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

  • ID: 4519949
  • Report
  • Region: Global
  • 138 Pages
  • Markets and Markets
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FEATURED COMPANIES

  • Ariha Chemicals
  • Ganesh Benzoplast
  • Indian Oil Corporation
  • Nimbasia
  • Reliance Industries
  • Smart Chemicals Group Co.
  • MORE

“The benzoic acid market is projected to grow at a CAGR of 5.4% from 2018 to 2023”

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. The growth of the non-phthalate plasticizers manufacturing industry is led by the flourishing building & construction industry globally with increasing use of non-phthalate plasticizers in flooring & wall coverings application. Benzoic acid and its benzoates are used as preservatives in various food products. The rising demand for packaged food items & beverages lead to the increased consumption of benzoic acid in the food & beverages industry.

“The benzoate plasticizers segment is expected to be the fastest-growing application segment of the benzoic acid market during the forecast period.”

Benzoic acid is used in several chemical industry applications, such as manufacturing benzoyl chloride, benzoate plasticizers, and alkyd resins, among others. The benzoate plasticizers application segment is expected to grow at the highest rate due to the growing demand for non-phthalate plasticizers in emerging economies such as Iran and Saudi Arabia.

“Asia Pacific is expected to account for the largest share of the benzoic acid market during the forecast period.”

China is the largest market for benzoic acid in the Asia Pacific region, in terms of value. Growing industrialization and changing lifestyle of masses in the region have led to the increased demand for processed and packaged food items & beverages. This offers enormous growth opportunities for the manufacturers of benzoic acid as benzoic acid, and its derivatives are used as food preservatives in packaged food items & beverages.

Profile break-up of primary participants for the report:

  • By Company Type: Tier 1 – 20 %, Tier 2 – 45%, Tier 3 – 35%
  • By Designation: C level – 25%, Director level – 30%, Others – 45%
  • By Region: Asia Pacific – 53%, North America – 25%, Europe – 17%, Middle East & Africa – 3%, South America – 2%

As a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, and opportunities. It also discusses competitive strategies adopted by market players, such as Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China).

Research Coverage:

The report defines, segments, and projects the benzoic acid market based on end-use industry, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers and opportunities. It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments, such as partnerships, contracts, and joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities are undertaken by key players to achieve growth in the market.

Reasons to Buy the Report:

The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the overall benzoic acid market and its subsegments. This report will help stakeholders better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, and opportunities.

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Note: Product cover images may vary from those shown
2 of 6

FEATURED COMPANIES

  • Ariha Chemicals
  • Ganesh Benzoplast
  • Indian Oil Corporation
  • Nimbasia
  • Reliance Industries
  • Smart Chemicals Group Co.
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Scope of the Study
1.3.1 Regional Scope
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitation
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions

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
5.2.1.1 Rising Demand for Benzoic Acid From the Food & Beverages Industry
5.2.1.2 Ongoing Urbanization and Shift In the Consumer Lifestyle,Particularly In the Asia Pacific Region
5.2.1.3 Increasing Demand for Processed Food Items & Beverages
5.2.2 Restraints
5.2.2.1 Regulations to Limit the Use of Benzoic Acid In Packaged Food Items & Beverages
5.2.2.2 Prolonged Use of Benzoic Acid Can Cause Harm to Lungs and Digestive Tract
5.2.3 Opportunities
5.2.3.1 Replacement of Phthalate Plasticizers With Non-Phthalate Plasticizers In the European and North American Regions
5.2.4 Challenges
5.2.4.1 Limited Use of Benzoic Acid as A Food Preservative In Developed Economies
5.2.4.2 Fluctuating Prices of Toluene
5.3 Porter’s Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Bargaining Power of Suppliers
5.3.3 Threat of Substitutes
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
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

6 Benzoic Acid Market, By Application
6.1 Introduction
6.2 Benzoates
6.3 Benzoate Plasticizers
6.4 Alkyd Resins
6.5 Benzoyl Chloride
6.6 Animal Feed Additive
6.7 Others

7 Benzoic Acid Market, By End-Use Industry
7.1 Introduction
7.2 Food & Beverages
7.3 Chemical
7.4 Pharmaceutical
7.5 Others

8 Benzoic Acid Market, By Region
8.1 Introduction
8.2 Asia Pacific
8.2.1 China
8.2.2 Japan
8.2.3 India
8.2.4 South Korea
8.2.5 Singapore
8.2.6 Malaysia
8.2.7 Australia
8.2.8 Rest of Asia Pacific
8.3 Europe
8.3.1 Germany
8.3.2 The Netherlands
8.3.3 France
8.3.4 UK
8.3.5 Italy
8.3.6 Russia
8.3.7 Spain
8.3.8 Rest of Europe
8.4 North America
8.4.1 US
8.4.2 Canada
8.4.3 Mexico
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.2 Iran
8.5.3 Rest of the Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.2 Argentina
8.6.3 Rest of South America

9 Competitive Landscape
9.1 Overview
9.2 Market Share Analysis
9.3 Competitive Situations & Trends
9.3.1 Expansions
9.3.2 Agreements

10 Company Profiles
10.1 Ariha Chemicals
10.2 Emerald Performance Materials
10.3 Ganesh Benzoplast
10.4 Hemadri Chemicals
10.5 IG Petrochemicals
10.6 Krishna Chemicals
10.7 Navyug Pharmachem
10.8 Nimbasia
10.9 Premier Group of Industries
10.10 Reliance Industries
10.11 Tianjin Dongda Chemical Group
10.12 Wuhan Youji Industries Co.
10.13 Other Leading Players
10.13.1 Avantor Performance Materials
10.13.2 Choice Organochem
10.13.3 Eastman Chemical Company
10.13.4 Fushimi Pharmaceutical Co.
10.13.5 Indian Oil Corporation
10.13.6 Liao Ning Huayi Chemical Industry & Commerce Co.
10.13.7 PAT Impex
10.13.8 Primechem Enterprises
10.13.9 SAN FU Chemical Group Co.
10.13.10 Sinteza
10.13.11 Smart Chemicals Group Co.
10.13.12 Swastik Industries
10.13.13 Triveni Interchem
10.13.14 the Chemical Company
10.13.15 Velsicol Chemical
10.13.16 JQC (Huayin) Pharmaceutical Co.

11 Appendix
11.1 Discussion Guide
11.2 Knowledge Store
11.3 Introducing Rt: Real-Time Market Intelligence
11.4 Available Customizations
11.5 Related Reports
11.6 Author Details

List of Tables:
Table 1 Food Preservatives Market, By Region, 2014–2021 (USD Million)
Table 2 Benzoic Acid Market, By Application, 2016–2023 (USD Million)
Table 3 Benzoic Acid Market, By Application, 2016–2023 (Kilo Tons)
Table 4 Benzoic Acid Market In Benzoates, By Region, 2016–2023 (USD Million)
Table 5 Benzoic Acid Market In Benzoates, By Region, 2016–2023 (Kilo Tons)
Table 6 Benzoic Acid Market In Benzoate Plasticizers, By Region, 2016–2023 (USD Million)
Table 7 Benzoic Acid Market In Benzoate Plasticizers, By Region, 2016–2023 (Kilo Tons)
Table 8 Benzoic Acid Market In Alkyd Resins, By Region, 2016–2023 (USD Million)
Table 9 Benzoic Acid Market In Alkyd Resins, By Region, 2016–2023 (Kilo Tons)
Table 10 Benzoic Acid Market In Benzoyl Chloride, By Region, 2016–2023 (USD Million)
Table 11 Benzoic Acid Market In Benzoyl Chloride, By Region, 2016–2023 (Kilo Tons)
Table 12 Benzoic Acid Market In Animal Feed Additive, By Region, 2016–2023 (USD Million)
Table 13 Benzoic Acid Market In Animal Feed Additive, By Region, 2016–2023 (Kilo Tons)
Table 14 Benzoic Acid Market In Other Applications, By Region, 2016–2023 (USD Million)
Table 15 Benzoic Acid Market In Other Applications, By Region, 2016–2023 (Kilo Tons)
Table 16 Benzoic Acid Market, By End-Use Industry, 2016–2023 (USD Million)
Table 17 Benzoic Acid Market, By End-Use Industry, 2016–2023 (Kilo Tons)
Table 18 Benzoic Acid Market for Food & Beverages, By Region, 2016–2023 (USD Million)
Table 19 Benzoic Acid Market for Food & Beverages, By Region, 2016–2023 (Kilo Tons)
Table 20 Benzoic Acid Market for Chemical, By Region, 2016–2023 (USD Million)
Table 21 Benzoic Acid Market for Chemical, By Region, 2016–2023 (Kilo Tons)
Table 22 Benzoic Acid Market for Pharmaceutical, By Region, 2016–2023 (USD Million)
Table 23 Benzoic Acid Market for Pharmaceutical, By Region, 2016–2023 (Kilo Tons)
Table 24 Benzoic Acid Market for Other End-Use Industries, By Region, 2016–2023 (USD Million)
Table 25 Benzoic Acid Market for Other End-Use Industries, By Region, 2016–2023 (Kilo Tons)
Table 26 Benzoic Acid Market, By Region, 2016–2023 (USD Million)
Table 27 Benzoic Acid Market, By Region, 2016-2023 (Kilo Tons)
Table 28 Benzoic Acid Market, By End-Use Industry, 2016-2023 (USD Million)
Table 29 Benzoic Acid Market, By End-Use Industry, 2016-2023 (Kilo Tons)
Table 30 Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 31 Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 32 Asia Pacific Benzoic Acid Market, By Country, 2016-2023 (USD Million)
Table 33 Asia Pacific Benzoic Acid Market, By Country, 2016-2023 (Kilo Tons)
Table 34 Asia Pacific Benzoic Acid Market, By End-Use Industry, 2016-2023 (USD Million)
Table 35 Asia Pacific Benzoic Acid Market, By End-Use Industry, 2016-2023 (Kilo Tons)
Table 36 Asia Pacific Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 37 Asia Pacific Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 38 China Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 39 China Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 40 Japan Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 41 Japan Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 42 India Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 43 India Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 44 South Korea Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 45 South Korea Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 46 Singapore Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 47 Singapore Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 48 Malaysia Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 49 Malaysia Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 50 Australia Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 51 Australia Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 52 Rest of Asia Pacific Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 53 Rest of Asia Pacific Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 54 Europe Benzoic Acid Market, By Country, 2016-2023 (USD Million)
Table 55 Europe Benzoic Acid Market, By Country, 2016-2023 (Kilo Tons)
Table 56 Europe Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 57 Europe Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 58 Europe Benzoic Acid Market, By End-Use Industry, 2016-2023 (USD Million)
Table 59 Europe Benzoic Acid Market, By End-Use Industry, 2016-2023 (Kilo Tons)
Table 60 Germany Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 61 Germany Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 62 Netherlands Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 63 Netherlands Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 64 France Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 65 France Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 66 UK Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 67 UK Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 68 Italy Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 69 Italy Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 70 Russia Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 71 Russia Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 72 Spain Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 73 Spain Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 74 Rest of Europe Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 75 Rest of Europe Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 76 North America Benzoic Acid Market, By Country, 2016-2023 (USD Million)
Table 77 North America Benzoic Acid Market, By Country, 2016-2023 (Kilo Tons)
Table 78 North America Benzoic Acid Market, By End-Use Industry, 2016-2023 (USD Million)
Table 79 North America Benzoic Acid Market, By End-Use Industry, 2016-2023 (Kilo Tons)
Table 80 North America Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 81 North America Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 82 US Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 83 US Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 84 Canada Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 85 Canada Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 86 Mexico Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 87 Mexico Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 88 Middle East & Africa Benzoic Acid Market, By Country, 2016-2023 (USD Million)
Table 89 Middle East & Africa Benzoic Acid Market, By Country, 2016-2023 (Kilo Tons)
Table 90 Middle East & Africa Benzoic Acid Market, By End-Use Industry, 2016-2023 (USD Million)
Table 91 Middle East & Africa Benzoic Acid Market, By End-Use Industry, 2016-2023 (Kilo Tons)
Table 92 Middle East & Africa Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 93 Middle East & Africa Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 94 Saudi Arabia Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 95 Saudi Arabia Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 96 Iran Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 97 Iran Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 98 Rest of the Middle East & Africa Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 99 Rest of the Middle East & Africa Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 100 South America Benzoic Acid Market, By Country, 2016-2023 (USD Million)
Table 101 South America Benzoic Acid Market, By Country, 2016-2023 (Kilo Tons)
Table 102 South America Benzoic Acid Market, By End-Use Industry, 2016-2023 (USD Million)
Table 103 South America Benzoic Acid Market, By End-Use Industry, 2016-2023 (Kilo Tons)
Table 104 South America Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 105 South America Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 106 Brazil Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 107 Brazil Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 108 Argentina Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 109 Argentina Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 110 Rest of South America Benzoic Acid Market, By Application, 2016-2023 (USD Million)
Table 111 Rest of South America Benzoic Acid Market, By Application, 2016-2023 (Kilo Tons)
Table 112 Expansions, January 2013 to January 2018
Table 113 Agreements, January 2013 to January 2018

List of Figures:
Figure 1 Benzoic Acid Market Segmentation
Figure 2 Benzoic Acid Market: Research Design
Figure 3 Benzoic Acid Market: Data Triangulation
Figure 4 The Food & Beverages End-Use Industry Segment Is Projected to Lead the Benzoic Acid Market Between 2018 and 2023
Figure 5 The Benzoate Plasticizers Application Segment of the Benzoic Acid Market Is Projected to Grow at The Highest Cagr Between 2018 and 2023
Figure 6 The Asia Pacific Region Is Projected to Be the Largest Market for Benzoic Acid Between 2018 and 2023
Figure 7 Benzoic Acid Market Is Projected to Witness Moderate Growth Between 2018 and 2023
Figure 8 The South America Benzoic Acid Market Is Projected to Grow at the Highest Rate From 2018 to 2023
Figure 9 The Food & Beverages End-Use Industry Segment Is Expected to Lead the Asia Pacific Benzoic Acid Market In 2018
Figure 10 the Benzoates Application Segment Is Projected to Lead the Asia Pacific Benzoic Acid Market In 2018
Figure 11 China Is Projected to Lead the Benzoic Acid Market Between 2018 and 2023
Figure 12 Dynamics of the Benzoic Acid Market
Figure 13 Global Sales of Packaged Food Items From 2014 to 2019 (USD Trillion)
Figure 14 The Benzoate Plasticizers Application Segment of the Benzoic Acid Market Is Projected to Grow at the Highest Cagr From 2018 to 2023
Figure 15 The Food & Beverages End-Use Industry Segment Is Projected to Lead the Benzoic Acid Market From 2018 to 2023
Figure 16 Regional Snapshot
Figure 17 Asia Pacific Benzoic Acid Market Snapshot
Figure 18 Europe Benzoic Acid Market Snapshot
Figure 19 North America Benzoic Acid Market Snapshot
Figure 20 Middle East & Africa Benzoic Acid Market Snapshot
Figure 21 South America Benzoic Acid Market Snapshot
Figure 22 Companies Adopted Organic Growth Strategies Between January 2013 and January 2018
Figure 23 Market Share Analysis of the Top Players of the Benzoic Acid Market In 2017
Figure 24 IG Petrochemicals: Company Snapshot
Figure 25 Reliance Industries: Company Snapshot

Note: Product cover images may vary from those shown
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  • Ariha Chemicals
  • Emerald Performance Materials
  • Ganesh Benzoplast
  • Hemadri Chemicals
  • IG Petrochemicals
  • Krishna Chemicals
  • Navyug Pharmachem
  • Nimbasia
  • 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.
  • Sinteza
  • Smart Chemicals Group Co.
  • Swastik Industries
  • Triveni Interchem
  • the Chemical Company
  • Velsicol Chemical
  • JQC (Huayin) Pharmaceutical Co.
Note: Product cover images may vary from those shown
6 of 6
Note: Product cover images may vary from those shown
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