888-776-0942 from 8 AM - 10 PM ET
Benzoic Acid Market Size - USD 998.3 Billion in 2018, Market Growth - CAGR of 5.4%, Benzoic Acid Industry Trends - Product launches and research for advanced Benzoic acid
Extensive use of benzoic acid in APAC, growing demand for preservatives to improve the shelf life of the products, coupled with the growth in the food & beverage industry, are key factors contributing to the high CAGR of Benzoic acid Market during the forecast period
NEW YORK , Oct. 28, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, the global Benzoic acid market was valued at USD 998.3 Million in 2018 and is expected to reach USD 1,513.1 Million by the year 2026, at a CAGR of 5.4%.
Benzoic acid is a pure aromatic carboxylic acid that is produced commercially through partial oxidation of toluene with oxygen. It is mostly f in many plants. The benzoic acid is widely used as an intermediate product in the manufacturing of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Food and beverages, Pharmaceutical and Chemical industries use benzoic acid in their applications.
The consumption of benzoic acid remains relatively higher in Asia pacific region with the highest CAGR. Rising demand for sodium and potassium benzoate also drives the market. Per capita, plastic consumption is high in India and China , which increases the use of plasticizers, thus boosting the benzoic acid market. In the food & beverage industry, the use of benzoic acid is in the production of preservatives to keep food fresh for a long time, thus driving the market growth. Increasing demand for frozen food items & drinks across the globe drives the growth.
The restraints which hinder the growth of the benzoic acid market are regulations that limit the use of benzoic acid in packaged food items & beverages, and excess consumption of benzoic acid can harm to lungs and digestive tract. The benzoic acid market is fragmented, which comprises a vast number of pharmaceutical companies as well as emerging firms. Besides, the upcoming players have an excellent opportunity to penetrate the benzoic acid market, owing to the availability of research funding, and favorable regulatory scenario for external medicines.
Request free sample copy of this research report: https://www.reportsanddata.com/sample-enquiry-form/2126
Sodium benzoate is a significant part and has the largest share of 42.8% of the benzoic acid market. Sodium benzoate is widely utilized as in acidic foods such as salad dressings (i.e., acetic acid in vinegar), carbonated drinks (carbonic acid).
The benzoic acid market is organized, and key players of this market are planning on the acquisition of small players in their long-term business strategies. However, small kay players are planning to invest in R & D to introduced innovative applications for benzoic acid.
Further key findings from the report suggest
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/benzoic-acid-market
Segments covered in the report:
For this report, Reports and Data have segmented the Benzoic acid market based on applications, end-use, and region:
Application (Revenue in USD Million; Volume in Tons, 2016–2026)
End Use (Revenue in USD Million; Volume in Tons, 2016–2026)
Order Now: https://www.reportsanddata.com/checkout-form/2126
Regional Outlook (Revenue in USD Million; Volume in Tons, 2016–2026)
Browse more similar reports on Materials and Chemicals category by Reports And Data
Splice Tape Market - https://www.reportsanddata.com/report-detail/splice-tape-market
Sizing Agents Market - https://www.reportsanddata.com/report-detail/sizing-agents-market
Magnesium Alloys Market - https://www.reportsanddata.com/report-detail/magnesium-alloys-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us: John W Head of Business Development Reports And Data | Web: www.reportsanddata.com Direct Line: +1-212-710-1370 E-mail: [email protected]
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET