Growing Demand for Benzoic Acid from Food & Beverages Industry to Drive Benzoic acid Market Share During 2021–2028
According to our latest market study, titled "Benzoic acid Market to 2028 – COVID-19 Impact and Global Analysis – by Application (Food Preservatives, Corrosive Inhibitor, Alkyd Resins, Synthesis Intermediates, Plasticizers, Feed Additives, Others)," the benzoic acid market size was valued at US$ 1,028.07 million in 2021 and is projected to reach US$ 1,496.54 million by 2028; it is expected to grow at a CAGR of 5.5% from 2021 to 2028.
Primary use of benzoic acid is in the industrial large-scale production of the aromatic compound phenol. This is done by a chemical process known as oxidative decarboxylation. It can be observed that the ideal temperature under which this process can be carried out is in the range of 300 to 400 degrees celsius. Addition, benzoic acid and its salts are widely used in the food industry as food preservatives. It’s preserving qualities delay the multiplication of microorganisms. The preservation mechanism exists in the acidic medium. It loses its preservation mechanism in an alkaline medium. It is widely used in the preparation of fragrances and adjusting the pH levels.
The growing population and per capita income in developing economies are significantly fostering the demand for food and beverages. The ongoing food and beverages trend in developing countries such as India, China, Brazil, and Vietnam proliferates the consumption of benzoic acid and subsequently drives market growth. In addition to this, growing applications of the benzoic acid among various end-users, including personal care and cosmetics, plastic, dyes, and insect repellents, support the growth of the benzoic acid market globally. Also, benzoic acid finds its application in chemical reactions for manufacturing various polymers.
MERCK KGAA; LANXESS; SINTEZA; CHEMCRUX ENTERPRISES LTD; I G PETROCHEMICALS LTD; LIAONING HUAYI CHEMICAL INDUSTRY AND COMMERCE CO.,LTD.; TIANJIN DONGDA CHEMICAL GROUP CO., LTD; EASTMAN CHEMICAL COMPANY; FUSHIMI PHARMACEUTICAL CO., LTD.; and THE CHEMICAL COMPANY are the key manufacturers operating in the market.
Impact of COVID-19 Pandemic on Benzoic acid Market
Before the COVID-19 pandemic, the market was mainly driven by a high demand for benzoic acid as a food preservative, chemical synthesis intermediate, and plasticizer. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic also caused fluctuations in the prices of raw materials used in chemical synthesis, including toluene. As a result of these adversities, the demand for benzoic acid in applications such as intermediates and plasticizers has reduced.
The report segments the benzoic acid market as follows:
Based on application, the global market is segmented into food preservatives, corrosive inhibitors, alkyd resins, synthesis intermediates, plasticizers, feed additives, and others. The synthesis intermediates segment led the global market in 2020. Benzoic acid is commonly used as a chemical intermediate for the synthesis of different chemicals. It is the most commonly used component in the production of phenol and caprolactam. Phenol is converted to cyclohexanol, which can be used in nylon synthesis. Phenols also find application in household cleaners and mouthwash as a disinfectant.
Global Benzoic acid Market Breakdown –By Region
Benzoic Acid Market Size, Trends & Forecast to 2028
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