Preliminary research of Fairfield Market Research indicates a promising growth outlook for global benzoic acid market during the course of next few years.
Benzoic Acid Market Grows Strong with Soaring Demand from F&B, and Cosmetics and Personal Care Industries
The demand for preservatives to lengthen the shelf-life of food products continues to be a strong factor propelling the growth of the benzoic acid market globally. One of the main factors predicted to increase demand for benzoic acid is the product's antifungal properties and use in the formulation of the various cosmetic and personal care products. The benzoic acid market is anticipated to increase due to the rapid expansion of the global pharmaceutical and food additives sectors, which has sparked several R&D initiatives to create safe chemicals and flavoring agents. The substitution of phthalate plasticizers with non-phthalate plasticizers, especially in European, and North American regions, has opened up a huge market for benzoic acid producers with growing use in the paper industries. Due to the rising demand for canned, packaged, or ready-to-eat food products among customers around the world, the benzoic acid market is booming. However, food producers are anticipated to use inexpensive and safe ingredients and components to keep food safe and bacterial-free for longer. This is anticipated to whip up demand for benzoic acid. In addition, benzoic acid market was experiencing rapid growth due to its inclusion in a variety of ointments used to treat fungus-related skin conditions like aging, burns, ringworm, and athlete's foot.
Benzoic Acid Market: COVID-19 Impact
Manufacturers had various challenges due to the COVID-19 epidemic since many facilities had cut back on staff, which decreased the manufacturing of some commodities. Strict government regulations in response to the unexpected COVID-19 outbreak raised global demand for canned or packaged foods, beverages, and confections; as a result, the demand for benzoic acid is rising dramatically. Due to its popularity in the application ver the past few years, the benzoic acid market has experienced positive growth. Throughout the pandemic, growth is anticipated to accelerate.
Rising Demand for Processed Food to Foster Benzoic Acid Market Expansion
To meet their daily meal requirements, customers are shifting their worldview to favor processed food and drink products such as snacks, fruit juices, processed meat snacks, and others. The prevalence of missing meals like breakfast has increased consumer demand for processed and packaged food and beverages in several European countries. Because preservatives, including benzoic acid, are a crucial part of processed food and beverage products, the end-user sectors are actively looking for innovations in benzoic acid. Manufacturers now have great potential to achieve a dominant market position by expanding their product line and introducing new products. The growth of food and beverage processing facilities in developing countries like China, India, Australia, and others fuels the demand for benzoic acid, in turn boosting the growth of benzoic acid market.
Growing Use of Benzoic Acid as a Synthetic Intermediate for Various Products to Accelerate Benzoic Acid Market Expansion
Many chemicals, including benzoyl chloride, benzoyl peroxide, and phenol, are produced using benzoic acid. It is also used to create benzoyl chloride. Additionally, it produces various compounds, including dyes, fragrances, herbicides, and others. Furthermore, phenol is most frequently produced using benzoic acid. Phenols are used as disinfectants in mouthwash and home cleansers. The rising demand for various chemicals from various application sectors, such as benzoyl peroxide, benzoyl chloride, and phenol, is also driving up demand for benzoic acid. Therefore, the growth of the benzoic acid market is being driven by the increasing use of benzoic acid as an intermediate in the synthesis of various products. The large-scale commercial manufacture of the aromatic compound phenol is the main use of benzoic acid. The oxidative decarboxylation method is used to accomplish this. It can be seen that the optimal temperature range for this process is between 300 and 400 degrees Celsius. Additionally, benzoic acid and its salts are frequently utilized as food preservatives in the food sector. Its preservation properties prevent microorganisms from growing and prevent the preservation process in the acidic medium. It is frequently used to prepare fragrances and modify pH levels but loses its preservation mechanism in an alkaline medium.
Stringent Regulations Tend to Limit Expansion of Benzoic Acid Market
Strict regulations in developing countries have restricted the growth of alkyd resins and impeded the establishment of the benzoic acid industry. However, the market might be restricted in the next years by benzoic acid's detrimental health effects. If used and exposed repeatedly, it can also be harmful to the lungs and digestive systems. The limited use of benzoic acid as a food preservative in developed nations may pose additional challenges to expanding the benzoic acid industry in the years to come. One of the key issues emphasized in the benzoic acid market analysis for the anticipated period is the toluene price.
Sodium Benzoate to Dominate Benzoic Acid Market with Increased Use in Production of Plasticizers
Based on application, the benzoic acid market is segmented into sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizer, alkyl resin, benzoyl chloride, feed additive, and others. Sodium benzoate held the largest market share in 2021 and is anticipated to increase significantly. Acidic foods like salad dressings (which contain acetic acid in vinegar) and fizzy drinks typically contain sodium benzoate (carbonic acid). Numerous PVC applications use well-established benzoate plasticizers. These plasticizers work well as high-solvating chemicals that are free of phthalates. In contrast, the production of benzoyl chloride using benzoic acid will significantly boost the industry's growth worldwide. The primary ingredient used in the production of benzyl benzoate is benzoyl chloride, which is also used to make insect repellents and flavors. The varied usability of these benzoic acid derivatives is likely to significantly drive the global benzoic acid market throughout the forecast period.
Food and Beverages Industry to Dominate Benzoic Acid Market with Evolving Consumer Tastes for Packaged Products
Based on end use, the benzoic acid market is segmented into food & beverages, the chemical industry, the pharmaceutical industry and others. The food & beverages category dominated the market over the forecast period. It is typically used to preserve acidic food items and liquids like pickles, jams, aerated drinks, fruit juices, and sparkling drinks, among other things. The fact that benzoic acid does not affect or change the flavor of the foods or beverages to it is applied may be the reason for its expanded use as a food preservative. The increase in consumer per capita income and changes in consumer tastes for packaged food and beverages are other factors contributing to the growth of the benzoic acid market category of the end-use food and beverage industry. The rising demand for frozen food products and drinks around the world is also driving significant expansion in the processed and packaged food and beverage industry. The global end-use food & beverage industry's benzoic acid market segment is predicted to grow due to China and India's increasing demand for food preservatives.
Asia Pacific Secures a Significant Positioning in Benzoic Acid Market, North America Stable
Over the forecast period, it is anticipated that the Asia Pacific market will account for the largest revenue share because it is widely used in many end-use industries. In addition to the food and beverage sectors, India, and China have high per capita plastic consumption rates, which has increased the use of plasticizers and boosted the demand for benzoic acid. Another element influencing the global benzoic acid market is the region's sharply expanding demand for sodium and potassium benzoate. The region's need for benzoic acid is increasing as the animal feed industry expands in various Asian countries, notably India. The benzoic acid market is expanding rapidly due to increased small-scale food and beverage firms and rigorous governmental regulations.
The North American benzoic acid market is anticipated to experience stable revenue growth throughout the forecast period, mostly because of high upstream expenses and high downstream demand. Demand was quite robust in the pharmaceutical, food, and beverage, and other downstream industries. In addition, the cost of upstream toluene increased, raising the cost of benzoic acid. The price of crude oil and rising logistical expenses add to the already rising cost of benzoic acid. The ongoing labor shortage and port congestion were additional factors that raised the price of benzoic acid. The demand for preservatives like benzoic acid is anticipated to increase along with the demand for frozen goods, which will fuel the growth of the benzoic acid market over the forecast years.
Global Benzoic acid Market: Competitive Landscape
In 2021, "Coca-Cola Firm, which is a significant supplier Emerald Kalama, the key producer of benzoic acid for USD Billion1.08," stated Lanxess AG, a German specialty chemicals company with headquarters in Cologne. Lanxess has chosen to develop novel flavor compounds and preservatives for use in foods, the home, confectionery, and other products. Similarly, in 2021, Adven announced that they are working with Eastman, a company that has a plant in Estonia and produces benzoic acid, sodium benzoate, and plasticizers. Eastman will be able to produce and export more of its goods to Europe, North America, and Asia thanks to this innovative energy project in Estonia.
A few of the players in the benzoic acid market include Ganesh Benzoplast Limited (India), Tianjin Dongda Chemical Group Co. Ltd. (China), Choice Organochem LLP (India), Spectrum Chemical Manufacturing Corp. (U.S.), Hemadri Chemicals (India), Emerald Performance Materials (U.S.), Wuhan YouJi Industries Company Limited (China), Alfa Aesar, Thermo Fisher Scientific (U.S.), Avantor (U.S.), and MP Biomedicals LLC (U.S.).
Regional Classification of the Global Benzoic Acid Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Benzoic Acid Market
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