The North America Benzoic Acid Market would witness market growth of 4.7% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 86.70 kilo tonnes, showcasing a growth of 22.6% (2020-2023).
Benzoyl chloride is a key derivative of benzoic acid and serves as a critical intermediate in the synthesis of various organic compounds, including pharmaceuticals, dyes, and fragrances. Its reactivity and versatility make it indispensable in chemical manufacturing processes. One of the primary uses of benzoyl chloride is in the production of benzoyl peroxide, a crucial ingredient in acne treatment formulations and a bleaching agent used in the textile industry. Thus, the Canada market is expected to utilize 6.16 kilo tonnes of benzoic acid in Benzoyl chloride application by 2031.
The US market dominated the North America Benzoic Acid Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $278.4 Million by 2031. The Canada market is experiencing a CAGR of 6.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 6.1% during (2024 - 2031).
The expansion of the chemical industry has been a key driver for the demand for benzoic acid globally. Benzoic acid is a crucial precursor in producing several chemicals, including benzoyl chloride, plasticizers, and alkyd resins, essential in various industries. As the chemical industry expands to meet the growing demand for chemicals across different sectors, the demand for benzoic acid as a precursor has also increased.
Additionally, a key use of benzoic acid in the chemical industry is in producing benzoyl chloride, a key intermediate in synthesizing several chemicals, including dyes, perfumes, and pharmaceuticals. Benzoyl chloride is used as a raw material in the production of benzoyl peroxide, a common ingredient in acne medications and a polymerization initiator in the production of plastics.
The robust food and beverage, pharmaceutical, and personal care industries drive the market in North America. The United States, being one of the largest consumers of processed foods and beverages, significantly contributes to the demand for benzoic acid. The U.S. Food and Drug Administration (FDA) approves benzoic acid and its salts for use in food products, which helps to extend shelf life and prevent spoilage. Additionally, the pharmaceutical industry's growth, driven by increasing healthcare expenditure and an aging population, is boosting the demand for benzoic acid as it is used in various medicinal products.
Free Valuable Insights: The Benzoic Acid Market is Predict to reach 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 U.S., Mexico, Canada, and Rest of North America.
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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