Reports and Data's latest research study on the Benzoic Acid market gives a thorough analysis of it. In this report, the global Benzoic Acid market is analyzed historically and currently to assess its potential future development. In order to identify opportunistic business opportunities for stakeholders, the study provides detailed information on the key growth factors, restraints, and key trends that are paving the way for future growth in the Benzoic Acid market.
The Global Benzoic Acid Market size is expected to grow from USD 1,116.2 Million in 2020 to USD 1,665.2 Million by 2028, registering a CAGR of 5.1% during the forecast period.
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Market Overview:
The benzoic acid market has experienced steady growth in recent years, driven by its use in several industries such as food and beverage, pharmaceuticals, personal care, and chemicals. The market's growth is attributed to the compound's preservative properties, its role in the synthesis of various chemicals, and its increasing demand in end-user applications.
Key Applications of Benzoic Acid:
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Preservatives in Food and Beverages:
- Benzoic acid and its salts, particularly sodium benzoate, are widely used as preservatives in the food and beverage industry. They help prevent the growth of bacteria, yeasts, and molds, extending the shelf life of products like soft drinks, jams, pickles, and sauces.
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Pharmaceuticals:
- In the pharmaceutical industry, benzoic acid serves as a key intermediate in the synthesis of active pharmaceutical ingredients (APIs). It is utilized in the production of medications, including antiseptics, analgesics, and anti-inflammatory drugs.
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Personal Care and Cosmetics:
- Benzoic acid is a common ingredient in personal care products and cosmetics. Its antimicrobial properties make it valuable in items such as creams, lotions, shampoos, and deodorants, where it helps prevent the growth of microorganisms.
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Plasticizers and Resins:
- In the chemical industry, benzoic acid is used in the production of plasticizers and resins. It contributes to the creation of products like alkyd resins, which find applications in paints, coatings, and adhesives.
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Market-O-Nomics
- The Global Benzoic Acid Market size is expected to grow from USD 1,116.2 Million in 2020 to USD 1,665.2 Million by 2028, registering a CAGR of 5.1% during the forecast period
- As of 2019, Sodium benzoates are the leading segment of the global benzoic acid market, while the Benzoates plasticizer segment is expected to register the highest CAGR of 8.4%.
- Benzoyl chloride was valued at around 213.7 million in 2019, and it is projected to reach nearly 314.24 million by 2027.
- Asia Pacific dominated the market, with more than 41% of the total volume and value, and is expected to witness significant growth during the forecast period.
- North America, particularly the United States benzoic acid market, accounted for over 10% of the total volume and is having a steady growth rate during the forecast period.
- The food and beverage segment is gaining the largest market share of 46.4% and is expected to acquire more shares in the coming years.
- The pharmaceutical industry is valued at 244.96 million in 2019 and will deliver a CAGR of 8.2% until 2027. Increased use of benzoic acid in the pharma industry is boosting this market and will gain more shares. South America is having the highest CAGR of 9.5% is expected to reach 229.38 million in 2027.
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Research Methodology: Benzoic Acid Market
The research methodology adopted by analysts to compile the Benzoic Acid market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Benzoic Acid market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Benzoic Acid market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Benzoic Acid market.
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