The global benzoic acid market is projected to grow from an estimated USD 1009.9 million in 2018 to USD 1313.5 million by 2023, at a CAGR of 5.4% during the forecast period. Benzoic acid is a simple aromatic carboxylic acid. It is produced commercially through partial oxidation of toluene with oxygen. It is also found naturally in various plants.

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Benzoic acid is used as an intermediate product in the manufacturing of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Food & beverages, chemical, and pharmaceutical end-use industries use benzoic acid in various applications. The base year used for company profiles is 2017, and the forecast has been provided for the period between 2018 and 2023.

Key Market Players -

Key players in the benzoic acid market include Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China), among others.

Market Dynamics
Drivers

Rising demand for benzoic acid from the food & beverages industry
Ongoing urbanization and shift in the consumer lifestyle, particularly in the Asia Pacific region
Increasing demand for processed food items & beverages
Opportunities

Replacement of phthalate plasticizers with non-phthalate plasticizers in the European and North American regions
Challenges

Limited use of benzoic acid as a food preservative in developed economies
Fluctuating prices of toluene
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The benzoates segment is estimated to account for the largest share of the benzoic acid market, by application for the forecast period.

Based on application, the benzoates segment which includes sodium benzoate and potassium benzoate is estimated to account for the largest share of the benzoic acid market in 2018. The growth of this segment of the market can be attributed to increased use of benzoates in processed food items in emerging economies.

Asia Pacific is expected to hold the largest share of the benzoic acid market during the forecast period.

China is the largest market for benzoic acid in the Asia Pacific region. The growth in power and chemical industries is projected to be the key driving factor for the benzoic acid in the Asia Pacific region. The growing consumption of frozen food items in China is also leading to the growth of the benzoic acid market in the country. Increased demand for phthalate-free plasticizers from the country is another factor driving the consumption of benzoic acid in China. China is the largest consumer of non-phthalate plasticizers in the Asia Pacific region