`The benzoic acid market is estimated at USD 1,009.9 Million in 2018 and is projected to reach USD 1,313.5 Million by 2023, at a CAGR of 5.4% from 2018 to 2023. Rising demand for benzoic acid from the food & beverages industry; the ongoing urbanization and changing consumer lifestyle, particularly in the Asia Pacific region; and the increasing demand for processed food & beverages are expected to drive the benzoic acid market.
Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Industry & Commerce Co. (China) are recognized as visionary leaders in the benzoic acid market. These companies are focused on investing in plant capacity expansions. They also have the potential to broaden their product portfolios and compete with other key market players.
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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.
The pharmaceutical segment is estimated to be the fastest-growing end-use industry segment of the benzoic acid market during the forecast period.
Based on end-use industry, the pharmaceutical segment is expected to grow at the highest rate, due to the growing demand from emerging economies of the Asia Pacific and South American regions. Benzoic acid is very effective in the prevention of bacterial infection. It is used as an antimicrobial preservative, an antifungal agent, and as a tablet & capsule lubricant.
Emerald Performance Materials is one of the leading providers of engineering services, globally. The company provides solutions for various industries such as food & beverages, building & construction, chemical, and pharmaceutical. The company markets its benzoic acid products around the world under the brand, Purox. The company offers its products through 3 product segments, namely, benzoates & intermediates, aroma chemicals/flavor & fragrance, and K-FLEX (non-phthalate, low-VOC plasticizers, and coalescent).
Wuhan Youji Industries Co. is among the leading companies in the antisepsis, preservatives, and anti-oxidation agents for the food & beverages industry. The company serves various sectors such as tanning, dyeing, defense, pharmacy, food preservation, and oil & gas exploration. Various grades offered by the company in benzoic acid are industrial, tech, mechanical, and pharma. The company is a leading food additives manufacturer in China.
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