Rockville, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The Benzoic Acid Market revenues were estimated at US$ 1 Bn in 2021 and is anticipated to grow at a CAGR of 4.7% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 1.6 Billion.
The key application for end use of Benzoic Acid includes Benzoates where the rise is seen due to the rise in usage of phthalate-free plasticizers, rise seen in preservative market in food and beverage industries. Furthermore, the rise in the usage of benzoic acid for increased food security, longer food shelf lives, improving standards of living, particularly in developing nations, and ongoing urbanization are increasing the usage of benzoates for benzoic acid market.
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Key Takeaways from the Study
• Benzoic Acid Market was valued at US$ 1 Bn in 2021. According to Fact.MR, Benzoic Acid Market revenue would increase 1.6X between 2022 and 2032, reaching roughly US$ 1.6 Bn in 2032.
• In terms of Application, the market through Benzoates is projected to account for a projected CAGR of 5.5%.
• In terms of end-use industry, benzoic acid revenue through Food & Beverages industry accounted for the highest CAGR of 4% during 2017 – 2021.
• The U.S. is the dominant country in Benzoic Acid Market with an absolute dollar growth opportunity of over US$ 163.4 Mn. Behind U.S., the market in China is expected to register an absolute dollar growth of US$ 96.9 Mn.
Which Variables are Driving Benzoic Acid Interest?
The expanded interest for benzoic corrosive in the creation of fragrant synthetic substances as a sanitizer, and phenols for mouthwashes and home cleaning agents, have been impelling the market. Also, attributable to the huge interest from various businesses for benzyl chloride, benzyl peroxide, and phenol, benzoic corrosive interest is furthermore expanding. To fulfill this rising need, the rising utilization of benzoic corrosive as a middle in the creation of various things has been filling the interest.
Food things that are handled, bundled and efficiently manufactured to fulfill day to day dietary requirements are particularly well known among individuals intrigued by way of life decisions including fasting. The overwhelming act of skipping dinners in European nations has brought about more prominent customer interest for handled and bundled food varieties and drinks.
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Competitive Landscape
Some of the key players operating in the benzoic acid market include Aarsha Chemicals, Navyug Pharmachem, Reliance Industries, IG Petrochemicals, Krishna Chemicals, Emerald Performance Materials, Wuhan Youji Industries Co, Tianjin Dongda Chemical Group, Liao Ning Huayi Chemical Industry & Commerce Co., and Merck KGaA.
Some of the recent developments in the Benzoic Acid Market are:
- In February 2021, German specialty chemicals behemoth Lanxess acquired American chemical manufacturer Emerald Kalama which is a prominent benzoic acid producer globally.
- In July 2021, Adven announced that it will collaborate with Eastman, which makes plasticizers, sodium benzoate, and benzoic acid at a facility in Estonia. Eastman will significantly enhance production and export its goods to Europe, North America, and Asia owing to this ground-breaking energy initiative in Estonia.
- In August 2021, a natural preservative made by fermentation of p-coumaric acid was introduced by the American biotechnology company Conagen (PCA). This broadens the selection of organic preservatives that Blue California's business partner provides.
Key Companies Covered
- Aarsha Chemicals
- Navyug Pharmachem
- Reliance Industries
- IG Petrochemicals
- Krishna Chemicals
- Emerald Performance Materials
- Wuhan Youji Industries Co
- Tianjin Dongda Chemical Group
- Liao Ning Huayi Chemical Industry & Commerce Co.
- Merck KGaA
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Benzoic Acid Industry Segmentation
- By Application :
- Benzoates
- Benzoates Plasticizers
- Benzoyl Chloride
- Alkyd Resins
- Animal Feed Additives
- By End-Use Industry :
- Food & Beverages
- Chemicals
- Pharmaceuticals
- Other End-Use Industries
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Benzoic Acid Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Benzoic Acid Market in terms of Application (Benzoates, Benzoates Plasticizers, Benzoyl Chloride, Alkyd Resins and Animal Feed Additives), by End-Use Industry (Food & Beverages, Chemicals, Pharmaceuticals and Other End-Use Industries), and in terms of Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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