Benzoic Acid Market Size, Share & Trends Analysis Report By Application (Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, Others), By End-Use, By Region, And Segment Forecasts, 2023 To 2030

Benzoic acid is colorless and crystalline organic chemical that belongs to the family of carboxylic acids. In laboratories, benzoic acid is manufactured by the oxidation of toluene at high temperatures using salts of cobalt and manganese as catalysts. It is soluble in alcohols, acetone, carbon tetrachloride, benzene, and water. It possesses anti-fungal and antibacterial properties. Some natural sources of benzoic acid include cinnamon, cloves, stone fruits, berries, mushrooms, radishes, onion, garlic, cashews, almonds, milk, and cheese. It is employed in various industries such as chemicals, pharmaceuticals, cosmetics, meat, and dairy products, among others.

Benzoic acid is used as a preservative in packaged, ready-to-eat, and canned food items such as jams, fruit juices, pickles, aerated drinks, sparkling drinks, and others. The growing demand for such food items among consumers globally is expected to propel the benzoic acid market. It does not alter the taste and aroma of the food to which it is added for preservation purposes. Moreover, benzoic acid is easily available and affordable, which makes it a popular choice over other alternatives among the end-users. This has led to an increase in the usage of benzoic acid in several end-use industries.

Benzoic acid is used in the manufacturing of antifungal ointments, which are applied to the skin to cure skin irritation, fungal infections, ringworms, insect bites, and anti-aging burns. According to National Center for Biotechnology Information (NCBI), around 1.7 million people die from serious fungal infections each year, which account for over 150 million cases worldwide. Hence, an increase in demand for antifungal ointment due to an increase in fungal infection cases, is giving rise to the demand for benzoic acid. Furthermore, the surge in demand for benzoic acid in the manufacturing of artificial flavors and fragrances is anticipated to escalate the growth of the benzoic acid market.

The COVID-19 pandemic had a negative impact on numerous industries, as the supply chain and distribution were disturbed in a severe way, which led to various technical and financial problems. Likewise, the benzoic acid market also faced severe challenges, owing to its wide applications in various end-use industries. The lockdown forced processed food and beverage manufacturers to suspend manufacturing activities due to reduced labor supply, irrespective of consumer demand. However, during the crisis, the usage of benzoic acid escalated in the pharmaceutical industry, as it plays an important role in curing anti-fungal diseases.

Based on application, the benzoic acid market is segmented into benzoyl chloride, sodium benzoate, potassium benzoate, benzoate plasticizers, benzyl benzoate, alkyd resin, feed additives, and others. The extensive usage of benzoyl chloride in the preparation of resins, dyes, drugs, plasticizers, lubricants, and insect repellants is expected to drive the market over the forecast period.

Major players operating in the benzoic acid market are undertaking different strategies such as product launches, mergers, joint ventures, acquisitions, and geographical expansion. For instance, in February 2021, a German-based specialty chemicals company, LANXESS acquired Emerald Kalama, a U.S.-based specialty chemicals company. This strategy has aided LANXESS to strengthen its position in preservatives industry.

Benzoic Acid Market Segmentation

• By Application

  • Sodium Benzoate

  • Potassium Benzoate

  • Benzyl Benzoate

  • Benzoate Plasticizers

  • Alkyd Resin

  • Benzoyl Chloride

  • Feed Additives

  • Others

• By End-Use

  • Chemical

  • Food & Beverage

    • Bakery and Confectionery

    • Meat Products

    • Beverage

    • Sauces / Dips / Salad Dressings

    • Dairy Products

    • Others

  • Pharmaceuticals

  • Cosmetics and Personal Care

  • Others

• By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

• Key Players

  • Merck KGaA

  • THE CHEMICAL COMPANY

  • Chemcrux Enterprises Ltd

  • I G Petrochemicals Ltd.

  • LANXESS

  • Hemadri Chemicals

  • Ganesh Benzoplast Limited

  • Eastman Chemical Company

  • Thermo Fisher Scientific Inc.

  • GFS Chemicals Inc.

  • Spectrum Chemical