Benzoic Acid Market Size and Prediction by Leading Manufacturers According to Its Application and Types Till 2026 | Reports And Data

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%.

Sodium benzoate is a significant part and has the largest share of 42.8% of the benzoic acid market. Sodium benzoate is widely utilized as in acidic foods such as salad dressings (i.e., acetic acid in vinegar), carbonated drinks (carbonic acid).

The report focuses on the important geographies of sale of the Benzoic Acid (SFC) such as North America, Europe and Asia-Pacific, South America, Middle East and Africa. The entire Benzoic Acid (SFC) market has been categorized into three segments in this report, namely- manufacturers, regions, type and application.

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The report includes the latest coverage of the impact of COVID-19 on the Benzoic Acid industry. The incidence has affected nearly every aspect of the business domain. This study evaluates the current scenario and predicts future outcomes of the pandemic on the global economy.

Companies considered and profiled in this market study:

Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China).

For the purpose of this report, Reports and Data has segmented the Benzoic Acid market on the basis of type, source, animal, application, 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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End-Use (Revenue in USD Million; Volume in Tons, 2016–2026)

Polymer
PVC
Pharmaceutical
Sealants & Adhesives
Others

Regional Outlook (Revenue in USD Million; 2016–2026)

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)

Objectives of the study:

Our panel of expert analysts specializing in the value chain has conducted an exhaustive, industry-wide study to offer readers accurate insights into the future of the Benzoic Acid market and give key market players authentic information derived via both primary and secondary sources of data collection. Additionally, the report also comprises of inputs from our consultants, which can help companies make the most of the available market opportunities. It also offers a detailed breakdown of the sales of Benzoic Acid and the factors that could potentially influence the growth of the industry. The information provided in this report will be able to help readers capitalize on the available growth prospects.

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Further key findings from the report suggest:

-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.

-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.

-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.

-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.

-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.

-The benzoic acid market is vastly distributed in different regions, which are Asia Pacific, Europe, Latin America, North America, and the Middle East, & Africa, among which Asia pacific region will be growing at the highest CAGR.

-Food and beverages were the segment gaining the largest market share of 46.4% and expected to acquire more shares in the coming years. The report presents an overlook of the global benzoic acid market to the readers by offering them a detailed outlook of how the benzoic acid market operates in its granular, day to day functioning.

-The chemical industry follows with a considerable amount of market share, having enlarged applications as solvents, adhesives, sealants, and other related products.

The insights that are offered by this report of the Benzoic Acid market are:

– Detailed Overview of Global Benzoic Acid market helps deliver clients and businesses making strategies.

– Influential factors driving demand and constraints in the market.

– What is market concentration? Is it fragmented or highly concentrated?

– What trends, challenges, and barriers will impact the development and sizing of the Benzoic Acid market?

– SWOT Analysis of each key players mentioned along with its company profile with the help of Porter’s five forces tool mechanism to compliment the same.

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