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Benzoic Acid Market growth is propelled by increasing demand in the food & beverages industry

Author : Ronak Bora | Published Date : 2019-03-20 

Increasing demand of preservatives to improve shelf life of the products coupled with growth in food & beverages industry is likely to drive benzoic acid market price trend over the forecast period. Consumers are shifting preference towards adoption of convenience food and ready-to-drink (RTD) beverages owing to hectic lifestyle particularly in key regions such as Europe and North America. Packaged food & beverages are gaining popularity with increase in availability of different product ranges. This factor requires food & beverages to be safe for consumption after days or weeks of production.

It acts as preservative in food & beverages products such as fruit products, baked goods, cheese & frozen dairy owing to the property for inhibiting growth of bacteria, mol and yeast. This anti-fungal nature of benzoic acid also makes it ideal for applications in personal care & cosmetic industries such as powder, mouthwash, facial cleanser and lipstick. It is also an important ingredient for pharmaceutical applications such as ointments, lotions and creams.

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Benzoic acid is one of the important feedstock used for phenol production. Phenol is majorly used as a chemical intermediate for manufacturing bisphenol-A, caprolactam, phenol-formaldehyde resins, aniline, 2, 6-xylenol and alkyl phenols. Global phenol demand in 2013 was more than 8.5 million tons out of which most of the product derived through cumene process using benzene and propylene as feedstock. This represents a huge opportunity for development of benzoic acid market share when utilized for phenol production.

Growing importance of phthalate free plasticizers is likely to support benzoic acid market growth. Benzoate plasticizer such as glycol, diethyeleneglycol and triethylene glycol ether is used to substitute phthalate plasticizers in numerous applications such as cables, hoses and films.

Volatile raw materials price of toluene which is linked to crude oil prices is likely to affect industry profitability. Investment in product development for niche application is likely to provide growth opportunities for industry participants.

Asia Pacific has been the largest consumer over the past few years. Increase in per-capita disposable income levels coupled with shift towards dependency on processed foods and RTD beverages particularly in China and India is likely to drive regional demand. Asia Pacific is also likely to gains significant gains over the forecast period owing to increase in phenol production coupled with growth in end-use industries such as food & beverages, personal care and pharmaceuticals.

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Food & beverages applications dominated benzoic acid consumption in the form of derivatives such as sodium benzoate and potassium benzoate and accounted for more than 45% for the total volume in 2014. This application is likely to grow at an estimated CAGR of over 2.8% up to 2023. Most of the commercial benzoic acid is also consumed in phenol production. Plasticizer applications in the form of benzoate plasticizers are likely to witness highest gains of over 9% up to 2023.

Asia Pacific was the dominant region and accounted for more than 60% of the total volume in 2014 and is likely to witness significant gains over the forecast period. Europe was the second largest region and accounted for over 20% of the total demand in 2014. North America, particularly, the U.S. benzoic acid market size accounted for over 10% of the total volume in 2014 and is likely to witness steady gains over the forecast period.

The global benzoic acid market share is moderately consolidated and is characterized by prize and services provided. Key companies operating in this market include Novaphene, Huangshi Taihua Industry, Shri Hari Chemicals, Sinteza S.A., Chemcrux Enterprises Ltd and Emerald Kalama Chmeical. With low crude prices, the industry may see a surge in benzoic acid production capacity and exports.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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