“Global Benzoic Acid Market to reach a market value of USD 1.6 Billion by 2031 growing at a CAGR of 5.3%”
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.
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.
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.
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
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.
| 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 |
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| 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. |
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2024)
The Market size is projected to reach USD 1.6 billion by 2031.
Growing demand in the food and beverage industry are driving the Market in coming years, however, Increasing popularity of alternative preservatives restraints the growth of the Market.
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.
In the year 2023, the market attained a volume of 692.95 kilo tonnes, experiencing a growth of 23.0% (2020-2023).
The Food & Beverages segment is leading the Market by End-User in 2023, thereby, achieving a market value of $660.4 Million by 2031.
The Asia Pacific market dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $742.3 Million by 2031.
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