Benzoic Acid Market Size, Trends & Forecast to 2028
[Research Report] 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.
Benzoic acid is a commonly used antimicrobial preservative in beverages, especially carbonated beverages. In addition, sodium benzoate is a widely used preservative in soft drinks. Furthermore, there is a shift in consumer preferences towards adopting convenience food and ready-to-drink beverages in different regions such as Europe and North America, thereby driving the demand for benzoic acid. Thus, the strong growth in the food & beverages industry and the growing demand for preservatives to improve the shelf life of the different food products contribute to the strong demand for benzoic acid. Hence, the growing demand for benzoic acid from the food & beverages industry is driving the benzoic acid market growth.
Further, benzoic acid is highly used to make many chemicals such as benzoyl chloride, benzoyl peroxide, and phenol is used to synthesize benzoyl chloride. Moreover, it finds application in making other chemicals, dyes, perfumes, herbicides, and others. Further, benzoic acid is most commonly used for the production of phenol. Phenols find application in household cleaners and mouthwash as a disinfectant. The demand for benzoic acid is also increasing due to the rising demand for different chemicals from various application sectors, such as benzoyl chloride, benzoyl peroxide, and phenol. Hence, the increasing use of benzoic acid as an intermediate in the synthesis of different products is driving the market growth
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Benzoic Acid Market: Strategic Insights
Market Size Value in US$ 1,028.07 Million in 2021 Market Size Value by US$ 1,496.54 Million by 2028 Growth rate CAGR of 5.5% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Benzoic Acid Market: Strategic Insights
| Market Size Value in | US$ 1,028.07 Million in 2021 |
| Market Size Value by | US$ 1,496.54 Million by 2028 |
| Growth rate | CAGR of 5.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Benzoic acid Market
The COVID-19 pandemic caused considerable disruptions in the growth of various industries globally. Similarly, the COVID-19 pandemic had a major impact on the market in 2020, when the supply chain of the biofertilizer's raw material was hampered due to the restriction of goods transport. Eased lockdown norms in several countries and growing seasonal crops have sustained global demand for benzoic acid. In addition to this, the rapid COVID-19 vaccinations program and rise in adoption of organic farming globally are flourishing the growth of the benzoic acid market, and manufacturers of benzoic acid witness significant growth in their business.
The global market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South and Central America (SAM). The market in North America is segmented into the US, Canada, and Mexico. The market in this region is driven by the increasing use of this compound as a food preservative, intermediate, and plasticizer. The flourished food & beverages industry in the region creates huge demands for food preservatives, including benzoic acid. Further, the chemicals industry is one of the largest manufacturing industries in the US; it serves both domestic and foreign markets. The chemicals industry in the country generates a huge demand for benzoic acid as an intermediate for the synthesis of different chemicals.
Market Insights
Increasing Growth of Cosmetic Industry is Opening Opportunities
Benzoic acid is present in many products, such as perfume, lip balm, lipstick, facial masks, mascara, eyeshadow, and makeup remover. Further, along with women, there is a growth in different cosmetic products among men in their daily routine. Moreover, cosmetic product manufacturers are focusing on product branding, advertising, and new product launching strategies to increase the sales of cosmetics products. Thus, the factors mentioned above are contributing to the strong growth of the cosmetics industry.
Application Insights
Based on application, the global benzoic acid market is segmented into food preservatives, corrosive inhibitor, alkyd resins, synthesis intermediates, plasticizers, feed additives, and others. The synthesis intermediates segment led the global benzoic acid market in 2020. Benzoic acid is also used as an intermediate product for the production of sodium benzoate, potassium benzoate, benzoyl chloride, and benzotrichloride, among others. In addition, it is employed as an intermediate in the synthesis of paints, varnish, wetting agents, aroma compounds, etc. The growth of the automotive and construction industries, among others, leads to a huge demand for paints, which, in turn, drives the requirement for benzoic acid.
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 some players actively focusing on developing more innovative benzoic acid for various application.
Benzoic Acid Market Report Scope
Report Spotlights
- Progressive benzoic market trends to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the benzoic acid market from 2019 to 2028
- Estimation of global demand for benzoic acid
- Porter's analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the benzoic acid market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the benzoic acid market at various nodes
- Detailed overview and segmentation of the market, as well as the benzoic acid industry dynamics
- Size of the benzoic acid market in various regions with promising growth opportunities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global benzoic acid market is highly competitive owing to the presence of several regional and global players. Players compete with each other based on product quality and prices.
The global benzoic acid market is primarily driven by growing demand for benzoic acid from food & beverages industry and increasing use of benzoic acid as an intermediate in the synthesis of different products.
Asia Pacific is estimated to register the fastest CAGR in the global benzoic acid market over the forecast period. The increasing use of food preservatives in different products is highlighting the requirement for safe food preservatives in the region, which fuels the market for benzoic acid in the region.
The synthesis intermediates segment held the largest share of the global benzoic acid market in 2021. 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.
In 2021, Asia Pacific held the largest share of the global benzoic acid market. One of the major factors bolstering the benzoic acid market growth in Asia Pacific is the rise in demand for this substance in the food & beverages industry.
Major market players operating in the global benzoic acid market include Eastman Chemical Company; Foodchem International Corporation; A.M Food Chemical Co., Limited; OASIS FINE CHEM; Spectrum Chemical; LANXESS; Merck KGaA; Tianjin Dongda Chemical Group Co., Ltd; I G Petrochemicals Ltd. (IGPL); and Sinteza.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
1.2.1 Benzoic Acid Market, by Application
1.2.2 Benzoic Acid Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.1.1 Benzoic Acid Market, by Application
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Benzoic Acid Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Suppliers:
4.2.3 Bargaining Power of Buyers:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 ECOSYSTEM ANALYSIS
4.4 Ecosystem Analysis
4.4.1 Raw Material Suppliers:
4.4.2 Manufacturers:
4.4.3 Distributors/Suppliers
4.4.4 Application:
4.5 Expert Opinion
5. Benzoic Acid Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Benzoic Acid from Food & Beverages Industry
5.1.2 Increasing Use of Benzoic Acid as an Intermediate in the Synthesis of Different Products
5.2 Market Restraints
5.2.1 Rising Volatility in Raw Material Prices
5.3 Market Opportunities
5.3.1 Increasing Growth of Cosmetic Industry
5.4 Future Trends
5.4.1 Replacement of Phthalate Plasticizers with Non-Phthalate Plasticizers
5.1 Impact Analysis of Drivers and Restraints
6. Benzoic Acid – Global Market Analysis
6.1 Benzoic Acid Market Overview
6.2 Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
6.3 Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
6.4 Market Positioning – Benzoic Acid Market Players
7. Benzoic Acid Market Analysis – By Application
7.1 Overview
7.2 Benzoic Acid Market, By Application (2020 and 2028)
7.3 Food Preservatives
7.3.1 Overview
7.3.2 Food Preservatives: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.3.3 Food Preservatives: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
7.4 Corrosive Inhibitors
7.4.1 Overview
7.4.2 Corrosive Inhibitors: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.4.3 Corrosive Inhibitors: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
7.5 Alkyd Resins
7.5.1 Overview
7.5.2 Alkyd Resins: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.5.3 Alkyd Resins: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
7.6 Synthesis Intermediates
7.6.1 Overview
7.6.2 Synthesis Intermediates: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.6.3 Synthesis Intermediates: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
7.7 Plasticizers
7.7.1 Overview
7.7.2 Plasticizers: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.7.3 Plasticizers: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
7.8 Feed Additives
7.8.1 Overview
7.8.2 Feed Additives: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.8.3 Feed Additives: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
7.9 Others
7.9.1 Overview
7.9.2 Others: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
7.9.3 Others: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
8. Benzoic Acid Market – Geographic Analysis
8.1 Overview
8.2 North America: Benzoic Acid Market
8.2.1 North America: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.2.2 North America: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.2.3 North America: Benzoic Acid Market, by Application
8.2.4 North America: Benzoic Acid Market, by Key Country
8.2.4.1 US: Benzoic Acid Market–Analysis and Forecast to 2028 (US$ Thousand)
8.2.4.1.1 US: Benzoic Acid Market, by Application
8.2.4.2 Canada: Benzoic Acid Market–Analysis and Forecast to 2028 (US$ Thousand)
8.2.4.2.1 Canada: Benzoic Acid Market, by Application
8.2.4.3 Mexico: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.2.4.3.1 Mexico: Benzoic Acid Market, by Application
8.3 Europe: Benzoic Acid Market
8.3.1 Europe: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.2 Europe: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
8.3.3 Europe: Benzoic Acid Market, by Application
8.3.4 Europe: Benzoic Acid Market, by Key Country
8.3.4.1 Germany: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.1.1 Germany: Benzoic Acid Market, by Application
8.3.4.2 France: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.3 France: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
8.3.4.3.1 France: Benzoic Acid Market, by Application
8.3.4.4 Italy: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.5 Italy: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
8.3.4.5.1 Italy: Benzoic Acid Market, by Application
8.3.4.5.2 United Kingdom: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.5.3 United Kingdom: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
8.3.4.5.4 United Kingdom: Benzoic Acid Market, by Application
8.3.4.6 Russia: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.7 Russia: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
8.3.4.7.1 Russia: : Benzoic Acid Market, by Application
8.3.4.8 Turkey: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.9 Turkey: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
8.3.4.9.1 Turkey : Benzoic Acid Market, by Application
8.3.4.10 Rest of Europe: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.11 Rest of Europe: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.3.4.11.1 Rest of Europe: Benzoic Acid Market, by Application
8.4 Asia Pacific: Benzoic Acid Market
8.4.1 Asia Pacific: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.2 Asia Pacific: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.4.3 Asia Pacific: Benzoic Acid Market, by Application
8.4.4 Asia Pacific: Benzoic Acid Market, by Key Country
8.4.4.1 Australia: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.1.1 Australia: Benzoic Acid Market, by Application
8.4.4.2 China: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.3 China: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.4.4.3.1 China: Benzoic Acid Market, by Application
8.4.4.4 India: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.5 India: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.4.4.5.1 India: Benzoic Acid Market, by Application
8.4.4.6 Japan: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.7 Japan: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.4.4.7.1 Japan: Benzoic Acid Market, by Application
8.4.4.8 South Korea: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.9 South Korea: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.4.4.9.1 South Korea: Benzoic Acid Market, by Application
8.4.4.10 Rest of Asia Pacific: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.11 Rest of Asia Pacific: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.4.4.11.1 Rest of Asia Pacific: Benzoic Acid Market, by Application
8.5 Middle East and Africa: Benzoic Acid Market
8.5.1 Middle East and Africa: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.5.2 Middle East and Africa: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.5.3 Middle East and Africa: Benzoic Acid Market, by Application
8.5.4 Middle East and Africa: Benzoic Acid Market, by Key Country
8.5.4.1 Saudi Arabia: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.5.4.1.1 Saudi Arabia: Benzoic Acid Market, by Application
8.5.4.2 South Africa: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.5.4.2.1 South Africa: Benzoic Acid Market, by Application
8.5.4.3 UAE: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.5.4.3.1 UAE: Benzoic Acid Market, by Application
8.5.4.4 Rest of Middle East: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.5.4.4.1 Rest of MEA: Benzoic Acid Market, by Application
8.6 South and Central America: Benzoic Acid Market
8.6.1 South and Central America: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.6.2 South and Central America: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
8.6.3 South and Central America: Benzoic Acid Market, by Application
8.6.4 South and Central America: Benzoic Acid Market, by Key Country
8.6.4.1 Brazil: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.6.4.1.1 Brazil: Benzoic Acid Market, by Application
8.6.4.2 Argentina: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.6.4.2.1 Argentina: Benzoic Acid Market, by Application
8.6.4.3 Rest of South and Central America: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
8.6.4.3.1 Rest of South and Central America: Benzoic Acid Market, by Application
9. Impact of COVID-19 Pandemic on Benzoic Acid Market
10.1 Impact of COVID-19 on Benzoic Acid Market
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.5 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
10.6 South and Central Africa: Impact Assessment of COVID-19 Pandemic
10. Industry Landscape
10.1 Merger & Acquisition
11. Company Profiles
11.1 Eastman Chemical Company
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Foodchem International Corporation
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 A.M FOOD CHEMICAL CO., LIMITED
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 OASIS FINE CHEM
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Spectrum Chemical
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 LANXESS
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 MERCK KGaA
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Tianjin Dongda Chemical Group Co.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 I G Petrochemicals Ltd. (IGPL)
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Sinteza
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Mn)
Table 2. Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Table 3. Global Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 4. Global Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 5. North America Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 6. North America Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 7. US: Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 8. US: Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 9. Canada: Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 10. Canada: Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 11. Mexico Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 12. Mexico Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 13. Europe Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 14. Europe Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 15. Germany Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 16. Germany Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 17. France Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 18. France Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 19. Italy Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 20. Italy Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 21. United Kingdom Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 22. United Kingdom Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 23. Russia : Benzoic Acid Market, by Application– Revenue and Forecast to 2028 (US$ Thousand)
Table 24. Russia : Benzoic Acid Market, by Application– Volume and Forecast to 2028 (Tons)
Table 25. Turkey : Benzoic Acid Market, by Application– Revenue and Forecast to 2028 (US$ Thousand)
Table 26. Turkey : Benzoic Acid Market, by Application– Volume and Forecast to 2028 (Tons)
Table 27. Rest of Europe Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 28. Rest of Europe Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 29. Asia Pacific Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 30. Asia Pacific Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 31. Australia Benzoic Acid Market, by Application– Revenue and Forecast to 2028 (US$ Thousand)
Table 32. Australia Benzoic Acid Market, by Application– Volume and Forecast to 2028 (Tons)
Table 33. China Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 34. China Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 35. India Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 36. India Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 37. Japan Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 38. Japan Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 39. South Korea Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 40. South Korea Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 41. Rest of Asia Pacific Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (US$ Thousand)
Table 42. Rest of Asia Pacific Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 43. MEA Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 44. MEA Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 45. Saudi Arabia Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 46. Saudi Arabia Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 47. South Africa Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 48. South Africa Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 49. UAE Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 50. UAE Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 51. Rest of MEA Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 52. Rest of MEA Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 53. South and Central America Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 54. South and Central America Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 55. Brazil Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 56. Brazil Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 57. Argentina Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 58. Argentina Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 59. Rest of SCAM Benzoic Acid Market, by Application – Revenue and Forecast to 2028 (USD Thousand)
Table 60. Rest of SCAM Benzoic Acid Market, by Application – Volume and Forecast to 2028 (Tons)
Table 61. Glossary of Terms, Global benzoic acid market
LIST OF FIGURES
Figure 1. Benzoic Acid Market Segmentation
Figure 2. Benzoic Acid Market Segmentation – By Geography
Figure 3. Global benzoic acid market Overview
Figure 4. Global benzoic acid market, By Application
Figure 5. Global benzoic acid market, by Geography
Figure 6. Global benzoic acid market, Industry Landscape
Figure 7. Porter’s Five Forces Analysis
Figure 8. Benzoic Acid Market, Ecosystem
Figure 9. Expert Opinion
Figure 10. Global benzoic acid market Impact Analysis of Drivers and Restraints
Figure 11. Geographic Overview of Benzoic Acid Market
Figure 12. Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
Figure 13. Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
Figure 14. Benzoic Acid Market Revenue Share, By Application (2020 and 2028)
Figure 15. Food Preservatives: Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 16. Food Preservatives: Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 17. Corrosive Inhibitors : Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 18. Corrosive Inhibitors : Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 19. Alkyd Resins: Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 20. Alkyd Resins: Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 21. Synthesis Intermediates: Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 22. Synthesis Intermediates: Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 23. Plasticizers: Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 24. Plasticizers: Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 25. Feed Additives : Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 26. Feed Additives : Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 27. Others: Benzoic Acid Market – Revenue and Forecast To 2028 (US$ Thousand)
Figure 28. Others: Benzoic Acid Market – Volume and Forecast To 2028 (Tons)
Figure 29. Global Benzoic Acid Market Revenue Share, by Region (2020 and 2028)
Figure 30. North America: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
Figure 31. North America: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
Figure 32. North America: Benzoic Acid Market Revenue Share, by Application (2020 and 2028)
Figure 33. North America: Benzoic Acid Market Revenue Share, by Key Country (2020 and 2028)
Figure 34. US: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 35. US: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
Figure 36. Canada: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 37. Canada: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
Figure 38. Mexico: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 39. Mexico: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
Figure 40. Europe: Benzoic Acid Market– Revenue and Forecast to 2028 (US$ Thousand)
Figure 41. Europe: Benzoic Acid Market– Volume and Forecast to 2028 (Tons)
Figure 42. Europe: Benzoic Acid Market Revenue Share, by Application (2020 and 2028)
Figure 43. Europe: Benzoic Acid Market Revenue Share, by Key Country (2020 and 2028)
Figure 44. Germany: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 45. Germany: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
Figure 46. France: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 47. France: Benzoic Acid Market– Volume and Forecast to 2028 (Tons)
Figure 48. Italy: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 49. Italy: Benzoic Acid Market– Volume and Forecast to 2028 (Tons)
Figure 50. United Kingdom: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 51. United Kingdom: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
Figure 52. Russia: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 53. Russia: Benzoic Acid Market– Volume and Forecast to 2028 (US$ Tons)
Figure 54. Turkey: Benzoic Acid Market–Revenue and Forecast to 2028 (US$ Thousand)
Figure 55. Turkey: Benzoic Acid Market–Volume and Forecast to 2028 (Tons)
Figure 56. Rest of Europe: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 57. Rest of Europe: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
Figure 58. Asia Pacific: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
Figure 59. Asia Pacific: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
Figure 60. Asia Pacific: Benzoic Acid Market Revenue Share, by Application (2020 and 2028)
Figure 61. Asia Pacific: Benzoic Acid Market Revenue Share, by Key Country (2020 and 2028)
Figure 62. Australia: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 63. Australia: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 64. China: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 65. China: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
Figure 66. India: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 67. India: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 68. Japan: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 69. Japan: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 70. South Korea: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 71. South Korea: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 72. Rest of Asia Pacific: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 73. Rest of Asia Pacific: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 74. Middle East and Africa: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
Figure 75. Middle East and Africa: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 76. Middle East and Africa: Benzoic Acid Market Revenue Share, by Application (2020 and 2028)
Figure 77. Middle East and Africa: Benzoic Acid Market Revenue Share, by Key Country (2020 and 2028)
Figure 78. Saudi Arabia: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 79. Saudi Arabia: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 80. South Africa: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 81. South Africa: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)
Figure 82. UAE: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 83. UAE: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 84. Rest of Middle East: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 85. Rest of Middle East: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 86. South and Central America: Benzoic Acid Market – Revenue and Forecast to 2028 (US$ Thousand)
Figure 87. South and Central America: Benzoic Acid Market – Volume and Forecast to 2028 (Tons)
Figure 88. South and Central America: Benzoic Acid Market Revenue Share, by Application (2020 and 2028)
Figure 89. South and Central America: Benzoic Acid Market Revenue Share, by Key Country (2020 and 2028)
Figure 90. Brazil: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 91. Brazil: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 92. Argentina: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 93. Argentina: Benzoic Acid Market –Volume and Forecast to 2028 (Tons)
Figure 94. Rest of South and Central America: Benzoic Acid Market –Revenue and Forecast to 2028 (US$ Thousand)
Figure 95. Rest of South and Central America: Benzoic Acid Market –Revenue and Forecast to 2028 (Tons)
Figure 96. Impact of COVID-19 Pandemic on Benzoic Acid Market in North America
Figure 97. Impact of COVID-19 Pandemic on Benzoic Acid Market in Europe
Figure 98. Impact of COVID-19 Pandemic on Benzoic Acid Market in Asia Pacific
Figure 99. Impact of COVID-19 Pandemic on Benzoic Acid Market in Middle East & Africa
Figure 100. Impact of COVID-19 Pandemic on Benzoic Acid Market in South and Central Africa
The List of Companies - Benzoic Acid Market
- Eastman Chemical Company
- Foodchem International Corporation
- A.M Food Chemical Co., Limited
- OASIS FINE CHEM
- Spectrum Chemical
- LANXESS
- Merck KGaA
- Tianjin Dongda Chemical Group Co., Ltd
- I G Petrochemicals Ltd. (IGPL)
- Sinteza
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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