Benzoic Acid Market Is Expected To Reach USD 15.51 Million By 2028.

Based on the current analysis by Reports and Data, the global market for Benzoic acid was valued at USD 998.3 million in 2018. It is projected to reach USD 1,665.2 million by 2028, with a compound annual growth rate (CAGR) of 5.1%.

Benzoic acid is a pure aromatic carboxylic acid that is commercially produced through the partial oxidation of toluene using oxygen. It is naturally found in many plants and serves as an intermediate product in the manufacturing of various salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins. It finds applications in the food and beverages, pharmaceutical, and chemical industries.

The consumption of benzoic acid is highest in the Asia-Pacific region, with a significant growth rate. The increasing demand for sodium and potassium benzoate drives the market, especially in countries like India and China where plastic consumption is high, leading to the use of plasticizers and, in turn, boosting the benzoic acid market. In the food and beverage industry, benzoic acid is used as a preservative to extend the shelf life of food products, contributing to market growth. The rising demand for frozen food items and beverages worldwide also fuels the market's expansion.

However, there are certain restraints to the growth of the benzoic acid market, such as regulations limiting its use in packaged food and beverages, as well as potential health risks associated with excessive consumption, which can harm the lungs and digestive tract. The market for benzoic acid is fragmented, comprising numerous pharmaceutical companies and emerging firms. New players have the opportunity to enter the market, thanks to research funding availability and favorable regulatory conditions for external medicines.

Sodium benzoate holds the largest share of 42.8% in the benzoic acid market. It is widely used in acidic foods like salad dressings and carbonated drinks.

The market for benzoic acid is well-organized, and key players are planning acquisitions of smaller companies as part of their long-term business strategies. Conversely, smaller players are investing in research and development to introduce innovative applications for benzoic acid.

Get a sample copy of the Benzoic Acid Market report: https://www.reportsanddata.com/download-free-sample/2126

Additional key findings from the report include:

  • The Asia-Pacific region has the highest CAGR of 4% in the benzoic acid market, followed by North America and Europe, with CAGRs of 8.5% and 7.2% respectively. The prevalence of pruritus worldwide is a crucial factor driving market growth across all regions during the forecast period.
  • Benzoic acid occurs naturally in many plants and plays a role in the biosynthesis of secondary metabolites. It is synthesized by partially oxidizing toluene with oxygen.
  • The current urbanization and changing lifestyles are increasing the demand for packaged food items, which require more preservatives, thus driving market growth.
  • Concerns regarding the harmful effects of excessive benzoic acid consumption on human health, as well as the availability of substitutes, are constraints to the market's growth.
  • The Asia-Pacific region dominates the benzoic acid market, accounting for over 41% of the total volume and value. It is expected to maintain its dominance due to increasing per capita disposable income levels and shifting trends.
  • The market for benzoic acid is distributed across different regions, including Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa. The Asia-Pacific region is expected to exhibit the highest CAGR.

Benzoic Acid Market: Drive factors

The benzoic acid market is driven by several key factors:

1.      Growing Demand for Sodium and Potassium Benzoate: Sodium and potassium benzoate, which are derived from benzoic acid, are widely used as preservatives in food and beverages. The increasing demand for these preservatives, driven by the rising consumption of processed and packaged food items, is a major driver for the benzoic acid market.

2.      Expansion of the Food and Beverage Industry: Benzoic acid finds extensive application in the food and beverage industry as a preservative to enhance the shelf life of products. With the growing population, urbanization, and changing lifestyles, the demand for packaged and convenience food items has increased significantly, boosting the market for benzoic acid.

3.      Increasing Demand for Frozen Food Items: The global market for frozen food items and beverages is expanding rapidly. Benzoic acid is used in these products to maintain freshness and prevent spoilage. As the demand for frozen food items continues to rise, it drives the growth of the benzoic acid market.

4.      High Plastic Consumption and Demand for Plasticizers: The Asia-Pacific region, particularly India and China, witness high per capita plastic consumption. Benzoic acid is used in plasticizers, which are additives that improve the flexibility and durability of plastic products. The increasing demand for plasticizers contributes to the growth of the benzoic acid market in these regions.

5.      Favorable Regulatory Scenario: The benzoic acid market benefits from favorable regulatory conditions for the use of benzoic acid in various industries, including pharmaceuticals and chemicals. This provides opportunities for new players to enter the market and drives its overall growth.

6.      Research and Development for Innovative Applications: Both established companies and emerging players are investing in research and development to explore new applications of benzoic acid. This focus on innovation helps expand the market by introducing novel uses and increasing the overall demand for benzoic acid.

Overall, factors such as the demand for preservatives, the growth of the food and beverage industry, the popularity of frozen food items, high plastic consumption, favorable regulations, and ongoing research and development efforts contribute to the drive and growth of the benzoic acid market.

Explore Trending Reports:

Foam Tape Market: https://www.reportsanddata.com/report-detail/foam-tape-market

Heat-Treated Steel Plates Market: https://www.reportsanddata.com/report-detail/heat-treated-steel-plates-market

Heat Stabilizers Market: https://www.reportsanddata.com/report-detail/heat-stabilizers-market

Linear Low-Density Polyethylene (LLDPE) Market: https://www.reportsanddata.com/report-detail/linear-low-density-polyethylene-lldpe-market

Intumescent Coatings Market: https://www.reportsanddata.com/report-detail/intumescent-coatings-market

Request a customization of the report: https://www.reportsanddata.com/request-customization-form/2126

Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.

About Reports and Data    

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact:

John W, Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs

Comments

Post a Comment

Popular posts from this blog

Benzyl Alcohol Market Size Worth USD 397.6 Billion 2032| CAGR of 5.8%

According to a recent report by Reports and Data, the global benzyl alcohol market is expected to reach a size of USD 397.6 Billion by 2032 with a revenue CAGR of 5.8% during the forecast period. The increasing demand for benzyl alcohol for skin medication and its adoption in paints and coatings are some of the key drivers of market revenue growth. Benzyl alcohol is used in a wide range of applications, including inks and polishes, as it eliminates unpleasant odors and provides a mild scent. It is also used to improve the texture and consistency of products, which has increased its demand. Furthermore, benzyl alcohol is a degreasing agent and a bonding agent, which is driving the growth of the market. The adoption of benzyl alcohol in paints and coatings is also expected to contribute to revenue growth. Benzyl Alcohol Market: Notable Innovation There have been no recent notable innovations specifically in the benzyl alcohol market. However, some companies are focusing on developin...
Read more

Wax Market Size Worth USD 10.75 Billion 2032| A CAGR of 5%

Market Overview: The global wax market had a value of USD 10.75 Billion in 2022 and is projected to reach USD 16.68 Billion by 2032, with a forecasted revenue Compound Annual Growth Rate (CAGR) of 5% during the forecast period. One of the significant contributors to the growth of the wax market is the packaging industry. Wax is employed as a coating on packaging materials to enhance their quality and durability. Increased demand for packaged food and beverages, consumer goods, and pharmaceuticals has led to higher utilization of wax in packaging, driving market revenue growth. The candle sector is another crucial factor boosting revenue growth in the wax market. Various types of wax, such as paraffin, beeswax, and soy wax, are used in candle production. The demand for wax in the candle industry has risen due to increased interest in decorative and scented candles for occasions like festivals, weddings, and birthdays. Moreover, the market has seen an uptick in the demand for natura...
Read more

Pressure Sensitive Adhesives Market Size to Surpass USD 72.58 billion by 2032

Market Overview: The global pressure-sensitive adhesives market reached a size of USD 13.20 Billion in 2022, and it is projected to experience a revenue compound annual growth rate (CAGR) of 5.1% throughout the forecast period. The rising popularity of pressure-sensitive adhesives is attributed to their simplicity of application and cost-effectiveness compared to conventional attachment systems, driving the market revenue growth. Pressure-sensitive adhesives, also known as self-adhesive or self-stick adhesives, are a significant category of adhesive tapes. They are thin and flexible substances with single or double-sided coatings that adhere firmly to most clean, dry surfaces without requiring heat, solvent, or water. This ease of application is a key factor contributing to the market's growth. Get a sample copy of the Pressure Sensitive Adhesives Market report, visit: https://www.reportsanddata.com/download-free-sample/1629 Market Dynamics: Drivers: Emergence of pres...
Read more