Benzoic Acid Revenue through Benzoates Application to Register a CAGR of 5.5% till 2032, Mentions Fact.MR

December 16, 2022

Rockville, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The Benzoic Acid Market revenues were estimated at US$ 1 Bn in 2021 and is anticipated to grow at a CAGR of 4.7% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 1.6 Billion. The key application for end use of Benzoic Acid includes Benzoates where the rise is seen due to the rise in usage of phthalate-free plasticizers, rise seen in preservative market in food and beverage industries. Furthermore, the rise in the usage of benzoic acid for increased food security, longer food shelf lives, improving standards of living, particularly in developing nations, and ongoing urbanization are increasing the usage of benzoates for benzoic acid market.Download Sample Copy of This Report: Key Takeaways from the Study • Benzoic Acid Market was valued at US$ 1 Bn in 2021. According to Fact.MR, Benzoic Acid Market revenue would increase 1.6X between 2022 and 2032, reaching roughly US$ 1.6 Bn in 2032. • In terms of Application, the market through Benzoates is projected to account for a projected CAGR of 5.5%. • In terms of end-use industry, benzoic acid revenue through Food & Beverages industry accounted for the highest CAGR of 4% during 2017 – 2021. • The U.S. is the dominant country in Benzoic Acid Market with an absolute dollar growth opportunity of over US$ 163.4 Mn. Behind U.S., the market in China is expected to register an absolute dollar growth of US$ 96.9 Mn. Which Variables are Driving Benzoic Acid Interest? The expanded interest for benzoic corrosive in the creation of fragrant synthetic substances as a sanitizer, and phenols for mouthwashes and home cleaning agents, have been impelling the market. Also, attributable to the huge interest from various businesses for benzyl chloride, benzyl peroxide, and phenol, benzoic corrosive interest is furthermore expanding. To fulfill this rising need, the rising utilization of benzoic corrosive as a middle in the creation of various things has been filling the interest. Food things that are handled, bundled and efficiently manufactured to fulfill day to day dietary requirements are particularly well known among individuals intrigued by way of life decisions including fasting. The overwhelming act of skipping dinners in European nations has brought about more prominent customer interest for handled and bundled food varieties and drinks. Get Customization on this Report for Specific Research Solutions: Competitive Landscape Some of the key players operating in the benzoic acid market include Aarsha Chemicals, Navyug Pharmachem, Reliance Industries, IG Petrochemicals, Krishna Chemicals, Emerald Performance Materials, Wuhan Youji Industries Co, Tianjin Dongda Chemical Group, Liao Ning Huayi Chemical Industry & Commerce Co., and Merck KGaA. Some of the recent developments in the Benzoic Acid Market are: In February 2021, German specialty chemicals behemoth Lanxess acquired American chemical manufacturer Emerald Kalama which is a prominent benzoic acid producer globally.In July 2021, Adven announced that it will collaborate with Eastman, which makes plasticizers, sodium benzoate, and benzoic acid at a facility in Estonia. Eastman will significantly enhance production and export its goods to Europe, North America, and Asia owing to this ground-breaking energy initiative in Estonia.In August 2021, a natural preservative made by fermentation of p-coumaric acid was introduced by the American biotechnology company Conagen (PCA). This broadens the selection of organic preservatives that Blue California's business partner provides. Key Companies Covered Aarsha ChemicalsNavyug PharmachemReliance IndustriesIG PetrochemicalsKrishna ChemicalsEmerald Performance MaterialsWuhan Youji Industries CoTianjin Dongda Chemical GroupLiao Ning Huayi Chemical Industry & Commerce Co.Merck KGaA Get Full Access of Complete Report: Benzoic Acid Industry Segmentation By Application :BenzoatesBenzoates PlasticizersBenzoyl ChlorideAlkyd ResinsAnimal Feed Additives By End-Use Industry :Food & BeveragesChemicalsPharmaceuticalsOther End-Use Industries By Region :North AmericaLatin AmericaEuropeAPACMEA More Insights Available Fact.MR, in its new offering, presents an unbiased analysis of the Benzoic Acid Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals extensive growth in Benzoic Acid Market in terms of Application (Benzoates, Benzoates Plasticizers, Benzoyl Chloride, Alkyd Resins and Animal Feed Additives), by End-Use Industry (Food & Beverages, Chemicals, Pharmaceuticals and Other End-Use Industries), and in terms of Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa). Check out more related studies published by Fact.MR Research: Fumaric Acid Market - The fumaric acid market valuation is anticipated to grow at a CAGR of 6.7% over the forecast period i.e., 2022 to 2032. Global fumaric acid sales valuation is set to reach US$ 645 Mn by 2032 end, which amounts to approx. 1.2% of the overall food additive sales as per the latest study by Fact.MR - a market research and competitive intelligence provider. Bio-Based Acetic Acid Market - Recently released bio-based acetic acid market analysis by Fact.MR, a market research and competitive intelligence provider, showcases that the market reached US$ 44.1 Mn in 2020, and is expected to be valued over US$ 45.6 Mn by 2021-end. However, owing to gradual recovery and rising demand followed by increasing production, overall revenue is projected to grow 1.6X from 2021 to 2031. Thioacetic Acid Market - The growth of the food processing and pharmaceutical industries involving the augmentation of production will help increase the market for thioacetic acid. The development of new drugs and medicines with thioacetic acid base compounds as intermediates will also help the thioacetic acid market to grow. The increase in the demand for petrochemicals will lead to the growth of the polymer and rubber market, and thus, will increase the thioacetic acid market. Acid Anhydrides Market - The rapid industrialization and increasing construction activities are escalating the growth of the acid anhydrides market. The significant growth in end-use industries in emerging economies such as China and India is anticipated to propel the consumption of acid anhydrides. Latin America and Middle East & Africa showcase significant growth due to the rise in construction activities in respective regions. Isatoic Acid Anhydride Market - The global Isatoic Acid Anhydride market is segmented into seven regions including North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA. Among the above-mentioned regions, Asia is estimated to account for more than 30% of global Isatoic Acid Anhydride consumption with key producers having their Isatoic Acid Anhydride manufacturing facilities in the regions. About Fact.MRWe are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.Contact: US Sales Office11140 Rockville PikeSuite 400Rockville, MD 20852United StatesTel: +1 (628) 251-1583, +353-1-4434-232E: sales@factmr.comFollow Us: LinkedIn | Twitter | Blog

© 2024