Benzoic Acid Market: Approaching US$ 1.6 Billion by 2032 | Fact.MR

According to a recently released Fact.MR analysis, the Benzoic Acid Market is expected to generate revenues of US$ 1 billion in 2021 and rise at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2032. It is anticipated that the market will be valued US$ 1.6 billion by the end of 2032. the primary end-use application for benzoic acid is benzoates, whose use is increasing due to the use of phthalate-free plasticizers and the growth of the preservation market in the food and beverage sectors. Moreover, the market for benzoic acid is seeing a rise in the use of benzoates due to growing urbanization, higher food security, longer food shelf lives, and improved living standards, especially in developing countries.

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Key Takeaways from the Study

Benzoic Acid Market was valued at US$ 1 Bn in 2021. According to Fact.MR, Benzoic Acid Market revenue would increase 1.6X between 2022 and 2032, reaching roughly US$ 1.6 Bn in 2032.

In terms of Application, the market through Benzoates is projected to account for a projected CAGR of 5.5%.

In terms of end-use industry, benzoic acid revenue through Food & Beverages industry accounted for the highest CAGR of 4% during 2017 - 2021.

The U.S. is the dominant country in Benzoic Acid Market with an absolute dollar growth opportunity of over US$ 163.4 Mn. Behind U.S., the market in China is expected to register an absolute dollar growth of US$ 96.9 Mn.

Which Variables are Driving Benzoic Acid Interest?

The expanded interest for benzoic corrosive in the creation of fragrant synthetic substances as a sanitizer, and phenols for mouthwashes and home cleaning agents, have been impelling the market. Also, attributable to the huge interest from various businesses for benzyl chloride, benzyl peroxide, and phenol, benzoic corrosive interest is furthermore expanding. To fulfill this rising need, the rising utilization of benzoic corrosive as a middle in the creation of various things has been filling the interest.

Food things that are handled, bundled and efficiently manufactured to fulfill day to day dietary requirements are particularly well known among individuals intrigued by way of life decisions including fasting. The overwhelming act of skipping dinners in European nations has brought about more prominent customer interest for handled and bundled food varieties and drinks.

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Competitive Landscape:

Some of the key players operating in the benzoic acid market include Aarsha Chemicals, Navyug Pharmachem, Reliance Industries, IG Petrochemicals, Krishna Chemicals, Emerald Performance Materials, Wuhan Youji Industries Co, Tianjin Dongda Chemical Group, Liao Ning Huayi Chemical Industry & Commerce Co., and Merck KGaA.

Some of the recent developments in the Benzoic Acid Market are:

In February 2021, German specialty chemicals behemoth Lanxess acquired American chemical manufacturer Emerald Kalama which is a prominent benzoic acid producer globally.

In July 2021, Adven announced that it will collaborate with Eastman, which makes plasticizers, sodium benzoate, and benzoic acid at a facility in Estonia. Eastman will significantly enhance production and export its goods to Europe, North America, and Asia owing to this ground-breaking energy initiative in Estonia.

In August 2021, a natural preservative made by fermentation of p-coumaric acid was introduced by the American biotechnology company Conagen (PCA). This broadens the selection of organic preservatives that Blue California's business partner provides.

Key Companies Covered

Aarsha Chemicals
Navyug Pharmachem
Reliance Industries
IG Petrochemicals
Krishna Chemicals
Emerald Performance Materials
Wuhan Youji Industries Co
Tianjin Dongda Chemical Group
Liao Ning Huayi Chemical Industry & Commerce Co.
Merck KGaA

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Benzoic Acid Industry Segmentation

By Application :
Benzoates
Benzoates Plasticizers
Benzoyl Chloride
Alkyd Resins
Animal Feed Additives

By End-Use Industry :
Food & Beverages
Chemicals
Pharmaceuticals
Other End-Use Industries

By Region :
North America
Latin America
Europe
APAC
MEA

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the Benzoic Acid Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in Benzoic Acid Market in terms of Application (Benzoates, Benzoates Plasticizers, Benzoyl Chloride, Alkyd Resins and Animal Feed Additives), by End-Use Industry (Food & Beverages, Chemicals, Pharmaceuticals and Other End-Use Industries), and in terms of Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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