Global Benzoic Acid Market - Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-Use, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030

Format: Online | Last Updated: Nov 2020

Global Benzoic Acid market is projected to grow at a CAGR of 6.08% in between 2019-2030. Benzoic Acid occurs in form of colorless crystalline solid and is simplest of majority of the carboxylic acid compounds. It is well known as a fungistatic product and hence is largely synthesized as a food preservative. Commercially, Benzoic Acid is produced by partial oxidation of toluene in a high yielding environmental process, in presence of cobalt or manganese salts as catalyst. Benzoic Acid can also be produced by oxidation of Benzene with Carbon Dioxide or concentrated Sulphuric Acid in presence of an active catalyst. Majority of the Benzoic Acid produced across globe is directly converted to Phenol or Caprolactam. Besides that, it is used to produce glycol benzoates that are widely in demand as a plasticizer in adhesive formulations. Benzoic Acid is also actively converted into its constituent salt and esters for consumption as a preservative in drugs, foods and personal care products. Apart from the conventional applications, it is required in drilling mud additive for applications for crude oil recovery. It is also consumed as an anti-microbial agent in mouthwashes, toothpastes, deodorants etc. In addition, it is a key component of benzoic resin used in medicines. 
Food and beverage industry following the chemical industry accounts for a viable share of the overall production of Benzoic Acid globally attributed to the fact that the compound does not alter the taste or odor of the food. Although majority of Benzoic acid produced is streamed to manufacture Caprolactam and Phenol, food and beverage segment is also anticipated to grow at an appreciable rate in the coming years on favorable shift in consumer preference towards packaged food and beverage items. In addition, plasticizer application is also a potential growth segment for the forecast period owing to consistent developments in global plastic industry. Despite of several sectors witnessing a hard hit due to the unprecedented outbreak of Coronavirus in various parts of the globe, consumption of Benzoic Acid was positively affected by the continuous increment in its demand from pharmaceuticals and food and beverages.
Global Benzoic Acid market is a highly fragmented market with large number of local players scattered in various region. Substantial applications of Benzoic Acid across a number of end-use industries has made it a potential growth market for new manufacturers to consolidate a considerate share of revenue. Moreover, key manufacturers are targeting to expand their product portfolio to cater maximum consumption in the international market. Some of the major players operating in Global Benzoic Acid market include Emerland Performance Chemicals, Chemcrux Enterprises Limited, IG Petrochemical Limited (IGPL), Wuhan Youji Industries Company etc. In 2019, joint venture of Sichuan Shengda and Sichuan Energy successfully commissioned a plant with INVISTA proprietary technology that produces Benzoic Acid as a byproduct.
Global Benzoic Acid market is perceived to witness substantial growth, with majority of consumption share coming from Asia Pacific (APAC) region on its skyrocketing consumption as a preservative in food and beverages industry. Besides Asia Pacific, the demand for Benzoic Acid from North America is perceived to trace an appreciable boost with positive inclination of consumer preference towards packaged food and beverages sector.
 
Years Considered for this Report:
 
Historical Years: 2015 – 2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021 – 2030
 
Objective of the Study: 
 
•The primary objective of the study was to evaluate and forecast Benzoic Acid capacity, production, demand and demand – supply gap globally.  
•To categorize Benzoic Acid demand based on end use, region and sales channel. 
•To study company shares in Global Benzoic Acid market. 
•To identify major customers of Benzoic Acid globally.
•To evaluate and forecast Benzoic Acid pricing in Global Benzoic Acid market.
•To identify and profile major companies operating in Global Benzoic Acid market.
•To identify major news, deals and expansion plans in Global Benzoic Acid market. 
 China consolidates maximum production as well as consumption share of Benzoic Acid around the globe. Major players operating in the Global Benzoic Acid market include Emerlad Performance Petrochemicals, Hubei Phoenix, Novaphene, Wuhan Youji Industries Company, IG Petrochemical Limited, Fushimi, Sinteza S.A., Nantong Haiers, Chemcrux Enterprises Limited, and others. 
Prices of Benzoic Acid witnessed a prominent upsurge in 2019 due its soaring demand as a preservative followed by affordable prices of feedstock. Affordable feedstock prices backed by rich demand outlook has caused Benzoic Acid CFR China price to settle between USD XX/MT to USD XX/MT. Similarly, Benzoic Acid prices in Europe and the America have followed similar trajectory and witnessed appreciable gains throughout the years.
To extract data for Global Benzoic Acid market, primary research surveys were conducted with Benzoic Acid manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Benzoic Acid market over the coming years. 
ChemAnalyst calculated Benzoic Acid global demand by analyzing the historical data and demand forecast was carried out considering feedstock Cyclohexane prices. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst. 
 
Key Target Audience:
 
•Benzoic Acid manufacturers and other stakeholders
•Organizations, forums and alliances related to Benzoic Acid distribution
•Government bodies such as regulating authorities and policy makers
•Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Benzoic Acid manufacturers, distributors, importers and end users. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
 
Report Scope:
In this report, the Global Benzoic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by End-use
Chemical, Food and Beverages, Pharmaceuticals and Others
Market, by Sales Channel
Direct/Institutional Sales, Retail Sales, Other Channel Sales
Market, by Region
North America, APAC, Europe, MEA, South America
 
Market, by Region
North America
United States, Mexico, Canada
APAC
China, India, Japan, South Korea, Singapore, Indonesia, Thailand
Europe
Germany, Russia, France, United Kingdom, Spain, Italy
MEA
Saudi Arabia, UAE, South Africa
South America
Brazil, Argentina, Chile
 
Competitive Landscape
ChemAnalyst offers detailed analysis of major players including basic company details, Segmental/product information, financial performance, growth strategies, expansion plans, SWOT analysis etc.to give a comprehensive and meaningful insights on the Global Benzoic Acid market.
 
Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.

In case you can’t find what, you are looking for then please get in touch with our custom research team at sales@chemanalyst.com

 

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