The global benzoic acid market stood at
around 480 KT in 2014. It is anticipated to grow at 3.2% CAGR during the
forecast period (2016-2024). The market can exceed 630 KT by 2024. The growing
foods & beverages industry and demand for preservatives for enhanced shelf
life of products are the key drivers.
The Benzoic Acid Market
in North America and Europe is driven by the growing popularity of RTD
(ready-to-drink) beverages and convenience foods. This has boosted the need for
packaged food & beverages. This may benefit the global market since benzoic
acid acts as a preservative by inhibiting the growth of food pathogens.
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A type of carboxylic
acid, benzoic acid is a colorless crystalline compound. Besides being a food
preservative, it is also used in manufacturing insect repellents, plastics,
dyes, and others. Moreover, it is a key component in creams, lotions, and
ointments. Salts and esters of benzoic acid are known as benzoates.
The global Benzoic Acid
Market is divided on the basis of methods, applications, end users, and
regions. Major methods used in benzoic acid production are Friedel-crafts
reaction & chlorination methods, oxidation by hydrolysis, and Grignard
reagents. Applications include foods & beverages, plasticizers, animal feed
additives, phenol, dibenzoates, alkyd resins, and others. Global phenol demand
exceeded 8.5 million tons in 2013. This can benefit the global market, as
benzoic acid is a key component used in the production of phenol.
Foods & beverages was
the largest application, accounting for more than 45% of total volumes in 2014.
It is expected to exhibit around 2.8% CAGR over the forecast period.
Plasticizers made from benzoates can grow at a CAGR over 9% in the next eight
years. Rising demand of phthalate free plasticizers may favor market growth.
Benzoate plasticizers, such as diethylene glycol and triethylene glycol ether
can be used as alternatives to phthalate in films, cables, and hoses. But
volatile prices of toluene could hinder market demand. End-users include
chemicals, plastics, and pharmaceutical industries.
Regions covered in the
global Benzoic Acid Market are North America, Europe, Asia Pacific, and RoW
(Rest of the World). Asia Pacific led the industry in 2014, contributing to
over 60% of total volumes. This can be attributed to rising disposable incomes
and demand for RTD beverages in India and China. Rising phenol production could
further regional growth. China leads the regional market because of high demand
for benzoate plasticizers. However, the country mainly produces sodium benzoate
and benzoyl chloride. Europe was the second largest market in 2014 contributing
to over 20% of the global production. The U.S., a prime region in North
America, accounted for more than 10% of the global demand (in terms of volume)
during the same year.
Major players in the
worldwide Benzoic Acid Market are Emerald Kalama, Shree Hari Chemicals Export
Ltd., Novaphene, Chemcrux Enterprises Ltd., and Huangshi Taihua Industry
Science And Technology Develop Co., Limited. For enhanced production, Emerald
Kalama declared that it would establish benzoic acid plants in Rotterdam in the
near future. This could add to its production capacity by 100,000 metric tons
yearly. The company has also allied with The Chemical Company to distribute its
K-Flex plasticizers. This may expand its global reach significantly in the
forthcoming years.
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