The Global Benzoic Acid Market is growing pervasively mainly due to the increasing usages of Benzoic Acid for food processing and preserving in the burgeoning food and beverages industry. The market is witnessing a positive growth in the past few years and is expected to keep on flourishing due to the importance of Benzoic Acid in the application segments. —
Responding to the augmented demand with the growing production rate per year the Benzoic Acid Market is expanding further. Market Research Future (MRFR) in its recently published study report asserts that the revenue contribution of the Benzoic Acid Market is expected to increase by a substantial monetarily growth by 2023, registering a phenomenal CAGR during the period 2017 to 2023.
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Globally, the market for Benzoic Acid has been increasing due to the food and beverages industries. Changing lifestyle and consumers’ preference towards processed, ready to eat food, packaged or canned foods, and frozen foods are the key driving forces for the market growth. The growth in per capita disposable income, rising urban middle-class population and food consumption across the globe are among the key growth contributors of the market.
The growing complexities in the food supply chain along with the highest demand for food preservatives especially from the western countries drives the market growth. Additional factors substantiating the market growth of benzoic acid include consumer demand for diverse food products, increasing imports and the rising demand for effective preservation techniques.
Additionally, the pharmaceutical industry contributes to the market growth of Benzoic Acid extensively. Benzoic Acid also finds applications in the cosmetic industry as a preservative in mouthwashes, deodorants, creams, aftershave lotions, etc. which, in turn, propel the market growth.
On the other hand, volatility in the prices and the demand and supply gap of feedstock required for the production of benzoic acid are some of the major factors impeding the market growth.
Benzoic Acid Market - Geographical Analysis
Asia Pacific accounted for the largest market share in the Global Benzoic Acid Market owing to the rapid industrialization, burgeoning F&B industry, and the improved standard of living in the region backed by the improving economic conditions in the region.
India and China owing to the increasing per capita income perceive the growth in the food processing and packaging sector and in the aerated beverages industry which substantiates the market growth for Benzoic Acid in the region.
Europe being one of the largest producers of benzoic acid has become a prominent market witnessing huge accruals.
The North America Benzoic Acid market, on the other hand, is too growing rapidly due to the stringent government regulation in this region that is increasing the uptake of benzoate plasticizers replacing phthalate plasticizers. The region is projected to register a modest CAGR over the assessment years.
Benzoic Acid Market - Competitive Landscape
The competitive market of Benzoic Acid appears to be fragmented due to numerous companies are churning the market competition. Constant innovations and technologies generate strong investment opportunities. Market players strive to commercialize other techniques that can lower the production cost.
These players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities to gain the competitive advantage.
August 16, 2018 – Eastman Chemical Company (EMN – US), a global specialty chemical company announced the price increment for Benzoic Acid effective 1st Sep. 2018 or as contracts permit due to elevated operating costs, especially of raw materials. The Company also mentioned that it is taking appropriate pricing actions in the wake of raw material cost inflation. The said price hike will be of 3 cents per lb.
August 02, 2018 – The United States Environmental Protection Agency (the US EPA) issued The Toxic Substances Control Act (TSCA), significant new use rules for 145 substances subject to section 5(e) consent orders. relating to a variety of substances, the TSCA, though the majority deal with various benzoic acid substances used for monitoring oil and gas well performance.
During review of each substance's pre-manufacture notice (PMN), the EPA determined that restrictions were warranted to mitigate potential unreasonable risk. Therefore, the agency negotiated the consent orders with the PMN submitters requiring them to implement certain risk management and exposure controls.
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