to grow from USD 1,009.9 Million in 2018 to USD 1,313.5 Million by 2023, at a CAGR of 5.4% from 2018 to 2023.
Benzoic acid is extensively used to manufacture sodium benzoate and potassium benzoate which are also known as its derivatives.
The benzoic acid market, by application is segmented into benzoates, benzoate plasticizers, benzoyl chloride, alkyd resins, animal feed additive, and others. The benzoate plasticizers segment is expected to grow at the highest CAGR during the forecast period, due to the growing demand for non-phthalate plasticizers, which include benzoate plasticizers in various applications such as flooring & wall coverings, wires & cables, and consumers goods, among others.
By end-use industry, the benzoic acid market is segmented into chemical, food & beverages, pharmaceutical, and others. The food & beverages segment is estimated to account for the major share of the overall market in 2018 during the forecast period. The ongoing urbanization and changing lifestyle of masses are the factors leading to the increased demand for packaged food items. Benzoic acid, which is majorly consumed as sodium benzoate and potassium benzoate, is directly used as a food preservative in the food & beverages end-use industry. Thus, increase in demand for packaged food leads to the growth of the benzoic acid market across the globe.
South America is expected to be the fastest-growing market for benzoic acid during the forecast period. Countries in South America have huge prospects for the benzoic acid market because of the growing applications of refrigeration in various end-use industries such as chemical and pharmaceutical.
Key Topics Covered:
2 Research Methodology
3 Executive Summary 3.1 Benzoic Acid Market, By End-Use Industry 3.2 Benzoic Acid Market, By Application 3.3 Benzoic Acid Market, By Region
4 Premium Insights 4.1 Significant Growth Opportunities In the Benzoic Acid Market 4.2 Benzoic Acid Market, By Region 4.3 Asia Pacific Benzoic Acid Market, By Country and Application 4.4 Benzoic Acid Market, By Application and Region 4.5 Benzoic Acid Market, By Country
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Rising Demand for Benzoic Acid From the Food & Beverages Industry 188.8.131.52 Ongoing Urbanization and Shift In the Consumer Lifestyle,Particularly In the Asia Pacific Region 184.108.40.206 Increasing Demand for Processed Food Items & Beverages 5.2.2 Restraints 220.127.116.11 Regulations to Limit the Use of Benzoic Acid In Packaged Food Items & Beverages 18.104.22.168 Prolonged Use of Benzoic Acid Can Cause Harm to Lungs and Digestive Tract 5.2.3 Opportunities 22.214.171.124 Replacement of Phthalate Plasticizers With Non-Phthalate Plasticizers In the European and North American Regions 5.2.4 Challenges 126.96.36.199 Limited Use of Benzoic Acid as A Food Preservative In Developed Economies 188.8.131.52 Fluctuating Prices of Toluene 5.3 Porter's Five Forces Analysis 5.4 Macroeconomic Indicators 5.4.1 Food Preservatives Market 5.4.2 Non-Phthalate Plasticizers Market 5.5 Derivatives 5.5.1 Sodium Benzoate 5.5.2 Potassium Benzoate 5.5.3 Benzyl Chloride 5.5.4 Benzyl Benzoate