Benzoic Acid Market

Global Benzoic Acid Market Size, Share & Trends Analysis Report By End-User, By Application, By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-25461 Publication Date: November-2024 Number of Pages: 274
2023
USD 1.1 Billion
2031
USD 1.6 Billion
CAGR
5.3%
Historical Data
2020 to 2022

“Global Benzoic Acid Market to reach a market value of USD 1.6 Billion by 2031 growing at a CAGR of 5.3%”

Analysis of Market Size & Trends

The Global Benzoic Acid Market size is expected to reach $1.6 billion by 2031, rising at a market growth of 5.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 692.95 kilo tonnes, experiencing a growth of 23.0% (2020-2023).

The demand for benzoyl chloride is driven by the growth of these end-use industries, particularly the pharmaceutical industry. Benzoyl chloride synthesizes drugs such as benzoyl peroxide, which is used in acne medications and producing dyes and perfumes. The demand for benzoyl chloride is also influenced by technological advancements in chemical synthesis and the development of new applications for its derivatives. Thus, the benzoyl chloride segment witnessed 17% revenue share in the benzoic acid market in 2023. In terms of volume, 211.06 Benzoyl chloride is expected to utilize by 2031. Benzoyl chloride is an intermediate in producing various chemicals, including dyes, perfumes, and pharmaceuticals.

Benzoic Acid Market Size - Global Opportunities and Trends Analysis Report 2020-2031

The demand for benzoic acid and its salts, like sodium benzoate, is witnessing significant growth in the food and beverage industry. These compounds are highly esteemed due to their preservative characteristics, which impede the proliferation of bacteria, yeasts, and molds, consequently prolonging the viability of a broad range of food & beverage items. Additionally, the use of benzoic acid and its salts in personal care products has steadily increased, driven by their effectiveness as preservatives and antimicrobial agents. Compounds of this nature are of the utmost importance as they aid in preserving the quality and safety of a wide range of personal care items (e.g., cosmetics, shampoos, lotions, and creams) by inhibiting microbial proliferation and prolonging their viability in the face of the increasing global demand for such products. Therefore, as the demand for personal care products continues to grow, driven by changing consumer preferences and regulatory requirements, the benzoic acid market is expected to grow further.

However, the increasing popularity of alternative preservatives, such as sorbic acid and citric acid, is a notable trend in various industries, including food, cosmetics, and pharmaceuticals. These alternative preservatives are gaining traction due to several factors, including consumer preferences for natural and eco-friendly products, regulatory restrictions on synthetic preservatives, and the desire for clean-label formulations. Hence, the rising availability of alternatives may hamper the market's growth.

Driving and Restraining Factors
Benzoic Acid Market
  • Growing demand in the food and beverage industry
  • Rising demand in the pharmaceutical industry
  • Increasing use in personal care products
  • Increasing popularity of alternative preservatives
  • Fluctuations in the prices of raw materials
  • Increasing adoption in the animal feed industry
  • Technological advancements in the production of benzoic acid
  • Health concerns regarding the safety of benzoic acid
  • Shift towards natural preservatives

Application Outlook

On the basis of application, the market is classified into benzoates, benzoate plasticizers, benzoyl chloride, alkyd resins, and animal feed additives.  The benzoate plasticizers segment recorded 24% revenue share in the market in 2023. In terms of volume, 255.27 benzoate plasticizers are expected to utilize by 2031. Benzoate plasticizers, such as glycol diethylene benzoate (DEGB), are used in various applications, including producing PVC products, synthetic leather, and adhesives.

Benzoic Acid Market Share and Industry Analysis Report 2023

End User Outlook

Based on end-user, the market is divided into food & beverages, chemicals, pharmaceuticals, and others. The pharmaceuticals segment procured 16% revenue share in the market in 2023. In terms of volume, 172.16 kilo tonnes of benzoic acid is expected to utilize in pharmaceutical industry by 2031. Benzoic acid is a key building block in producing several pharmaceutical compounds, including antifungal medications, nonsteroidal anti-inflammatory drugs (NSAIDs), and diuretics.

Free Valuable Insights: Global Benzoic Acid Market size to reach USD 1.6 Billion by 2031

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The North America segment procured 25% revenue share in the market in 2023. In term of volume, the North America region is expected to utilize 226.90 kilo tonnes of benzoic acid by 2031. In North America, the demand for benzoic acid is increasing due to the growth of key end-use industries.

Benzoic Acid Market Report Coverage
Report Attribute Details
Market size value in 2023 USD 1.1 Billion
Market size forecast in 2031 USD 1.6 Billion
Base Year 2023
Historical Period 2020 to 2022
Forecast Period 2024 to 2031
Revenue Growth Rate CAGR of 5.3% from 2024 to 2031
Quantitative Data Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031
Number of Pages 274
Number of Tables 570
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered End-User, Application, Region
Country scope
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included

Merck KGaA, Eastman Chemical Company, Foodchem International Corporation, Spectrum Chemical Mfg. Corp., BASF SE, Huntsman Corporation, Lanxess AG, Haihang Industry Co., Ltd. (Haihang Group), Polysciences, Inc., and Tokyo Chemical Industry Co., Ltd.

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List of Key Companies Profiled

  • Merck KGaA
  • Eastman Chemical Company
  • Foodchem International Corporation
  • Spectrum Chemical Mfg. Corp.
  • BASF SE
  • Huntsman Corporation
  • Lanxess AG
  • Haihang Industry Co., Ltd. (Haihang Group)
  • Polysciences, Inc.
  • Tokyo Chemical Industry Co., Ltd.

Benzoic Acid Market Report Segmentation

By End User (Volume, Kilo Tonnes, USD Billion, 2020-2024)

  • Food & Beverages
  • Chemicals
  • Pharmaceuticals
  • Other End-User

By Application (Volume, Kilo Tonnes, USD Billion, 2020-2024)

  • Benzoates
  • Benzoates Plasticizers
  • Benzoyl Chloride
  • Alkyd Resins
  • Animal Feed Additives

By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2024)

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA
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