DUBLIN, April 27, 2018 /PRNewswire/ --
The "Benzoic Acid Market by Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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
5.2 Market Dynamics
184.108.40.206 Rising Demand for Benzoic Acid From the Food & Beverages Industry
220.127.116.11 Ongoing Urbanization and Shift In the Consumer Lifestyle,Particularly In the Asia Pacific Region
18.104.22.168 Increasing Demand for Processed Food Items & Beverages
22.214.171.124 Regulations to Limit the Use of Benzoic Acid In Packaged Food Items & Beverages
126.96.36.199 Prolonged Use of Benzoic Acid Can Cause Harm to Lungs and Digestive Tract
188.8.131.52 Replacement of Phthalate Plasticizers With Non-Phthalate Plasticizers In the European and North American Regions
184.108.40.206 Limited Use of Benzoic Acid as A Food Preservative In Developed Economies
220.127.116.11 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
5.5.1 Sodium Benzoate
5.5.2 Potassium Benzoate
5.5.3 Benzyl Chloride
5.5.4 Benzyl Benzoate
6 Benzoic Acid Market, By Application
6.3 Benzoate Plasticizers
6.4 Alkyd Resins
6.5 Benzoyl Chloride
6.6 Animal Feed Additive
7 Benzoic Acid Market, By End-Use Industry
7.2 Food & Beverages
8 Benzoic Acid Market, By Region
9 Competitive Landscape
9.2 Market Share Analysis
9.3 Competitive Situations & Trends
10 Company Profiles
- Ariha Chemicals
- Emerald Performance Materials
- Ganesh Benzoplast
- Hemadri Chemicals
- IG Petrochemicals
- Krishna Chemicals
- Navyug Pharmachem
- Premier Group of Industries
- Reliance Industries
- Tianjin Dongda Chemical Group
- Wuhan Youji Industries Co.
- Avantor Performance Materials
- Choice Organochem
- Eastman Chemical Company
- Fushimi Pharmaceutical Co.
- Indian Oil Corporation
- Liao Ning Huayi Chemical Industry & Commerce Co.
- PAT Impex
- Primechem Enterprises
- SAN FU Chemical Group Co.
- Smart Chemicals Group Co.
- Swastik Industries
- Triveni Interchem
- the Chemical Company
- Velsicol Chemical
- JQC (Huayin) Pharmaceutical Co.
For more information about this report visit https://www.researchandmarkets.com/research/whhwxj/global_benzoic?w=5
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SOURCE Research and Markets