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Our latest research report entitled Benzoic Acid Market (by application (animal feed additive, benzoyl chloride, alkyd resins, benzoate plasticizers, benzoates, and others), end-user (pharmaceutical, chemical, food & beverages, and others)) provides complete and deep insights into the market dynamics and growth of Benzoic Acid. Latest information on market risks, industry chain structure Benzoic Acid cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Benzoic Acid growth factors.

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The forecast Benzoic Acid market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Benzoic Acid on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report, the global benzoic acid market is projected to grow at a CAGR of 5.1% over the forecast period of 2018-2024.

Market Insight

Benzoic acid is a moderately strong, monobasic aromatic acid, white crystalline powder. Benzoic acid occurs naturally in a number of fruits such as cranberries, greengages, prunes, and cloudberries, and in cinnamon. Benzoic acid is an important precursor for the industrial synthesis of many other organic substances and several salts of benzoic acid are used as food preservatives. It is also used in the manufacturing of toothpaste, beverages, perfume, dye and in poultry, agriculture.

The increasing demand for benzene from several end-use industries primarily drives the growth of the benzoic acid market. Benzoic acid is widely used in the food & beverage, personal care industry and pharmaceutical industry. It is most commonly used as a preservative in the food industry as it inhibits the growth of bacteria, mold, and yeast in packaged food products and increases the shelf life of foodstuff. Furthermore, the low cost of benzoic acid and its easy availability boosts the growth of the benzoic acid market. However, enforcement of rules to reduce the usage of chemical preservatives in foodstuffs in the U.S. and European countries inhibits the growth of the benzoic acid market. Besides the food industry, benzoic acid is also a major ingredient in chemical, cosmetic and pharmaceutical industries. Therefore, the growing applications of benzoic acid across several end-use industries generate favorable growth opportunities for the benzoic acid market.

The benzoic acid market is a highly fragmented market. The Asia Pacific is the dominant region in the benzoic acid market and is anticipated to remain dominant over the forecast period. The expanding food and pharmaceutical industry in the Asia Pacific countries contributes to the growth of the Asia Pacific benzoic acid market. In addition, the increasing demand for packaged and processed food products owing to the growing urbanization and changing lifestyle boosts the benzoic acid market in this region. Europe holds the second largest share in the benzoic acid market owing to the increasing use of benzoate plasticizers in the automotive industry.

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Segment Covered

The report on global benzoic acid market covers segments such as application, and end-user. On the basis of application, the sub-markets include animal feed additive, benzoyl chloride, alkyd resins, benzoate plasticizers, benzoates, and others. On the basis of end-user, the sub-markets include pharmaceutical, chemical, food & beverages, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Reliance Industries Limited, Shanghai Danfan Network Science&Technology Co., Ltd., Shanghai UBM Sinoexpo International Exhibition Co Ltd, San Fu Chemical Co., Ltd., Wuhan YouJi Industries Company Limited, Chemcrux Enterprises Ltd, SINTEZA, HUANGSHI TAIHUA INDUSTRY SCIENCE AND TECHNOLOGY DEVELOP CO.,LTD., Novaphene,  I G Petrochemicals Limited., and Emerald Performance Materials.

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