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Global Benzoic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, 2015-2030

  • Report

  • October 2023
  • Region: Global
  • ChemAnalyst
  • ID: 5743521

Quick Summary:

In the growing realm of the chemical industry, the global Benzo(ic) Acid market is witnessing a robust transformation, holding promising potential for investors, chemical manufacturers, and stakeholders. Derived from both natural and synthetic processes, Benzoic Acid serves as a multifaceted compound primarily used in the food industry as a preservative, the pharmaceutical industry for medicinal applications, and the constantly advancing plastic industry. Its renowned fungistatic properties are leveraged widely in personal care products, contributing to the development of antimicrobial agents used in mouthwashes, toothpastes, and deodorants.

The global market for Benzoic Acid is on an uptrend, driven by emergent segments such as the food and beverage industry, and the plastic industry. Their increasing incorporation of Benzoic Acid, due to its non-interference with taste or odor, and as a plasticizer in adhesive formulations, underscores its escalating demand. Furthermore, its applications extend diversely, from being a key component in benzoic resin applied in medicines to functioning as an additive in drilling mud for crude oil recovery. Undeniably, these developing market trends and applications pave the way for lucrative avenues in the Benzoic Acid market. The Asia Pacific region, in particular, holds potential for exponential growth, ignited by urbanization and infrastructure improvements in countries such as India, China, Japan, and Malaysia.

The Global Benzoic Acid Market is Expected to Grow at a CAGR of 4.56% During the Forecast Period Until 2030

The global Benzoic Acid market is expected to grow at a CAGR of 4.56% during the forecast period until 2030. Benzoic Acid occurs in form of colorless crystalline solid and is simplest of majority of the carboxylic acid compounds. It is well known as a fungistatic product and hence is largely synthesized as a food preservative. Commercially, Benzoic Acid is produced by partial oxidation of toluene in a high yielding environmental process, in presence of cobalt or manganese salts as catalyst. Benzoic Acid can also be produced by oxidation of Benzene with Carbon Dioxide or concentrated Sulphuric Acid in presence of an active catalyst. Majority of the Benzoic Acid produced across globe is directly converted to Phenol or Caprolactam. Besides that, it is used to produce glycol benzoates that are widely in demand as a plasticizer in adhesive formulations. Benzoic Acid is also actively converted into its constituent salt and esters for consumption as a preservative in drugs, foods and personal care products. Apart from the conventional applications, it is required in drilling mud additive for applications for crude oil recovery. It is also consumed as an anti-microbial agent in mouthwashes, toothpastes, deodorants etc. In addition, it is a key component of benzoic resin used in medicines.

Although, the Benzoic acid market is primarily produced is streamed to manufacture Caprolactam and Phenol, food and beverage segment is also anticipated to grow at an appreciable rate in the coming years on favorable shift in consumer preference towards packaged food and beverage items. The usage of Benzoic Acid market is its usage by the food and beverage industry is because the compound does not affect the taste or odor of the food. In addition, its usage in plasticizer industry is also a potential growth segment for the forecast period owing to consistent advancements in the global plastic industry.

Based on region, the Asia Pacific is the leading consumer of the Benzoic Acid market. During the projection period, the growing demand for benzoic acid for processed food items with urbanization in developing countries like India, China, Japan, and Malaysia coupled with greater demand for plasticizer for infrastructure development is driving up demand for Benzoic Acid in the Asia Pacific region.

Based on the end-user industry, the global Benzoic Acid market is segmented into Chemical Industry, Food & Beverages, Pharmaceuticals, Others. As of 2022, the Chemical Industry is the leading segment with a market share of 65%. Furthermore, the Food & Beverages sector also holds considerable market share of benzoic acid.

Some of the major players operating in Global Benzoic Acid market include Emerland Performance Chemicals, Chemcrux Enterprises Limited, IG Petrochemical Limited (IGPL), Tianjin Dongda Chemical Group, Wuhan Youji Industries Company, and Others.

Years considered for this report:

  • Historical Period: 2015- 2022
  • Base Year: 2022
  • Estimated Year: 2023
  • Forecast Period: 2024-2030

Objective of the Study:

  • To assess the demand-supply scenario of Benzoic Acid which covers production, demand and supply of Benzoic Acid market in the globe.
  • To analyse and forecast the market size of Benzoic Acid
  • To classify and forecast Global Benzoic Acid market based on end-use and regional distribution.
  • To examine competitive developments such as expansions, mergers & acquisitions, etc., of Benzoic Acid market in the globe.
To extract data for Global Benzoic Acid market, primary research surveys were conducted with Benzoic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, the publisher was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, the report analyzes various segments and projected a positive outlook for Global Benzoic Acid market over the coming years.

The publisher calculated Benzoic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Benzoic Acid. The publisher sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by the publisher.

Key Target Audience:

  • Benzoic Acid manufacturers and other stakeholders
  • Organizations, forums and alliances related to Benzoic Acid distribution
  • Government bodies such as regulating authorities and policy makers
  • Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Benzoic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.

Report Scope:

In this report, Global Benzoic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
  • Market, by End-use: Chemical Industry, Food & Beverages, Pharmaceuticals, Others
  • Market, by Sales Channel: Direct Sale and Indirect Sale
  • Market, by Region: North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs.

Table of Contents

1. Capacity By Company
  • On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Benzoic Acid.
2. Capacity By Location
  • To better understand the regional supply of Benzoic Acid by analyzing its manufacturers' location-based capacity.
3. Plant Operating Efficiency
  • To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
4. Production By Company
  • Study the historical annual production of Benzoic Acid by the leading players and forecast how it will grow in the coming years.
5. Demand by End- Use
  • Discover which end-user industry (Chemical Industry, Food & Beverages, Pharmaceuticals, Others) are creating a market and the forecast for the growth of the Benzoic Acid market.
6. Demand by Region
  • Analyzing the change in demand of Benzoic Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
7. Demand by Sales Channel (Direct and Indirect)
  • Multiple channels are used to sell Benzoic Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
8. Demand-Supply Gap
  • Determine the supply-demand gap to gain information about the trade surplus or deficiency of Benzoic Acid.
9. Country-wise Export
  • Get details about quantity of Benzoic Acid exported by major countries.
10. Country-wise Import
  • Get details about quantity of Benzoic Acid imported by major countries.
11. Pricing Analysis & Forecast
  • Analyze historical prices since 2015 & Forecast on three months rolling period for next 12 months.