New York, May 02, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Benzoic Acid Market to 2028 – COVID-19 Impact and Global Analysis – by Application (Food Preservatives, Corrosive Inhibitor, Alkyd Resins, Synthesis Intermediates, Plasticizers, Feed Additives, and Others) and Geography. Benzoic acid and its salts are broadly utilized in the food business as food additives. Its protecting characteristics defer the augmentation of microorganisms. The safeguarding system exists in the acidic medium. It loses its safeguarding system in an antacid medium. It is broadly utilized in the planning of scents and changing the pH levels.
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| Report Coverage | Details |
| Market Size Value in | US$ 1,028.07 Million in 2021 |
| Market Size Value by | US$ 1,496.54 Million by 2028 |
| Growth rate | CAGR of 5.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 156 |
| No. Tables | 61 |
| No. of Charts & Figures | 100 |
| Historical data available | Yes |
| Segments covered | Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Benzoic Acid Market: Competition Landscape and Key Developments
The key players operating in the global benzoic acid market include MERCK KGAA; LANXESS; SINTEZA; CHEMCRUX ENTERPRISES LTD; I G PETROCHEMICALS LTD; LIAONING HUAYI CHEMICAL INDUSTRY AND COMMERCE CO.,LTD.; TIANJIN DONGDA CHEMICAL GROUP CO., LTD; EASTMAN CHEMICAL COMPANY; FUSHIMI PHARMACEUTICAL CO., LTD.; and THE CHEMICAL COMPANY. These players are focusing actively to expand their distributions in several regions to increase their revenue.
Asia Pacific held the largest revenue share of the global benzoic acid market share. Growing demand for food and beverages coupled with the increasing chemical industry is fostering market growth in Asia Pacific. Preservatives are added to food to maintain product integrity and stability by inhibiting the growth of unnecessary microorganisms. Thus, the increasing use of food preservatives in different products to address the increasing demand for food products with prolonged shelf-life highlights the requirement for safe food preservatives in the region, which fuels the market for benzoic acid in the region.
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Moreover, Asia Pacific is anticipated to grow at the fastest CAGR from 2020 to 2028. The growth of the market in APAC region is due to the ongoing progress in the cosmetics industries in countries such as India and China, which are expected to create lucrative opportunities for the benzoic acid market players during the forecast period. It is also used as an ingredient in many cosmetic products, including lipsticks, lip balms, perfumes, deodorants, sunscreen lotions, hair creams, and shaving creams. In India, the demand for cosmetic products is increasing due to improving socioeconomic standards and developing digital and manufacturing sectors.
Increasing Use of Benzoic Acid as an Intermediate in the Synthesis of Different Products is Driving the Market
Benzoic acid is highly used to make many chemicals such as benzoyl chloride, benzoyl peroxide, and phenol and is also used to synthesize benzoyl chloride. Moreover, it finds application in making other chemicals, dyes, perfumes, herbicides, and others. Further, benzoic acid is most commonly used for the production of phenol. Phenols find application in household cleaners and mouthwash as a disinfectant. The demand for benzoic acid is also increasing due to the rising demand for different chemicals from various application sectors, such as benzoyl chloride, benzoyl peroxide, and phenol. Hence, the increasing use of benzoic acid as an intermediate in the synthesis of different products is driving the benzoic acid market growth.
The primary use of benzoic acid is in the large-scale industrial production of the aromatic compound phenol. This is done by a chemical process known as oxidative decarboxylation. It can be observed that the ideal temperature under which this process can be carried out is in the range of 300°C to 400°C. Also, benzoic acid and its salts are widely used in the food industry as food preservatives. Its preserving qualities delay the multiplication of microorganisms and the preservation mechanism in the acidic medium. It loses its preservation mechanism in an alkaline medium, and it is widely used to prepare fragrances and adjust the pH levels.
Benzoic Acid Market: Segmental Overview
Based on application, the global benzoic acid market is segmented into food preservatives, corrosive inhibitor, alkyd resins, synthesis intermediates, plasticizers, feed additives, and others. The synthesis intermediates segment led the global benzoic acid market in 2020. Benzoic acid is commonly used as a chemical intermediate for the synthesis of different chemicals. It is the most commonly used component in the production of phenol and caprolactam. Phenol is converted to cyclohexanol, which can be used in nylon synthesis
Impact of COVID-19 Pandemic on Benzoic Acid Market
Due to the COVID-19 pandemic, benzoic acid manufacturers witnessed a major disruption in the supply chain of their raw materials during the first two quarters of 2020. However, the benzoic acid materials supply chain has been restored, and production activities regained normalcy in late 2020. Further, with the growing COVID-19 vaccinations and eased lockdown restrictions, the global economy resumed, and subsequently, the market trend showed positive signs for business.
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In 2021, Asia Pacific held the largest share of the global benzoic acid market. One of the major factors bolstering the benzoic acid market growth in Asia Pacific is the rise in demand for this substance in the food & beverages industry.
The synthesis intermediates segment held the largest share of the global benzoic acid market in 2021. Benzoic acid is commonly used as a chemical intermediate for the synthesis of different chemicals. It is the most commonly used component in the production of phenol and caprolactam.
Asia Pacific is estimated to register the fastest CAGR in the global benzoic acid market over the forecast period. The increasing use of food preservatives in different products is highlighting the requirement for safe food preservatives in the region, which fuels the market for benzoic acid in the region.
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The global benzoic acid market is primarily driven by growing demand for benzoic acid from food & beverages industry and increasing use of benzoic acid as an intermediate in the synthesis of different products.
The global benzoic acid market is highly competitive owing to the presence of several regional and global players. Players compete with each other based on product quality and prices.
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