Global Benzenecarboxylic Acid Market - Segmented by Production Process, Application and Geography - Growth, Trends and Forecast (2018-2023)
The benzenecarboxylic acid market is expected to register a CAGR of 3.6% during the forecast period (2018 - 2023). The market is growing due to the increase in the consumption of benzoic acid in the food & beverage industries. Furthermore, it is also used as a building block to manufacture many other products, such as alkyd resins.
Increase in Demand for Benzoate Plasticizer
The major market driver is the continuous demand for benzoate plasticizers. Almost 90% of the plasticizers are used in the production of PVC. Phthalate plasticizers are being widely used and are often criticized for their slightly toxic content. Hence, the manufacturers are inclined toward the use of non-phthalates, such as benzoate plasticizers, which are produced using benzoic acid. Sodium benzoate and potassium benzoate accounted for more than 45% of the total market value in 2016. Furthermore, the growing demand for benzoic acid in medical, dye intermediates, and animal feed is supporting the growth of the global benzenecarboxylic acid market.
Food Preservative is the Leading Application
Benzoic acid and its salt derivatives are used as preservatives in the food & beverage sector. It helps to improve and increase the storage stability when used in emulsion formulations, liquid detergents, paints, polishes, and waxes. The growing demand for preservatives to improve the shelf life of the products, coupled with the growth in the food & beverages industry, is likely to drive the benzoic acid market during the forecast period.
Asia-Pacific to Lead the Market
Asia-Pacific is the most promising market for benzoic acid, accounting for 50% of the global demand, and is anticipated to dominate the market in the near future owing to the vast demand for plasticizers. China and Japan, followed by India, are expected to be the biggest consumers of benzoic acid in Asia-Pacific. India is projected to be the fastest-growing benzenecarboxylic acid market in the region, due to the increasing domestic demand for plastics. The substitution of phthalate plasticizers by benzoate plasticizers due to the stringent government regulations is likely to favor the market growth in this region.
February 2017:Emerald announced its plans to expand the company’s capacity for sodium benzoate.
Major Players: Hebei Smart Chemicals Co. Ltd, Emerald Performance Materials, Chemcrux Enterprise Limited, Velsicol Chemical LLC, and Apollo Scientific, among others.
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