Benzoic Acid Market Introduction and Overview
According to SPER Market Research, the Global Benzoic Acid Market is estimated to reach USD 2282.22 million by 2033 with a CAGR of 5.68%.
The report includes an in-depth analysis of the Global Benzoic Acid Market, including market size and trends, product mix, applications, and supplier analysis. A crystalline carboxylic acid with antibacterial and antifungal qualities, benzoic acid finds application in a wide range of end-use industries, including the chemical, food, and beverage sectors. Raspberry, cranberry, and plum are among the fruits that naturally contain benzoic acid. In a variety of culinary products, such as pickles, fruit juices, salad dressings, and soft drinks, the substance serves as a food preservative. It is anticipated that the need for benzoic acid in the food and beverage industries would increase as the demand for processed and convenience foods rises internationally.
- In August 2021, Emerald Kalama Chemical was purchased by German specialty chemical company Lanxess AG. The acquisition strengthened the Consumer Protection division, which includes preservatives and fragrance chemicals for use in food, household, cosmetics, and personal care products, according to the company.
- In July 2021, Adven Oy and Eastman Chemical, a firm that produces plasticizers, sodium benzoate, and benzoic acid at its plant in Estonia, joined. By doing this, Estonia Eastman's creative energy project will greatly boost the company's output and exports to Europe, North America, and Asia.
Market Opportunities and Challenges
Opportunities- The views of the consumer changed to include processed food and drink items such fruit juices, frozen dinners, processed meat nibbles, and snacks in order to fulfill their daily dietary needs. The demand for processed and packaged food is rising in both developed and developing regions of the world due to factors like urbanization, the expansion of the middle class, the rise in working women, and the increase in disposable income. This is driving up demand for food packaging and processing solutions. Preservatives such as benzoic acid are therefore widely employed in processed and convenience food products to maintain the freshness, safety, flavor, appearance, and texture of processed foods.
Challenges- Stricter restrictions pose a serious threat to the benzoic acid sector, particularly in food and beverage applications where worries about its possible health effects are growing. Natural preservatives like vinegar, citric acid, and rosemary extract are becoming more competitive due to growing customer demand for natural and organic products. The perceived safety and health advantages of these substitutes make them popular. The market is also erratic, with price swings for raw materials, which are mostly sourced from the petrochemical product toluene. Benzoic acid makers may experience supply chain disruptions, higher raw material costs, and a decline in profitability as a result of changes in the petrochemical industry's production capacity, geopolitical conflicts, and environmental laws.
Market Competitive Landscape
The market for benzoic acid is quite fragmented and has many regional players worldwide. Because benzoic acid is widely used in so many end-user sectors, active manufacturers are launching more products in an effort to increase their market share worldwide. To capture the most application areas of benzoic acid and achieve a significant market share, major manufacturers like Lanxess AG, I G Petrochemicals Ltd. (IGPL), Merck KGaA, Chemcrux Enterprises Ltd., and The Chemical Company are also broadening their product lines.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Form, By Application, By End User.
|
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. |
| Companies Covered | Chemcrux Enterprises Ltd, EastMan Chemical Company, Ganesh Benzoplast, Huayin Jinqiancheng Pharmaceutical Co. Ltd, I G Petrochemicals Ltd (IGPL), Lanxess AG, Merck KGaA, The Chemical Company, Wuhan Youji Industry Company Limited, Others. |
COVID-19 Impact on Global Benzoic Acid Market
The COVID-19 pandemic significantly affected the global market for benzoic acid by upsetting demand and supply chains in a number of industries. Manufacturing activities slowed during the early phases of the pandemic due to restrictions and lockdowns, especially in sectors like food and beverage, textiles, and pharmaceuticals where benzoic acid is often employed. As a result, the chemical's demand declined. Factory closures, transportation delays, and shortages of raw materials also had an impact on the global supply chain, which raised costs and delayed production.
Key Target Audience:
- Chemical Manufacturers
- Pharmaceutical Companies
- Food & Beverage Industry
- Cosmetics & Personal Care Industry
- Agriculture & Pesticides Sector
- Plastic & Polymer Industry
- Retail & E-commerce
- Research & Development Institutions
Our in-depth analysis of the Benzoic Acid Market includes the following segments:
| By Form: | LiquidAnhydrous |
| By Application: | Sodium BenzoatePotassium BenzoateBenzyl BenzoateBenzoate PlasticizerAlkyd ResinBenzoyl ChlorideFeed AdditiveOthers |
| By End User: | Food & BeveragesChemical IndustryPharmaceutical IndustryOthers |
Key Topics Covered in the Report:
- Global Benzoic Acid Market Size (FY’2024-FY’2033)
- Overview of Global Benzoic Acid Market
- Segmentation of Global Benzoic Acid Market By Form (Liquid, Anhydrous)
- Segmentation of Global Benzoic Acid Market By Application (Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizer, Alkyd Resin, Benzoyl Chloride, Feed Additive, Others)
- Segmentation of Global Benzoic Acid Market By End User (Food & Beverages, Chemical Industry, Pharmaceutical Industry, Others)
- Statistical Snap of Global Benzoic Acid Market
- Expansion Analysis of Global Benzoic Acid Market
- Problems and Obstacles in Global Benzoic Acid Market
- Competitive Landscape in the Global Benzoic Acid Market
- Impact of COVID-19 and Demonetization on Global Benzoic Acid Market
- Details on Current Investment in Global Benzoic Acid Market
- Competitive Analysis of Global Benzoic Acid Market
- Prominent Players in the Global Benzoic Acid Market
- SWOT Analysis of Global Benzoic Acid Market
- Global Benzoic Acid Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Benzoic Acid Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Benzoic Acid Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Benzoic Acid Market
7. Global Benzoic Acid Market, By Form (USD Million) 2020-2033
7.1. Global Benzoic Acid Market Size, Share and Forecast, By Form, 2020-2026
7.2. Global Benzoic Acid Market Size, Share and Forecast, By Form, 2027-2033
7.3. Liquid
7.4. Anhydrous
8. Global Benzoic Acid Market, By Application (USD Million) 2020-2033
8.1. Global Benzoic Acid Market Size, Share and Forecast, By Application, 2020-2026
8.2. Global Benzoic Acid Market Size, Share and Forecast, By Application, 2027-2033
8.3. Sodium Benzoate
8.4. Potassium Benzoate
8.5. Benzyl Benzoate
8.6. Benzoate Plasticizer
8.7. Alkyd Resin
8.8. Benzoyl Chloride
8.9. Feed Additive
8.10. Others
9. Global Benzoic Acid Market, By End User (USD Million) 2020-2033
9.1. Global Benzoic Acid Market Size, Share and Forecast, By End User, 2020-2026
9.2. Global Benzoic Acid Market Size, Share and Forecast, By End User, 2027-2033
9.3. Food & Beverages
9.4. Chemical Industry
9.5. Pharmaceutical Industry
9.6. Others
10. Global Benzoic Acid Market Forecast, 2020-2033 (USD Million)
10.1. Global Benzoic Acid Market Size and Market Share
11. Global Benzoic Acid Market, By Region, 2020-2033 (USD Million)
11.1. Global Benzoic Acid Market Size and Market Share By Region (2020-2026)
11.2. Global Benzoic Acid Market Size and Market Share By Region (2027-2033)
11.3. Asia-Pacific
11.3.1. Australia
11.3.2. China
11.3.3. India
11.3.4. Japan
11.3.5. South Korea
11.3.6. Rest of Asia-Pacific
11.4. Europe
11.4.1. France
11.4.2. Germany
11.4.3. Italy
11.4.4. Spain
11.4.5. United Kingdom
11.4.6. Rest of Europe
11.5. Middle East and Africa
11.5.1. Kingdom of Saudi Arabia
11.5.2. United Arab Emirates
11.5.3. Qatar
11.5.4. South Africa
11.5.5. Egypt
11.5.6. Morocco
11.5.7. Nigeria
11.5.8. Rest of Middle-East and Africa
11.6. North America
11.6.1. Canada
11.6.2. Mexico
11.6.3. United States
11.7. Latin America
11.7.1. Argentina
11.7.2. Brazil
11.7.3. Rest of Latin America
12. Company Profile
12.1. Chemcrux Enterprises Ltd
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. EastMan Chemical Company
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Ganesh Benzoplast
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Huayin Jinqiancheng Pharmaceutical Co. Ltd
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. I G Petrochemicals Ltd (IGPL)
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Lanxess AG
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Merck KGaA
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. The Chemical Company
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Wuhan Youji Industry Company Limited
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links