According to the report by Expert Market Research (EMR), the global benzoic acid market size is projected to grow at a CAGR of 5.50% between 2024 and 2032. Aided by its diverse applications across various industries, the market is expected to grow significantly by 2032.
Benzoic acid, a simple aromatic carboxylic acid, is a versatile chemical compound widely used in the manufacturing of numerous products. It occurs naturally in many plants and serves as an intermediate in the synthesis of many other organic substances. Benzoic acid and its derivatives are crucial in the production of phenol, caprolactam, and plasticisers, and are also used as food preservatives.
The primary driver of the benzoic acid market demand is its extensive use as a preservative in the food and beverage industry. Benzoic acid and its salts, particularly sodium benzoate, are effective in inhibiting the growth of mould, yeast, and some bacteria, making them essential in preserving the freshness and safety of food products. This is particularly significant given the rising consumer demand for processed and packaged foods.
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Additionally, the demand for benzoic acid in the pharmaceutical industry contributes significantly to the global benzoic acid market growth. In this sector, benzoic acid is used in the production of various medicinal products, including ointments, lotions, and cough syrups. Its antimicrobial properties are instrumental in extending the shelf life of pharmaceutical products.
The cosmetics industry also plays a pivotal role in driving the benzoic acid market. Here, benzoic acid is used as a preservative due to its ability to prevent bacterial growth, thus maintaining the quality and longevity of cosmetic products. With the global rise in cosmetic consumption, the demand for benzoic acid in this sector continues to grow.
Benzoic acid is also crucial in the production of various chemical products. According to the benzoic acid market analysis, it is a key raw material in the synthesis of numerous industrial chemicals, including plasticisers, which are widely used in the manufacturing of flexible PVC plastics. The increasing demand for plastic products in various applications, ranging from construction to consumer goods, further stimulates the benzoic acid market.
Geographically, the market is segmented into several key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific, particularly China, accounts for a significant portion of the benzoic acid market share, owing to the region’s robust manufacturing sector and growing food and beverage industry. Similarly, North America and Europe are substantial markets, driven by the high demand in the food and pharmaceutical sectors.
Benzoic Acid Market Segmentation
The market can be divided based on application, end use, and region.
Market Breakup by Application
- Sodium Benzoate
- Benzyl Benzoate
- Alkyd Resin
- Benzoyl Chloride
- Potassium Benzoate
- Feed Additives
- Others
Market Breakup by End Use
- Chemical
- Food and Beverage
- Pharmaceuticals
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Benzoic Acid Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global benzoic acid market. Some of the major players explored in the report by Expert Market Research are as follows:
- Chemcrux Enterprises Ltd
- FUSHIMI Pharmaceutical Co., Ltd.
- SINTEZA S.A.
- Shri Hari Chemicals India
- LANXESS AG
- JQC(Huayin) Pharmaceutical Co.,Ltd.
- Eastman Chemical Company
- I G Petrochemicals Ltd. (IGPL)
- Merck KGaA
- Ganesh Benzoplast Limited
- Tianjin Dongda Chemical Group Co. Ltd.
- Others
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