Benzoic Acid is used as an intermediate in the synthesis of phenol & caprolactum and it is used in the production of industrial chemicals. This has resulted into increasing application scope of Benzoic Acid and it is highly favored in the industrial manufacturing including chemical manufacturing, animal feed, and in drug production. Some of the prominent factors that positively influence the growth of Benzoic Acid Market are rising demand for food preservation, improving standard of living led by economic reforms, and increasing industrialization across the globe. Benzoic Acid is one of the important feedstock, which is in the phenol production. Therefore, increasing phenol production across the globe is likely to complement growth of the Global Benzoic Acid Market. Countries such as China & India are following higher consumption trend of plastics, which, in turn, is projected to offer lucrative growth opportunities in the coming years.
Asia Pacific dominates the market in terms of regional consumption as well as production across the globe. The region is projected to be the largest market over the forecast period due to improving standard of living across the region driven by economic reforms. Moreover, growing per capita income in China & India is likely to propel the demand for plasticizers and ultimately drive the market growth for Benzoic Acid.
The demand for Benzoic Acid is significantly increased in both Europe and North America regions on account of increasing consumption of benzoate plasticizers. Whereas, its production growth is also on the rise driven by substituting phthalate plasticizers.
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Key players of the global benzoic acid are Hebei Smart Chemicals Co.,Ltd (China), Emerald Performance Materials LLC (U.S.), Novaphene specialties pvt ltd (India), Shri Hari Chemicals (India), , Chemcrux Enterprises (India), Apollo Scientific (UK), and Merck Group (Germany), Ganesh Benzoplast Limited (India), Shree Chemopharma Ankleshwar Pvt. Ltd (India), and Clarion Drugs Ltd (India).
The Global Benzoic Acid Market is majorly segmented on the Basis Production Method, Application and Regions. On the basis of the production method, the global market is divided into Grignard reagent and Friedel-Crafts reaction. Production of Benzoic Acid is majorly done through Grignard reagent synthesis, wherein, bromobenzene is used to prepare Grignard reagent and the acid is prepared. This method is largely adopted to commercially produce Benzoic Acid, which accounted for major market shares as of 2016.
Furthermore, On the Basis of the Application, the market has been divided into food and beverages, chemicals, pharmaceuticals, plastics and animal feed. Among all, the food and beverages industry is the most promising application segment occupied majority of global market and it is estimated to reach USD 812 billion by 2023 with annual growth of 8.3%. Dynamic growth in this industry expected to create lucrative opportunities for food preservation, which, in turn, double the demand for benzoic acid. Apart from the food preservation, Benzoic Acid is used to as an antifungal and antibacterial agent in the production. Chemical is another potential application segment for Benzoic Acid significantly generating demand due to increasing industrial output, specifically, increasing industrial chemical manufacturing. Additionally, it is used as feedstock in the production of phenol, which ultimately strengthen demand for benzoic acid.
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