- Increasing demand from the food and beverage industry is likely to be a major driver for the global benzoic acid market.
- Increasing cost of production will restrict the growth of the market.
- The global benzoic acid market is highly fragmented.
Global Benzoic Acid Market By Application (Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizer, Alkyd Resin, Benzoyl Chloride, Feed Additive, Others), End-Use (Food & Beverages, Chemical Industry, Pharmaceutical Industry, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Benzoic Acid Market
Global benzoic acid market is expected to register a substantial CAGR of 5.3% in the forecast period of 2019-2026. Rising demand for benzoic acid from the food & beverages industry is expected to drive the market in the forecast period. The report contains data of the base year 2018 and historic year 2017.
Market Definition: Global Benzoic Acid Market
Benzoic acid is a colorless and crystalline carboxylic acid with an aromatic structure. It’s chemical formula is C6H5COOH. Benzoic acid is a common constituent in mouthwashes, toothpastes, deodorants etc. in which it acts as an anti-microbial agent. Increasing demand from the food and beverage industry and increasing demand for packaged food are the factors which will drive the benzoic acid market size during the forecast period.
- Increasing demand from the food and beverage industry is likely to be a major driver for the global benzoic acid market
- Increasing demand for packaged food will increase the market growth
- The use of benzoic acid in manufacturing of benzoyl chloride and phenols will fuel the global benzoic acid market growth
- High demand of benzoic acid in consumers goods is another factor boosting the market growth
- Increasing cost of production will also restrict the growth of the market
- Availability of substitutes in market can hamper the market growth
- It cause side effects on health if taken in higher amount can act as a market restraint
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Key Developments in the Market:
- In July 2015, Emerald Performance Materials, a global producer of benzoic acid acquired Innospec. Through this acquisition the company aims to expand their global footprint to support customers in their core markets around the world.
- In April 2013, Emerald Performance Materials expanded their plant capacity for benzoic acid in Rotterdam, Netherlands. The aim for this expansion is to fulfil the growing market demand of product in the food and beverage, pharmaceutical, coatings and other benzoic products.
Global benzoic acid market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of benzoic acid market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global benzoic acid market are Emerald Performance Materials, Novaphene Specialities Private Limited, HuangshiTaihua Industry, Shri Hari Chemicals, Sinteza S.A, Chemcrux Enterprises Ltd, Wuhan YouJi Industries Company Limited, FUSHIMI Pharmaceutical Co., Ltd., San Fu Chemical Co., Ltd., Shanghai Danfan Network Science&Technology Co., Ltd., DOW, DuPont, Apollo Scientific Ltd, Clarion Drugs Ltd, Ganesh Benzoplast Limited, Dongda among others.
Research Methodology: Global Benzoic Acid Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.