Benzoic Acid Market Size to Hit US$ 1.6 Billion by 2032; Fact.MR Analysis

Rockville, United States, 2023-July-26 — /EPR Network/ —

The market for benzoic acid was expected to reach US$ 1 billion in 2021. The estimated market is anticipated to reach a size of US$ 1.6 Billion by 2032 with a 4.7% CAGR between 2022 and 2032. The greatest revenue-generating segment is anticipated to be the benzoic acid market for benzoates application, with a projected CAGR of 5.5% from 2022 to 2032.

The increased demand for benzoic acid in the production of aromatic chemicals as a disinfectant, and phenols for mouthwashes and home cleansers, have been propelling the market. Besides, owing to the enormous demand from numerous industries for benzyl chloride, benzyl peroxide, and phenol, benzoic acid demand is additionally increasing.

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Key Companies Profiled:

• Aarsha Chemicals
• Navyug Pharmachem
• Reliance Industries
• IG Petrochemicals
• Krishna Chemicals
• Emerald Performance Materials
• Wuhan Youji Industries Co
• Tianjin Dongda Chemical Group

Focal Points

• 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.

Recent Developments

Some of the recent developments in the  Industry 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.

Rising in Demand for Benzoates Plasticizers in Pharmaceuticals industry

Benzoates plasticizers are gaining popularity in the pharmaceuticals industry due to their excellent properties. These plasticizers are used to improve the physical properties of pharmaceutical formulations, such as flexibility, durability, and stability. They are also used to reduce the cost of production and improve the shelf life of products. Benzoates plasticizers are non–toxic and have low volatility, making them ideal for use in pharmaceuticals. They are also compatible with a wide range of materials, including polymers, resins, and elastomers. Furthermore, benzoates plasticizers are highly resistant to oxidation and hydrolysis, making them suitable for use in a variety of applications.

The rising demand for benzoates plasticizers in the pharmaceuticals industry is driven by the increasing need for cost–effective and safe products. The growing awareness about the health benefits of using benzoates plasticizers is also driving their demand. Additionally, the increasing demand for biodegradable and eco–friendly products is further boosting the demand for benzoates plasticizers in the pharmaceuticals industry. Moreover, the growing demand for high–performance products is expected to drive the demand for benzoates plasticizers in the near future.

Key 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

Questionnaire answered in the report include:

• How the industry has grown?
• What is the present and future outlook on the basis of region?
• What are the challenges and opportunities ?
• Why the consumption in region?
• In which year segment is expected to overtake segment?

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