The Europe Benzoic Acid Market would witness market growth of 5.9% CAGR during the forecast period (2024-2031). In the year 2021, the Europe market's volume surged to 307.18 kilo tonnes, showcasing a growth of 22.7% (2020-2024).
Alkyd resins, synthesized using benzoic acid, play a crucial role in the coatings and paints industry, offering excellent adhesion, durability, and flexibility. These resins are widely utilized in protective coatings for metal, wood, and concrete surfaces, as well as in the production of varnishes and inks. The growth of the construction and automotive industries, coupled with increasing infrastructure development, drives the demand for alkyd resins. Thus, the Germany market is expected to utilize 7.40 kilo tonnes of benzoic acid in Alkyd resins application by 2031.
The Germany market dominated the Europe Benzoic Acid Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $82.2 Million by 2031. The UK market is exhibiting a CAGR of 5% during (2024 - 2031). Additionally, The France market would experience a CAGR of 7% during (2024 - 2031).
Benzoic acid is also used to produce plasticizers. These are added to plastics to improve their flexibility, durability, and workability. Plasticizers are used in various applications, including producing PVC products, synthetic leather, and adhesives. Benzoic acid is a key raw material in synthesizing phthalate ester plasticizers and is widely used in the plastics industry.
Another important application of benzoic acid in the chemical industry is in producing alkyd resins, which are then utilized in the formulation of paints, varnishes, and coatings. Alkyd resins are valued for their durability, weather resistance, and fast-drying properties, making them suitable for various applications. Benzoic acid is a raw material synthesizing phthalic anhydride, a key intermediate in alkyd resins.
Europe serves as a significant market for benzoic acid owing to the rigorous regulations governing food safety and the preservation of personal care items. The European Union has rigorous standards for food additives, and benzoic acid is widely accepted as a safe preservative within specified limits. In 2020, 291,000 F&B processing enterprises were in the EU, equivalent to 14.1 % of all manufacturing enterprises. The value added of F&B processing enterprises was €227 billion, around 30 % higher than that of agriculture (€174 billion, at basic prices).
Free Valuable Insights: The Global Benzoic Acid Market will Hit USD 1.6 Billion by 2031, at a CAGR of 5.3%
Based on End-User, the market is segmented into Food & Beverages, Chemicals, Pharmaceuticals, and Other End-User. Based on Application, the market is segmented into Benzoates, Benzoates Plasticizers, Benzoyl Chloride, Alkyd Resins, and Animal Feed Additives. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2024)
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