Press release
Benzoic Acid Market incredible future growth | 2018 Key Players are Novaphene, Huangshi Taihua Industry, Shri Hari Chemicals, Sinteza S.A., Chemcrux Enterprises Ltd and Emerald Kalama Chmeical
Global Market Insights, Inc.
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Increasing demand of preservatives to improve shelf life of the products coupled with growth in food & beverages industry is likely to drive benzoic acid market price trend over the forecast period. Consumers are shifting preference towards adoption of convenience food and ready-to-drink (RTD) beverages owing to hectic lifestyle particularly in key regions such as Europe and North America. Packaged food & beverages are gaining popularity with increase in availability of different product ranges. This factor requires food & beverages to be safe for consumption after days or weeks of production.
It acts as preservative in food & beverages products such as fruit products, baked goods, cheese & frozen dairy owing to the property for inhibiting growth of bacteria, mol and yeast. This anti-fungal nature of benzoic acid also makes it ideal for applications in personal care & cosmetic industries such as powder, mouthwash, facial cleanser and lipstick. It is also an important ingredient for pharmaceutical applications such as ointments, lotions and creams.
Benzoic acid is one of the important feedstock used for phenol production. Phenol is majorly used as a chemical intermediate for manufacturing bisphenol-A, caprolactam, phenol-formaldehyde resins, aniline, 2, 6-xylenol and alkyl phenols. Global phenol demand in 2013 was more than 8.5 million tons out of which most of the product derived through cumene process using benzene and propylene as feedstock. This represents a huge opportunity for development of benzoic acid market share when utilized for phenol production.
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North America is likely to witness steady growth rate over the forecast period. Substitution of phthalate plasticizers by benzoate plasticizers owing to stringent government regulations is likely to favor growth in this region. Benzoate plasticizers are expected to witness an increase in demand in North America over the forecast period owing to the aforementioned reason.
The global benzoic acid market share is moderately consolidated and is characterized by prize and services provided. Key companies operating in this market include Novaphene, Huangshi Taihua Industry, Shri Hari Chemicals, Sinteza S.A., Chemcrux Enterprises Ltd and Emerald Kalama Chmeical. With low crude prices, the industry may see a surge in benzoic acid production capacity and exports.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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