Benzoic Acid Market to Grow at 3.2% CAGR Till 2024 - Research Report by Hexa Research
The global Benzoic Acid Market is anticipated to exceed 640 kilotons (KT) by 2024 from 480 kilotons in 2014. It could expand at over 3.2% CAGR over the forecast period (2016-2024).
The global benzoic acid market stood at around 480 KT in 2014. It is anticipated to grow at 3.2% CAGR during the forecast period (2016-2024). The market can exceed 630 KT by 2024. The growing foods & beverages industry and demand for preservatives for enhanced shelf life of products are the key drivers.
The Benzoic Acid Market in North America and Europe is driven by the growing popularity of RTD (ready-to-drink) beverages and convenience foods. This has boosted the need for packaged food & beverages. This may benefit the global market since benzoic acid acts as a preservative by inhibiting the growth of food pathogens.
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A type of carboxylic acid, benzoic acid is a colorless crystalline compound. Besides being a food preservative, it is also used in manufacturing insect repellents, plastics, dyes, and others. Moreover, it is a key component in creams, lotions, and ointments. Salts and esters of benzoic acid are known as benzoates.
The global Benzoic Acid Market is divided on the basis of methods, applications, end users, and regions. Major methods used in benzoic acid production are Friedel-crafts reaction & chlorination methods, oxidation by hydrolysis, and Grignard reagents. Applications include foods & beverages, plasticizers, animal feed additives, phenol, dibenzoates, alkyd resins, and others. Global phenol demand exceeded 8.5 million tons in 2013. This can benefit the global market, as benzoic acid is a key component used in the production of phenol.
Foods & beverages was the largest application, accounting for more than 45% of total volumes in 2014. It is expected to exhibit around 2.8% CAGR over the forecast period. Plasticizers made from benzoates can grow at a CAGR over 9% in the next eight years. Rising demand of phthalate free plasticizers may favor market growth. Benzoate plasticizers, such as diethylene glycol and triethylene glycol ether can be used as alternatives to phthalate in films, cables, and hoses. But volatile prices of toluene could hinder market demand. End-users include chemicals, plastics, and pharmaceutical industries.
Regions covered in the global Benzoic Acid Market are North America, Europe, Asia Pacific, and RoW (Rest of the World). Asia Pacific led the industry in 2014, contributing to over 60% of total volumes. This can be attributed to rising disposable incomes and demand for RTD beverages in India and China. Rising phenol production could further regional growth. China leads the regional market because of high demand for benzoate plasticizers. However, the country mainly produces sodium benzoate and benzoyl chloride. Europe was the second largest market in 2014 contributing to over 20% of the global production. The U.S., a prime region in North America, accounted for more than 10% of the global demand (in terms of volume) during the same year.
Major players in the worldwide Benzoic Acid Market are Emerald Kalama, Shree Hari Chemicals Export Ltd., Novaphene, Chemcrux Enterprises Ltd., and Huangshi Taihua Industry Science And Technology Develop Co., Limited. For enhanced production, Emerald Kalama declared that it would establish benzoic acid plants in Rotterdam in the near future. This could add to its production capacity by 100,000 metric tons yearly. The company has also allied with The Chemical Company to distribute its K-Flex plasticizers. This may expand its global reach significantly in the forthcoming years.
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Organic Chemicals Market Research Report
Jan 23, 2017