Benzoic Acid Market by Application and Geography - Forecast and Analysis 2022-2026

Published: Mar 2022

Pages: 120

SKU: IRTNTR72396

Snapshot

The benzoic acid market share is expected to increase by USD 198.54 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.38%.

This benzoic acid market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers benzoic acid market segmentations by application (benzoates, benzoate plasticizers, alkyd resins, and others) and geography (APAC, North America, Europe, South America, Middle East and Africa, China, US, India, Germany, UK, and Japan). The benzoic acid market report also offers information on several market vendors, including Aarti Industries Ltd., Chemcrux Enterprises Ltd., Eastman Chemical Co., FUSHIMI Pharmaceutical Co. Ltd., Ganesh Benzoplast Ltd., Hemadri Chemicals, IG Petrochemicals Ltd., Merck and Co. Inc., MP Biomedicals LLC, Navyug Pharmachem Pvt. Ltd., Pat Impex, Premier Group Of Industries, Shri Hari Chemicals, Smart Chemicals Group Co. Ltd., Swastik Industries , The Chemical Co., Tianjin Dongda Chemical Group Co. Ltd, Velsicol Chemical LLC, GFS Chemicals Inc., and Thermo Fisher Scientific Inc. among others.

What will the Benzoic Acid Market Size be During the Forecast Period?

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Benzoic Acid Market: Key Drivers, Trends, and Challenges

The high demand for benzoic acid from the food and beverage industry is notably driving the benzoic acid market growth, although factors such as health hazards and environmental effects of benzoic acid may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the benzoic acid industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Benzoic Acid Market Driver

The high demand for benzoic acid from the food and beverage industry is one of the key drivers supporting the benzoic acid market growth. Benzoic acid and its derivatives, such as potassium benzoate and sodium benzoate, are mainly used to preserve acidic food items and beverages, including jams, fruit juices, and aerated drinks. As a food preservative, benzoic acid does not alter the taste of food and beverages. Globally, the increasing demand for processed and packaged food and beverages has considerably increased the consumption of food preservatives. Potassium benzoate and sodium benzoate inhibit bacterial growth and are used in antimicrobial packaging. They are used as preservatives in soft or energy drinks. Thus, growth in the food preservative markets in China and India is likely to fuel the consumption of benzoic acid in the food and beverages industry throughout the forecast period.

Key Benzoic Acid Market Trend

The rising demand for processed and packaged food is one of the key benzoic acid market trends that is contributing to the market growth. The rise in demand for processed food products can be attributed to the increasing expenditure on health and nutritional foods, radical changes in lifestyle and food habits of individuals, urbanization, and the increase in the young population. Meanwhile, the rising consumption of dairy foods and emphasis on food product safety compel food manufacturers to use food preservatives. The processed and packaged food and beverages industry benefit from the high demand for frozen food items and drinks across the globe. Thus, the use of benzoic acid and its derivative compounds as food preservatives will positively influence the global benzoic acid market during the forecast period.

Key Benzoic Acid Market Challenge

Health hazards and environmental effects of benzoic acid is one of the factors hindering the benzoic acid market growth. Consumption of highly concentrated benzoic acid in higher concentrations can lead to eyes, lungs, and skin irritation and damage the digestive tract. Benzoic acid can enter the body through the skin, digestive tract, and respiratory tract. Direct short-term exposure to benzoic acid can cause eye damage, redness and rashes on the skin, and irritation to the nose, throat, and lungs if inhaled. It can result in shortness of breath, coughing, and wheezing. Moreover, prolonged exposure to benzoic acid can harm the lungs and digestive tract. The ingestion of benzoic acid also results in abdominal pain, nausea, and vomiting. These health issues will limit the market growth during the forecast period.

This benzoic acid market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global benzoic acid market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the benzoic acid market during the forecast period.

Who are the Major Benzoic Acid Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

This statistical study of the benzoic acid market encompasses successful business strategies deployed by the key vendors. The benzoic acid market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

Eastman.com - The company offers benzoic acid that is a mono-functional, aromatic acid, which is widely used as a building block for the synthesis of alkyd resins.
Chemcrux.com - The company offers chloro benzoic acid, nitro benzoic acid, dichloro benzoic acid and many more.
Aarti-industries.com - The company is involved in the supplying of para nitro benzoic acid, which is used for pigments.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The benzoic acid market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Benzoic Acid Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the benzoic acid market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Benzoic Acid Market?

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60% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the benzoic acid market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rising demand for packaged and processed foods and drinks will facilitate the benzoic acid market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic in 2020 had an adverse impact on several countries in the region. However, in Q4 2020 and H1 2021, the vendors of benzoic acid in the region started resuming their operations with proper social distancing and sanitization norms owing to progressing vaccination drives in the region. Such factors are expected to drive the growth of the regional benzoic acid market during the forecast period.

What are the Revenue-generating Application Segments in the Benzoic Acid Market?

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The benzoic acid market share growth by the benzoates segment will be significant during the forecast period. Sodium benzoate is used in pharmaceuticals for preservation and therapeutic regimens for patients. It is also used in deodorants, aftershave lotions, and sunscreens to reduce skin irritations and inflammations. Sodium and potassium benzoates are extensively used in canned foods. Moreover, sodium benzoate used at levels up to 0.1% in food and beverages is FDA-approved and GRAS-classified. These beneficiary attributes of sodium benzoate will drive market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the benzoic acid market size and actionable market insights on post COVID-19 impact on each segment.

Benzoic Acid Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.38%
Market growth 2022-2026	$ 198.54 million
Market structure	Fragmented
YoY growth (%)	6.0
Regional analysis	APAC, North America, Europe, South America, Middle East and Africa, China, US, India, Germany, UK, and Japan
Performing market contribution	APAC at 60%
Key consumer countries	US, China, India, Japan, Germany, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Aarti Industries Ltd., Chemcrux Enterprises Ltd., Eastman Chemical Co., FUSHIMI Pharmaceutical Co. Ltd., Ganesh Benzoplast Ltd., Hemadri Chemicals, IG Petrochemicals Ltd., Merck and Co. Inc., MP Biomedicals LLC, Navyug Pharmachem Pvt. Ltd., Pat Impex, Premier Group Of Industries, Shri Hari Chemicals, Smart Chemicals Group Co. Ltd., Swastik Industries , The Chemical Co., Tianjin Dongda Chemical Group Co. Ltd, Velsicol Chemical LLC, GFS Chemicals Inc., and Thermo Fisher Scientific Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Benzoic Acid Market Report?

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will drive benzoic acid market growth during the next five years
Precise estimation of the benzoic acid market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the benzoic acid industry across APAC, North America, Europe, South America, Middle East and Africa, China, US, India, Germany, UK, and Japan
A thorough analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of benzoic acid market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers
- Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026

4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

5.1 Market segments
- Exhibit 24: Chart on Application - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Application - Market share 2021-2026 (%)

5.2 Comparison by Application
- Exhibit 26: Chart on Comparison by Application
- Exhibit 27: Data Table on Comparison by Application

5.3 Benzoates - Market size and forecast 2021-2026
- Exhibit 28: Chart on Benzoates - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Benzoates - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Benzoates - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Benzoates - Year-over-year growth 2021-2026 (%)

5.4 Benzoate plasticizers - Market size and forecast 2021-2026
- Exhibit 32: Chart on Benzoate plasticizers - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Benzoate plasticizers - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Benzoate plasticizers - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Benzoate plasticizers - Year-over-year growth 2021-2026 (%)

5.5 Alkyd resins - Market size and forecast 2021-2026
- Exhibit 36: Chart on Alkyd resins - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Alkyd resins - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Alkyd resins - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Alkyd resins - Year-over-year growth 2021-2026 (%)

5.6 Others - Market size and forecast 2021-2026
- Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)

5.7 Market opportunity by Application
- Exhibit 44: Market opportunity by Application ($ million)

6 Customer Landscape

6.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2021-2026 (%)
- Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison

7.3 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.4 North America - Market size and forecast 2021-2026
- Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.5 Europe - Market size and forecast 2021-2026
- Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 China - Market size and forecast 2021-2026
- Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)

7.9 US - Market size and forecast 2021-2026
- Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)

7.10 India - Market size and forecast 2021-2026
- Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)

7.11 Germany - Market size and forecast 2021-2026
- Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.12 UK - Market size and forecast 2021-2026
- Exhibit 86: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.13 Japan - Market size and forecast 2021-2026
- Exhibit 90: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 91: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 92: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 93: Data Table on Japan - Year-over-year growth 2021-2026 (%)

7.14 Market opportunity by geography
- Exhibit 94: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges
- Exhibit 95: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape
- Exhibit 96: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption
- Exhibit 97: Overview on factors of disruption

9.4 Industry risks
- Exhibit 98: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered
- Exhibit 99: Vendors covered

10.2 Market positioning of vendors
- Exhibit 100: Matrix on vendor position and classification

10.3 Aarti Industries Ltd.
- Exhibit 101: Aarti Industries Ltd. - Overview
- Exhibit 102: Aarti Industries Ltd. - Business segments
- Exhibit 103: Aarti Industries Ltd. - Key offerings
- Exhibit 104: Aarti Industries Ltd. - Segment focus

10.4 Chemcrux Enterprises Ltd.
- Exhibit 105: Chemcrux Enterprises Ltd. - Overview
- Exhibit 106: Chemcrux Enterprises Ltd. - Business segments
- Exhibit 107: Chemcrux Enterprises Ltd. - Key offerings
- Exhibit 108: Chemcrux Enterprises Ltd. - Segment focus

10.5 Eastman Chemical Co.
- Exhibit 109: Eastman Chemical Co. - Overview
- Exhibit 110: Eastman Chemical Co. - Business segments
- Exhibit 111: Eastman Chemical Co. - Key offerings
- Exhibit 112: Eastman Chemical Co. - Segment focus

10.6 FUSHIMI Pharmaceutical Co. Ltd.
- Exhibit 113: FUSHIMI Pharmaceutical Co. Ltd. - Overview
- Exhibit 114: FUSHIMI Pharmaceutical Co. Ltd. - Product / Service
- Exhibit 115: FUSHIMI Pharmaceutical Co. Ltd. - Key offerings

10.7 Ganesh Benzoplast Ltd.
- Exhibit 116: Ganesh Benzoplast Ltd. - Overview
- Exhibit 117: Ganesh Benzoplast Ltd. - Business segments
- Exhibit 118: Ganesh Benzoplast Ltd. - Key offerings
- Exhibit 119: Ganesh Benzoplast Ltd. - Segment focus

10.8 Hemadri Chemicals
- Exhibit 120: Hemadri Chemicals - Overview
- Exhibit 121: Hemadri Chemicals - Product / Service
- Exhibit 122: Hemadri Chemicals - Key offerings

10.9 IG Petrochemicals Ltd.
- Exhibit 123: IG Petrochemicals Ltd. - Overview
- Exhibit 124: IG Petrochemicals Ltd. - Business segments
- Exhibit 125: IG Petrochemicals Ltd. - Key offerings
- Exhibit 126: IG Petrochemicals Ltd. - Segment focus

10.10 Merck and Co. Inc.
- Exhibit 127: Merck and Co. Inc. - Overview
- Exhibit 128: Merck and Co. Inc. - Business segments
- Exhibit 129: Merck and Co. Inc. - Key news
- Exhibit 130: Merck and Co. Inc. - Key offerings
- Exhibit 131: Merck and Co. Inc. - Segment focus

10.11 Smart Chemicals Group Co. Ltd.
- Exhibit 132: Smart Chemicals Group Co. Ltd. - Overview
- Exhibit 133: Smart Chemicals Group Co. Ltd. - Product / Service
- Exhibit 134: Smart Chemicals Group Co. Ltd. - Key offerings

10.12 The Chemical Co.
- Exhibit 135: The Chemical Co. - Overview
- Exhibit 136: The Chemical Co. - Product / Service
- Exhibit 137: The Chemical Co. - Key offerings

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist
- Exhibit 138: Inclusions checklist
- Exhibit 139: Exclusions checklist

11.3 Currency conversion rates for US$
- Exhibit 140: Currency conversion rates for US$

11.4 Research methodology
- Exhibit 141: Research methodology
- Exhibit 142: Validation techniques employed for market sizing
- Exhibit 143: Information sources

11.5 List of abbreviations
- Exhibit 144: List of abbreviations

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Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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