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Benzoic Acid - Global Market Trajectory & Analytics

  • ID: 4804738
  • Report
  • April 2021
  • Region: Global
  • 287 pages
  • Global Industry Analysts, Inc
Global Benzoic Acid Market to Reach $1.3 Billion by 2027

Amid the COVID-19 crisis, the global market for Benzoic Acid estimated at US$1 Billion in the year 2020, is projected to reach a revised size of US$1.3 Billion by 2027, growing at a CAGR of 3.8% over the analysis period 2020-2027. Benzoates, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$578.1 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Benzoate Plasticizers segment is readjusted to a revised 4.2% CAGR for the next 7-year period.



The U.S. Market is Estimated at $276.1 Million, While China is Forecast to Grow at 6.9% CAGR

The Benzoic Acid market in the U.S. is estimated at US$276.1 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$283.3 Million by the year 2027 trailing a CAGR of 6.9% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.2% and 2.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2% CAGR.

Benzoyl Chloride Segment to Record 3.5% CAGR

In the global Benzoyl Chloride segment, USA, Canada, Japan, China and Europe will drive the 3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$91.8 Million in the year 2020 will reach a projected size of US$113.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$188 Million by the year 2027, while Latin America will expand at a 4.4% CAGR through the analysis period.

Select Competitors (Total 41 Featured):
  • Avantor Performance Materials, Inc.
  • Choice Organochem LLP
  • Eastman Chemical Company
  • Emerald Performance Materials LLC
  • FUSHIMI Pharmaceutical Co., Ltd.
  • Ganesh Benzoplast Limited
  • Hemadri Chemicals
  • Indian Oil Corporation Ltd.
  • Jqc (Huayin) Pharmaceutical Co., Ltd.
  • Krishna Chemicals
  • Navyug Pharmachem (P) Ltd.
  • Nimbasia
  • Pat Impex
  • Premier Group of Industries
  • Primechem Enterprises
  • Reliance Industries Ltd.
  • San Fu Chemical Co., Ltd.
  • Sinteza (Romania)
  • Swastik Industries
  • The Chemical Company
  • Tianjin Dongda Chemical Group Co., Ltd.
  • triveni interchem private limited
  • Velsicol Chemical, LLC.
  • Wuhan YouJi Industries Company Limited
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY
  • Influencer Market Insights
  • World Market Trajectories
  • A Prelude into Benzoic Acid Market
  • Impact of Covid-19 and a Looming Global Recession
  • Increase in Demand for Benzoic Acid from Food Industry Sector Spurs Market Growth
  • Increase in Preference for Processed Beverages and Food Items to Support Benzoic Acid Market Growth
  • Asia-Pacific: The Key Region in the Global Market
  • The Pharmaceutical Sector is anticipated to Register Fastest Growth during Analysis Period
  • Change in Consumer Habits and Shift towards Urbanization to Drive Market Demand, Especially in the Asia-Pacific Region
  • Exhibit 1: Percentage Breakdown of Urban Population in Overall Population by Continents (2018)
  • Application of Benzoic Acid in Benzoate Plasticizers to Drive Market Growth
  • Innovations and Related Updates
III. MARKET ANALYSIS

IV. COMPETITION
  • Total Companies Profiled: 41
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