Benzoic Acid Market Research Report Information By Application (Adhesives & Sealant, Polymer (Polyurethane, Plastics, Vinyl, Rubber), Benzoates, Benzoate Plasticizers, Benzoyl Chloride, Animal Feed Additive, Others) By End Use Industry (Food & Beverages, Oil & Gas Industry, Paints & Coatings Industry, Automotive Industry, Pharmaceutical Industry, Others) and By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa )- Industry Forecast to 2030
In 2023, the market for benzoic acid was estimated to be worth USD 717.10 million. The industry for benzoic acid is expected to increase at a compound annual growth rate (CAGR) of 3.26% between 2024 and 2030, from USD 734.81 million to USD 890.59 million. The widespread usage of benzoic acid as a preservative in the food and beverage and pharmaceutical industries is one of the main factors propelling the market's growth. Benzoic acid is in high demand due to the expanding pharmaceutical sector worldwide brought on by an increase in the occurrence of diseases. Another key driver of the market's expansion is the use of benzoic acid as a precursor in the production of phenol and benzoyl chloride. A precursor to benzyl benzoate, which is used in tastes and insect repellents, is benzoyl chloride. Benzoic acid is the source of phenol, which is used in the manufacturing of nylon, a very versatile material. Furthermore, strict laws banning the use of phthalic plasticizers have led to a global megatrend in the usage of non-phthalate plasticizers such benzoate plasticizers.
One of the main factors propelling the growth of the benzoic acid market is the rising use of the compound in the food and beverage sector. Because of its antibacterial qualities, which assist prolong shelf life and preserve product quality, benzoic acid is primarily employed as a preservative in a variety of food and beverage goods. Sodium benzoate and potassium benzoate are two examples of benzoic acid's salts, which work well as preservatives against mold, yeast, and bacteria.
Insights on market segmentsThe adhesives and sealants, polymer (polyurethane, plastics, vinyl, rubber), benzoates, benzoate plasticizers, benzoyl chloride, animal feed additive, and others are the segments of the benzoic acid market based on application.
The benzoic acid market is divided into several segments based on the end-use industry, including food and beverage, oil and gas, paints and coatings, automotive, pharmaceutical, and others.
Regional Perspectives North America, Europe, Asia-Pacific, Middle East & Africa, and South America make up the market segments for benzoic acid based on region. In addition to having the largest market share, the Asia-Pacific benzoic acid market is anticipated to generate a sizable portion of revenue throughout the course of the forecast. Furthermore, the substantial expansion is anticipated to come from the Asia Pacific area, with China and India taking the lead. The region's expanding food and beverage sector, which is fueled by an increase in disposable income and population expansion, has added to the strong demand for benzoic acid. Moreover, the pharmaceutical sector uses benzoic acid as a key component, and the demand for this substance is being driven by increased health consciousness.
Principal PlayersLucent, Plater Group, Eastman Chemical Company, Foodchem International Corporation, Merck KGaA, Ganesh Benzoplast Limited, Anhui Primechem, Sinteza S.A., Choice Organochem LLP, Spectrum Chemical, Hemadri Chemicals, Wuhan Youji Industries Co., Ltd., Swastik Industries, Navyug Pharmachem Pvt Ltd, PENTA s.r.o., Liaoning Huayi Chemical Industry& Commerce Co.,Ltd, and Ujwal Pharma Pvt. Ltd. are the major companies operating in the benzoic acid market.