Benzoic Acid Market Size is Projected to Attain USD 1,513.1 Million By 2026 | Emerald Performance Materials, Wuhan Youji Industries, Tianjin Dongda Chemical, etc

Extensive use of benzoic acid in APAC, growing demand for preservatives to improve the shelf life of the products, coupled with the growth in the food & beverage industry, are key factors contributing to the high CAGR of Benzoic acid Market during the forecast period. According to the current analysis of Reports and Data, the global Benzoic acid market was valued at USD 998.3 Million in 2018 and is expected to reach USD 1,513.1 Million by the year 2026, at a CAGR of 5.4%.

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Benzoic acid is a pure aromatic carboxylic acid that is produced commercially through partial oxidation of toluene with oxygen. It is mostly f in many plants. The benzoic acid is widely used as an intermediate product in the manufacturing of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Food and beverages, Pharmaceutical and Chemical industries use benzoic acid in their applications.

The consumption of benzoic acid remains relatively higher in Asia pacific region with the highest CAGR. Rising demand for sodium and potassium benzoate also drives the market. Per capita, plastic consumption is high in India and China, which increases the use of plasticizers, thus boosting the benzoic acid market. In the food & beverage industry, the use of benzoic acid is in the production of preservatives to keep food fresh for a long time, thus driving the market growth.

Companies considered and profiled in this market study
The key companies of the benzoic acid market are Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China) Ganesh Benzoplast Limited (India), Aarti Industries Ltd (India), Sinteza s.a (Europe), Eastman Chemical Company(U.S.), Emerald Performance Materials (U.S.), Wuhan Di Branch Chemical Co., Ltd (China)

For this report, Reports and Data have segmented the Benzoic acid market based on applications, end-use, and region:
Application (Revenue in USD Million; Volume in Tons, 2016-2026)
Sodium Benzoates
Benzoate plasticizers
Benzoyl Chloride
Alkyd Resins
Animal Feed Additive

End Use (Revenue in USD Million; Volume in Tons, 2016-2026)
Food & Beverage
Chemicals
Pharmaceuticals

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Region (Revenue in USD Million; Volume in Tons, 2016-2026)
North America
Europe
Asia Pacific
Middle East & Africa
South America

Further key findings from the report suggest
o The benzoic acid market is growing at a CAGR of 4% in the Asia Pacific, followed by North America and Europe, with 8.5 % and 7.2% CAGR, respectively. High pruritus prevalence across the globe is the critical factor in accelerating market growth during the forecast period across all regions.
o The benzoic acid occurs naturally in many plants and serves in the biosynthesis of many secondary metabolites. The synthesis of benzoic acid is through partial oxidation of toluene with oxygen.
o The current urbanization and changing lifestyle of masses are the factors leading to the increased demand for packaged food items, which demands more for preservatives hence boosting the growth.
o The constraint for this benzoic acid market is growing concerns regarding harmful effects caused by excess consumption of benzoic acid on human health have an adverse impact. A significant factor that is hampering the growth of the market is the presence of substitutes.
o Asia-Pacific dominated the market and accounted for more than 41% of the total volume and value and is expected to witness significant growth during the forecast period of The Asia Pacific dominates the benzoic acid market and is expected to show dominance over the forecast period. The uprise is due to an increase in per-capita disposable income levels with shifting in trends.

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The report emphasizes the following key questions
Q.1. What are the most lucrative and promising growth prospects for the market?
Q.2. Which sectors are expected to deliver a high growth rate and which industry aspects come into play in this advancement?
Q.3. Which geographies are estimated to exhibit the highest growth and the underlying causes?
Q.4. Which factors are impacting the future of the market and what are the driving factors?
Q.5. What are the hurdles and challenges curtailing the industry's growth in the forecast period?

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This release was published on openPR.