Benzoic Acid Market By Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), And Region - Global Forecast (2018-2023)

Benzoic Acid Market By Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), And Region - Global Forecast (2018-2023)

ID: 8433 | Pages: 175 | March 2019 | Region: Global


Market Overview

 

The Benzoic Acid market is a growing market with an average CAGR of 5.5% during the forecast period. As of 2018, Benzoic Acid market industry is valued at 1010 million USD, and it is estimated to reach 1320 million USD by the year 2023. Asia Pacific (APAC) region had the largest market share of the Benzoic Acid market in 2018, and its stock is projected to grow during the forecast period.

 

Recent Development

 

Market Drivers and Restraints:

 

Drivers:

 

  1. Rising demand for benzoic acid from the food and beverage industry is a significant driver of the market. Benzoic acid is used as a preservative in many packed food items such as pickle, aerated drinks, juices, etc.

 

  1. Rapid urbanization in the APAC region and changing consumer behavior is a stable driver for the benzoic acid market.

 

  1. Significant growth in the demand for frozen food and beverages worldwide is a vital driving force for the market.

 

Restraints

 

  1. Government regulations to limit the use of benzoic acid in packaged food and beverage acts as a market restraint

 

  1. The increasing health awareness among people about the health risk of preservative (which uses benzoic acid) has caused many people to limit the intake of preservative food

 

  1. Fluctuating price of toluene, which is a raw material for the production of benzoic acid, is a constraint in the market growth of benzoic acid.

 

Benzoic Acid Market Segmentation Analysis:

 

By Application:

 

Based on the application, the Benzoic Acid market is divided into:

 

  1. Benzoates
  2. Benzoate Plasticizers
  3. Alkyd Resins
  4. Benzoyl Chloride
  5. Animal Feed Additive

 

Based on the application, the benzoate plasticizers segment has the highest market share, and its stock is expected to grow at the highest CAGR during the forecast period. This is mainly due to the growing demand for non-phthalate plasticizers, which include benzoate plasticizers in various applications such as flooring & wall coverings, wires & cables, and consumers goods.

 

By End-Use industry:

 

Based on the end-use industry, the Benzoic Acid market is divided into:

 

  1. Food & Beverages
  2. Chemical
  3. Pharmaceutical

 

Based on the end-use industry, food & beverages segment had the highest market share in 2018, and the stock is expected to grow further in the forecast period. Rapid urbanization in the APAC region has led to an increase in demand for packaged food and beverages. Benzoic acid, which is majorly consumed as sodium benzoate and potassium benzoate, is directly used as a food preservative in the food & beverages industry, thus making Food & Beverages the leading segment by end-use industry.

 

Benzoic Acid Market Geographical Analysis

 

The Asia Pacific region is the largest and fastest growing market for Benzoic Acid across the globe which is majorly driven by the growing demand from end-use industries, such as food & beverages and Pharmaceutical. The ever-increasing disposable income and growing population of the APAC is the primary driving force behind this market surge. As of 2018, APAC region accounted for around 55% of the market share and is the fastest growing.

The second largest market for Benzoic Acid in Europe but its market share is expected to decrease in the forecast period. South America has the second largest CAGR.

 

Benzoic Acid Market Key Players

 

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, are critical players in the market.

 

Benzoic Acid Market Report Key Highlights

 

  • This report gives a full analysis of the Benzoic Acid Market and how it is evolving during the forecast period (2018-2023)

 

  • In this report, the Benzoic Acid Market has been segmented by application, end-use industry, and the region which would give a better understanding of where exactly the market is headed and what is driving its growth.

 

  • The report addresses in detail the key market challenges, drivers and restraints and how prevalent they are in a particular geographical area and time.

 

  • Full Porter’s Five Forces Analysis has been done for the user to get a better idea of the market and the opportunity that exists during the forecast period in the market.

 

  • The critical insights given in this report will help the reader in making better investment decisions through a better understanding of the market.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                           

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Research Phases                      

                                2.2.1 Secondary Research            

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling     

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                             

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 Application                 

                                5.1.1 Introduction           

                                5.1.2 Benzoates

                                5.1.3 Benzoate Plasticizers          

                                5.1.4 Alkyd Resins           

                                5.1.5 Benzoyl Chloride  

                                5.1.6  Animal Feed Addictive      

                                5.1.7  Y-o-Y Growth Analysis, By Application        

                                5.1.8  Market Attractiveness Analysis, By Allipcation        

                                5.1.9  Market Share Analysis, By Application        

                5.2 End-Use Industry                     

                                5.2.1 Introduction           

                                5.2.2 Food & Beverages

                                5.2.3 Chemical  

                                5.2.4 Pharmaceuticals   

                                5.2.5 Y-o-Y Growth Analysis, By End-Use Industry             

                                5.2.6 Market Attractiveness Analysis, By End-Use Industry           

                                5.2.7 Market Share Analysis, By End-Use Industry            

6. Geographical Analysis                                              

                6.1 Introduction                              

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Application

                                                6.1.3.3 By End-Use Industry

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Application

                                                6.1.4.3 By End-Use Industry

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Application

                                                6.1.5.3 By End-Use Industry

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy           

                                6.2.6 France      

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan        

                                6.3.5 Australia  

                                6.3.6 South Korea           

                6.5 Latin America                            

                                6.4.1 Introduction           

                                6.4.2 Brazil         

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America         

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa        

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leaders' Analysis                                        

                8.1 Athersys                      

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Emerald Performance Materials (US)                              

                8.3 Wuhan Youji Industries Co. (China)                  

                8.4 Tianjin Dongda Chemical Group (China)                         

                8.5 Liao Ning Huayi Chemical Industry & Commerce Co. (China)                 

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, collaborations and Joint Ventures                          

                9.4 New Product Launches                          

10. Market Outlook and Investment Opportunities                                          

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of By Diagnostic Wearable Devices, and Therapeutic Wearable Devices along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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  1. Global Benzoic Acid Market Market By Region, From 2018-2023 ( USD Million )
  2. Global Benzoic Acid Market Market By Application, From 2018-2023 ( USD Million )
  3. Global Benzoates Market By Region, From 2018-2023 ( USD Million )
  4. Global Benzoates Plasticizers Market By Region, From 2018-2023 ( USD Million )
  5. Global Alkyd Resins Market By Region, From 2018-2023 ( USD Million )
  6. Global Benzoyl Chloride Market By Region, From 2018-2023 ( USD Million )
  7. Global Animal Feed Addictive Market By Region, From 2018-2023 ( USD Million )
  8. Global Benzoic Acid Market Market By End-use industry, From 2018-2023 ( USD Million )
  9. Global Food & Beverages Market By Region, From 2018-2023 ( USD Million )
  10. Global Chemical Market By Region, From 2018-2023 ( USD Million )
  11. Global Pharamaceutical Market By Region, From 2018-2023 ( USD Million )
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