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The global benzoic acid market size attained a value of approximately USD 1.21 billion in 2023. The market is further expected to grow at a CAGR of around 5.50% in the forecast period of 2024-2032, reaching a value of around USD 1.96 billion by 2032.
Benzoic acid is used as an inactive ingredient, antimicrobial preservative, antifungal agent, and as a lubricant for tablets and capsules. Hence, the thriving pharmaceutical sector, owing to the increasing burden of chronic infections and diseases, across the developing economic nations, is escalating the applications of benzoic acid. Meanwhile, use of cyclopentadithiophene-benzoic acid copolymers is also increasing, as a conductive binder in components of lithium-ion batteries. In this regard, the increasing demand for downstream lithium-ion battery products, such as toys, headphones, and power tools, among others, and growing affordability of middle-class population are the key trends contributing to market growth. Expansions of production capacities and research and development towards additional applications of benzoic acid are anticipated to drive the market growth in the coming years.
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The Asia Pacific region dominates the market for benzoic acid, owing to the widespread use of benzoic acid in numerous end-user industries. Due to a steady shift toward packaged goods and an increase in per-capita disposable income, benzoic acid intake has gradually increased in the past few years. China and India are the two largest contributors to the regional market for benzoic acid. Apart from the food and beverage industries, India and China have significant per capita plastic use, which has resulted in increased use of plasticisers, boosting the benzoic acid market.
Another factor propelling the market for benzoic acid in the Asia Pacific is the considerable increase in demand for sodium and potassium benzoate in the region. In Asian countries, such as India, the animal feed sector is maturing, which is driving up the demand for benzoic acid. The stringent regulations of governments in the region and increasing number of small-scale food and beverage outlets are also contributing to the market growth of benzoic acid.
Over the forecast period, North America is expected to witness steady growth rate in the market for benzoic acid. Due to strict regulations of governments in the region, the substitution of benzoate plasticisers for phthalate plasticisers is likely to favour growth in this field. The growing demand for phthalate plasticisers is also expected to fuel the growth of the regional market for benzoic acid in the coming years.
By end use, the food and beverages segment accounts for a major share of the overall market for benzoic acid. Ongoing urbanisation and changing lifestyles of the masses are factors leading to the increased demand for packaged food items. Benzoic acid, mostly in the form of sodium benzoate and potassium benzoate, is directly used as a food preservative in the food and beverages sector. Thus, an increase in packaged food sales is leading to the growth of the market for benzoic acid across the globe.
Benzoic acid is a carboxylic acid having various beneficial properties, including antibacterial and antifungal properties, which has led to its widespread use in a variety of applications. Commercially, it is made by partially oxidising toluene with oxygen. Prunes, plums, raspberries, and cranberries are examples of fruits that contain benzoic acid, which is primarily used in the chemical, food and beverage, and pharmaceutical industries.
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The benzoic acid market segmentation based on application is:
On the basis of end use, the market is categorised into:
The regional markets for the benzoic acid are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increasing demand for packaged food and beverages is driving the demand for benzoic acid globally. Food preservation is necessary in order to increase the shelf life of packaged food products, which is further invigorating the market growth of benzoic acid, owing to the increasing preference of consumers towards food products with high shelf life. In addition, the rapid transition from phthalate plasticisers to benzoate plasticisers for different applications is likely to drive the demand for the benzoic acid market in the forecast period.
Rising population, higher income, and changing psychographics are heightening the consumption of benzoic acid. Meanwhile, benzoic acid also finds application in animal feed, dye intermediates, and the medical sector which is further expanding the growth opportunities for the market. Benzoic acid is used to treat fungal skin infections like athlete's foot, tinea, and ringworm. These factors are expected to contribute to the global expansion of the market for benzoic acid.
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Additionally, benzoic acid is used in the manufacturing of cosmetics. Benzoic acid is found in toothpaste, deodorants, mouthwashes, and other products as an antimicrobial agent. In this regard, the escalating health consciousness among personal care product consumers is anticipated to heighten the sale of downstream benzoic acid products. Apart from these factors, the low price of benzoic acid low price and widespread availability are expected to boost the global market for benzoic acid in the coming years.
The report gives a detailed analysis of the following key players in the global benzoic acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Benzoic Acid Market Analysis
8.1 Key Industry Highlights
8.2 Global Benzoic Acid Historical Market (2018-2023)
8.3 Global Benzoic Acid Market Forecast (2024-2032)
8.4 Global Benzoic Acid Market by Application
8.4.1 Sodium Benzoate
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Benzyl Benzoate
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Alkyd Resin
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Benzoyl Chloride
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Potassium Benzoate
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Feed Additives
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Others
8.5 Global Benzoic Acid Market by End Use
8.5.1 Chemical
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Food and Beverage
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Pharmaceuticals
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Benzoic Acid Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Benzoic Acid Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Benzoic Acid Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Benzoic Acid Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Benzoic Acid Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Benzoic Acid Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code-291631)
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
17 Price Analysis
17.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Chemcrux Enterprises Ltd
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 FUSHIMI Pharmaceutical Co., Ltd.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 SINTEZA S.A.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Shri Hari Chemicals India
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 LANXESS AG
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 JQC(Huayin) Pharmaceutical Co.,Ltd.
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Eastman Chemical Company
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 I G Petrochemicals Ltd. (IGPL)
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Merck KGaA
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Ganesh Benzoplast Limited
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Tianjin Dongda Chemical Group Co. Ltd.
18.2.11.1 Company Overview
18.2.11.2 Product Portfolio
18.2.11.3 Demographic Reach and Achievements
18.2.11.4 Certifications
18.2.12 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Benzoic Acid Market: Key Industry Highlights, 2018 and 2032
2. Global Benzoic Acid Historical Market: Breakup by Application (USD Billion), 2018-2023
3. Global Benzoic Acid Market Forecast: Breakup by Application (USD Billion), 2024-2032
4. Global Benzoic Acid Historical Market: Breakup by End Use (USD Billion), 2018-2023
5. Global Benzoic Acid Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6. Global Benzoic Acid Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Benzoic Acid Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Major Importing Countries by Value
19. Major Exporting Countries by Value
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. North America Historical Price Trends and Forecast (2018-2028)
23. Europe Historical Price Trends and Forecast (2018-2028)
24. Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
25. Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
26. Middle East and Africa Historical Price Trend (2018-2023) and Forecast (2024-2032)
27. Global Benzoic Acid Market Structure.
In 2023, the global market for benzoic acid attained a value of approximately USD 1.21 billion.
The market is projected to grow at a CAGR of 5.50% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 1.96 billion by 2032.
The major drivers of the market include increasing demand for the replacement of phthalate plasticisers with benzoate plasticisers, rising population, changing psychographics, and rising demand for sodium and potassium benzoate.
The key benzoic acid market trends include increasing demand for packaged food and beverages, rising applications in the cosmetics and pharmaceuticals industries, and an increase in per-capita disposable income.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant applications of benzoic acid in the market are sodium benzoate, benzyl benzoate, alkyd resin, benzoyl chloride, potassium benzoate, and feed additives, among others.
The various end uses of benzoic acid in the market are chemical, food and beverage, and pharmaceuticals, among others.
The major players in the market, according to the report, are Chemcrux Enterprises Ltd, FUSHIMI Pharmaceutical Co., Ltd., SINTEZA S.A., Shri Hari Chemicals India, LANXESS AG, JQC(Huayin) Pharmaceutical Co., Ltd., Eastman Chemical Company, I G Petrochemicals Ltd. (IGPL), Merck KGaA, Ganesh Benzoplast Limited, and Tianjin Dongda Chemical Group Co. Ltd., among others.
The global benzoic acid market attained a value of USD 1.21 billion in 2023, driven by the increasing demand for packaged food and beverages. Aided by increasing applications in cosmetics and pharmaceuticals industries and an increase in per-capita disposable income, the market is expected to grow at a CAGR of 5.50% in the forecast period of 2024-2032. The market is projected to reach USD 1.96 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. The significant applications of benzoic acid in the market are sodium benzoate, benzyl benzoate, alkyd resin, benzoyl chloride, potassium benzoate, and feed additives, among others. The end uses of the market are chemical, food and beverage, and pharmaceuticals, among others. The major regional markets for benzoic acid are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market are Chemcrux Enterprises Ltd, FUSHIMI Pharmaceutical Co., Ltd., SINTEZA S.A., Shri Hari Chemicals India, LANXESS AG, JQC(Huayin) Pharmaceutical Co., Ltd., Eastman Chemical Company, I G Petrochemicals Ltd. (IGPL), Merck KGaA, Ganesh Benzoplast Limited, and Tianjin Dongda Chemical Group Co. Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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