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Benzoic Acid - Global Strategic Business Report

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    Report

  • 194 Pages
  • December 2023
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4804738

Quick Summary:

In the rapidly evolving global chemicals industry, staying abreast of recent developments is pivotal. Our comprehensive research on the global Benzoic Acid market offers invaluable insights for industry stakeholders and decision-makers. The market, valued at a substantial US$1.1 billion in 2022, is forecasted to grow to a robust US$1.7 billion by 2030. This underlines the immense growth potential and investment opportunities in the market.

Moreover, our report navigates the intricate contours of the market - from Benzoates to Alkyd Resins. It meticulously measures the post-pandemic recovery progress and estimates future trend-shifts. Furthermore, the geographic analysis provides a detailed overview of the Benzoic Acid market in key economies, from the United States to China. Our investigation includes other significant regions across the globe, emphasizing the projected market size and growth rates. The research also features insightful profiles of 41 dominant global competitors, equipping you with a holistic view of the market landscape. Upgrade your strategic planning with our leading-edge market research report.

Global Benzoic Acid Market to Reach $1.7 Billion by 2030

The global market for Benzoic Acid estimated at US$1.1 Billion in the year 2022, is projected to reach a revised size of US$1.7 Billion by 2030, growing at a CAGR of 4.9% over the analysis period 2022-2030. Benzoates, one of the segments analyzed in the report, is projected to record a 4.8% CAGR and reach US$701.6 Million by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Alkyd Resins segment is readjusted to a revised 5% CAGR for the next 8-year period.

The U.S. Market is Estimated at $310.3 Million, While China is Forecast to Grow at 8.2% CAGR

The Benzoic Acid market in the U.S. is estimated at US$310.3 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$358.8 Million by the year 2030 trailing a CAGR of 8.2% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$227.5 Million by the year 2030.

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


What's New?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Benzoic Acid

What is the estimated value of the Global Market for Benzoic Acid?

The Global Market for Benzoic Acid was estimated to be valued at $1.1 Billion in 2022.

What is the growth rate of the Global Market for Benzoic Acid?

The growth rate of the Global Market for Benzoic Acid is 5.6%, with an estimated value of $1.7 Billion by 2030.

What is the forecasted size of the Global Market for Benzoic Acid?

The Global Market for Benzoic Acid is estimated to be worth $1.7 Billion by 2030.

Who are the key companies in the Global Market for Benzoic Acid?

Key companies in the Global Market for Benzoic Acid include 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. and Krishna Chemicals.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • A Prelude into Benzoic Acid Market
  • Benzoic Acid - Global Key Competitors Percentage Market Share in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • 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
  • 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
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Benzoic Acid by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 2: World Historic Review for Benzoic Acid by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 3: World 16-Year Perspective for Benzoic Acid by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Benzoates by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 5: World Historic Review for Benzoates by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 6: World 16-Year Perspective for Benzoates by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Benzoate Plasticizers by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 8: World Historic Review for Benzoate Plasticizers by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 9: World 16-Year Perspective for Benzoate Plasticizers by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Benzoyl Chloride by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 11: World Historic Review for Benzoyl Chloride by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 12: World 16-Year Perspective for Benzoyl Chloride by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 13: World Recent Past, Current & Future Analysis for Alkyd Resins by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 14: World Historic Review for Alkyd Resins by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 15: World 16-Year Perspective for Alkyd Resins by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 16: World Benzoic Acid Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
  • Table 17: World Recent Past, Current & Future Analysis for Animal Feed Additives by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 18: World Historic Review for Animal Feed Additives by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 19: World 16-Year Perspective for Animal Feed Additives by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 20: World Recent Past, Current & Future Analysis for Food & Beverage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 21: World Historic Review for Food & Beverage by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 22: World 16-Year Perspective for Food & Beverage by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 23: World Recent Past, Current & Future Analysis for Pharmaceuticals by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 24: World Historic Review for Pharmaceuticals by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 25: World 16-Year Perspective for Pharmaceuticals by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 26: World Recent Past, Current & Future Analysis for Chemical by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 27: World Historic Review for Chemical by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 28: World 16-Year Perspective for Chemical by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 29: World Recent Past, Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 30: World Historic Review for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 31: World 16-Year Perspective for Other End-Uses by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
UNITED STATES
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
CANADA
JAPAN
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
CHINA
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
EUROPE
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
FRANCE
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
GERMANY
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
ITALY
UNITED KINGDOM
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
AUSTRALIA
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
INDIA
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Benzoic Acid Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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