We are monitoring the impact of COVID-19 on Benzoic Acid Market Get in touch with us for detailed analysis Know More
Pulished Date February, 2020
ID: 8153
Share on
Share on

Benzoic Acid Market By Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), And Region - Global Forecast (2020-2025)

Pulished: February, 2020
ID: 8153
Pages: 175

Benzoic Market Overview:

The global benzoic acid market is projected to develop from $ 1,009.2 million in 2019 to $ 1,313.3 million by 2025, at a compound annual growth rate of about 6% during the calculated period.

Benzoic acid is a simple aromatic carboxylic acid. It is commercially produced by partial oxidation of toluene with oxygen. It is also naturally found in various plants. Benzoic acid is employed as an intermediate in the making of salts like sodium benzoate, potassium benzoate, phenolic and alkyd resins and etc. The end-use food, beverage, chemical and pharmaceutical industries use benzoic acid in a variety of applications. The base year used for company profiles is 2020, and forecasts have been provided for the period from 2020 to 2025.

Recent Developments and Trends

  • An important step taken by a two-member team from IIT-Madras has successfully converted toluene, a petroleum residue, into benzoic acid, which is a useful product. The team was chaired by G.Sekar from the institute's chemistry department.
  • Ohio Specialty chemical maker Emerald Kalamala Limited, is planning on to grow its Rotterdam Nevertheland, is planning to augment the capacity for benzoic acid and benzaldehyde to handle escalating industry call.

Benzoic Acid Market Drivers and Restraints:

Benzoic acid is extensively employed as a preservative in packaged foods and drinks. It is mainly used to store acidic foods and beverages such as pickles, jams, fruit juices, soft drinks and soft drinks, among others. The escalated employment of benzoic acid in the form of food preservative can be credited to the fact that it does not change or impact the smell or taste of the food or drink where it is being added. Expansion in the end-use food and beverage business sector of the benzoic acid industry is also due to varying customer preferences for packaged foods and beverages and escalating per capita income for customers. The processed and packaged food and beverage sector is also experiencing significant growth due to increased call for frozen food and beverage products worldwide. The growing demand for benzoic acid from the food and beverage industry and the ongoing urbanization and change in lifestyle of consumers, especially in the Asia-Pacific region, and the growing demand for food and beverages are also boosting the overall demand. Government regulations to curb the usage of benzoic acid in packaged foods, and the health adversities like impact on lungs and digestive tract may be the main limitations of the target market. The main opportunities in this market are to replace phthalate plasticizers with phthalate-free plasticizers in the European and North American regions.

The key challenges in this industry are the limited employment of benzoic acid as a food preservative in advanced economies and the changing costs of toluene. The rising call for benzoic acid from the food and beverage industry is one of the significant drivers contributing to the expansion of the global benzoic acid industry. Food preservation is necessary to increase the shelf life of packaged food products. Benzoic acid is found in processed foods like sauce, cheese, meats, etc. varied. It is also found in various pharmaceutical and cosmetic products. Intake of benzoic acid can cause eye damage and skin irritation such as burning, redness, etc. This becomes a challenge for the growth of the benzoic market. Food preservation is a key reason to increase the shelf life of packaged food products, which is stimulating the growth of the benzoic acid market. Rising call from the food and beverage industry is predicted to be a significant driver of the worldwide benzoic acid industry. Benzoic acid and its sodium, potassium, or calcium salts are used as food preservatives due to their effective antifungal properties. Benzoic acid is particularly useful for preventing mold and yeast, although it also has a less protective effect against bacteria. The growing need for canned and packaged foods in the global demographic is likely to stimulate demand for effective natural preservatives such as benzoic acid.

Benzoic Acid Market Segmentation:

By application:

  • Benzoates
  • Benzoate Plasticizers
  • Benzoyl Chloride
  • Alkyd Resins
  • Animal Feed Additive
  • others

On the basis of application, the benzoate plasticizer sector is predicted to rise at the highest CAGR during the foreseen period due to escalating call for phthalate-free plasticizers that include benzoate plasticizers in several applications.

By end user industry:

  • Chemical
  • Food & Beverages
  • Pharmaceutical

The food and beverage segment accounted for most of the overall market in 2018 during the anticipated period. The current urbanization and changing lifestyles of the masses are the factors that lead to an increased demand for packaged food products.

Benzoic Acid Regional Analysis:
The Benzoic Acid Report includes the segmentation of Regions with their respective Countries.

  • North America Benzoic Acid Industry includes U.S, Canada.
  • Europe Benzoic Acid Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
  • Asia Pacific Benzoic Acid Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
  • Latin America Benzoic Acid Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.
  • Middle East & Africa Benzoic Acid Industry includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

The escalation in population, the rise in income and the beginning of psychograph in Asian nations boost the expansion of the benzoic acid market in the region. Benzoic acid consumption keeps the industry comparably higher in the Asia-Pacific region, which will augment the expansion in this market. The escalating call for sodium and potassium benzoate has also boosted the expansion in the industry of the benzoic acid. Per capita plastic consumption is escalating at a quicker rate in nations like India and China, which will fuel the call for plasticizers and ultimately stimulate expansion in the benzoic acid industry. However, the stringent regulations in developed nations can impede the use of alkyd resin, ultimately, affecting the global benzoic acid market. Benzoic acid is not dangerous when used in low concentrations. However, it can damage the lungs and digestive tract after prolonged use and exposure to the substance. Like all other chemicals, benzoic acid also has toxic properties that stunt market growth.

Key Players:

Some of the dominating industry players studied in the report are Ganesh Benzoplast Limited (India), Hemadri Chemicals (India), Emerald Performance Materials (U.S.), Navyug Pharmachem (P) Ltd. (India), Eastman Chemical Company (U.S.), Tianjin Dongda Chemical Group Co. Ltd. (China), Alfa Aesar, Thermo Fisher Scientific (U.S.), GFS Chemicals Inc. (U.S.), Wuhan YouJi Industries Company Limited (China), Spectrum Chemical Manufacturing Corp. (U.S.), MP Biomedicals LLC (U.S.), Avantor (U.S.), and Choice Organochem LLP (India).

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                           

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Research Phases                      

                                2.2.1 Secondary Research            

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling     

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                             

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 Application                 

                                5.1.1 Introduction           

                                5.1.2 Benzoates

                                5.1.3 Benzoate Plasticizers          

                                5.1.4 Alkyd Resins           

                                5.1.5 Benzoyl Chloride  

                                5.1.6  Animal Feed Addictive      

                                5.1.7  Y-o-Y Growth Analysis, By Application        

                                5.1.8  Market Attractiveness Analysis, By Allipcation        

                                5.1.9  Market Share Analysis, By Application        

                5.2 End-Use Industry                     

                                5.2.1 Introduction           

                                5.2.2 Food & Beverages

                                5.2.3 Chemical  

                                5.2.4 Pharmaceuticals   

                                5.2.5 Y-o-Y Growth Analysis, By End-Use Industry             

                                5.2.6 Market Attractiveness Analysis, By End-Use Industry           

                                5.2.7 Market Share Analysis, By End-Use Industry            

6. Geographical Analysis                                              

                6.1 Introduction                              

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Application

                                                6.1.3.3 By End-Use Industry

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Application

                                                6.1.4.3 By End-Use Industry

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Application

                                                6.1.5.3 By End-Use Industry

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy           

                                6.2.6 France      

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan        

                                6.3.5 Australia  

                                6.3.6 South Korea           

                6.5 Latin America                            

                                6.4.1 Introduction           

                                6.4.2 Brazil         

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America         

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa        

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leaders' Analysis                                        

                8.1 Liao Ning Huayi Chemical Industry & Commerce Co. (China)                        

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Emerald Performance Materials (US)                              

                8.3 Wuhan Youji Industries Co. (China)                  

                8.4 Tianjin Dongda Chemical Group (China)                                

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, collaborations and Joint Ventures                          

                9.4 New Product Launches                          

10. Market Outlook and Investment Opportunities                                          

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  •  Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of By Diagnostic Wearable Devices, and Therapeutic Wearable Devices along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market 
  1. Global Benzoic Acid Market Market By Region, From 2020-2025 ( USD Million )
  2. Global Benzoic Acid Market Market By Application, From 2020-2025 ( USD Million )
  3. Global Benzoates Market By Region, From 2020-2025 ( USD Million )
  4. Global Benzoates Plasticizers Market By Region, From 2020-2025 ( USD Million )
  5. Global Alkyd Resins Market By Region, From 2020-2025 ( USD Million )
  6. Global Benzoyl Chloride Market By Region, From 2020-2025 ( USD Million )
  7. Global Animal Feed Addictive Market By Region, From 2020-2025 ( USD Million )
  8. Global Benzoic Acid Market Market By End-use industry, From 2020-2025 ( USD Million )
  9. Global Food & Beverages Market By Region, From 2020-2025 ( USD Million )
  10. Global Chemical Market By Region, From 2020-2025 ( USD Million )
  11. Global Pharamaceutical Market By Region, From 2020-2025 ( USD Million )

Please wait. . . . Your request is being processed

LICENCE TYPE

$ 1234 4255

Clients
clients
clients
clients
clients
clients
clients
Click for Request Sample