Benzoic Acid Market By Application, By End-Use Industry, By Region - Global Forecast to 2027

Increasing consumption of benzoic acid in preparation of benzoyl chloride and phenols is a key factor driving market revenue growth.

Market Size - USD 1,116.2 Million in 2020, Market Growth - CAGR of 5.1%, Market Trends - Increasing focus on strategic projects such as agreements, mergers, partnerships to expand customer base and gain higher revenue profits.

The global benzoic acid market size is expected to reach USD 1,665.2 Million in 2028, and register a CAGR of 5.1% during the forecast period. Growing demand for the product from the food and beverage industry is a major factor expected to drive growth of the global benzoic acid market. Benzoic acid and its potassium, sodium, or calcium salts are used as food preservatives due to its effective antifungal property. It is particularly useful in warding off mold and yeast, and also has a minor protective effect against bacteria. Growing demand for pickled, preserved, frozen, and packaged food consumers globally is expected to drive demand for effective and natural preservatives including benzoic acid. Food and beverages that are acidic in nature require benzoic acid, as it is more effective in an acidic pH form. Growing consumption of such beverages including soft drinks and packed fruit juices, as well as acidic foods including pickles and pickled-food items, are key factors driving growth of the global benzoic acid market over the forecast period.

Some Key Findings From the Report:

• Among the application segments, the sodium benzoate segment accounted for the largest revenue share of 42.2% in 2020.
• The Asia Pacific market was valued at USD 424.1 Million in 2020, and is expected to dominate in the global benzoic acid market during the forecast period.
• North America accounted for second-largest revenue share in 2020, followed by the Europe market in terms of revenue share.
• Key players profiled in the report include Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), Liao Ning Huayi Chemical Industry & Commerce Co. (China), Ganesh Benzoplast Limited (India), Aarti Industries Ltd (India), Sinteza S.A. (Europe), Eastman Chemical Company (U.S.), Emerald Performance Materials (U.S.), and Wuhan Di Branch Chemical Co., Ltd (China). The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.

For the purpose of this report, the global benzoic acid market is segmented on the basis of grade, application, end-use, and region:

Application Industry Outlook

• Sodium Benzoates
• Benzoate plasticizers
• Benzoyl Chloride
• Alkyd Resins
• Animal Feed Additive

End-Use Outlook

• Chemicals Industry
• Food and Beverage
• Pharmaceuticals Industry
• Others

Region Outlook

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Benelux
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East and Africa
• Saudi Arabia
• UAE
• South Africa
• Rest of Middle East & Africa

Reasons to Buy the Report

• A robust analysis and estimation of the Benzoic Acid Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
• A holistic competitive landscape of the all the major players in Benzoic Acid Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
• Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
• Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
• Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization