Global Benzoic Acid Market Report 2022: Industry Projected to Reach $1.49 Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Benzoic Acid Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Application" report has been added to ResearchAndMarkets.com's offering.

The benzoic acid market size was valued at US$ 1,028.07 million in 2021 and is projected to reach US$ 1,496.54 million by 2028. It is expected to grow at a CAGR of 5.5% from 2021 to 2028.

The strong growth in the food & beverages industry and the growing demand for preservatives to improve the shelf life of the different food products contribute to the strong demand for benzoic acid and is driving the benzoic acid market growth.

Further, Plasticizers are non-volatile organic chemicals incorporated into a plastic or elastomer to improve polymers' flexibility, extensibility, and processability. Phthalate plasticizers have been the most commonly used plasticizers. However, due to concerns about potential negative effects on human health in the past decade, various regulations have been enacted in the European Union (EU) and the US limiting some ortho-phthalate plasticizers. In June 2017, European Union further restricted the use of four phthalates.

The Socio-Economic Analysis Committee of the European Chemicals Agency voted to restrict most uses of the chemicals under the EU's Registration, Evaluation, Authorisation & Restriction of Chemicals (REACH) law. As phthalates are considered harmful to health and the environment, processors of plasticizers are increasingly looking for phthalate-free alternatives. As a result, different non-phthalate plasticizers such as benzoates have been rising in recent years.

Benzoates are high solvating plasticizers for polyvinyl chloride (PVC) and are available as either monobenzoates (benzoates) or dibenzoates. Benzoic acid is used in the production of benzoate and dibenzoate plasticizers. Benzoates plasticizers are highly used in flooring, wall coverings, adhesive and sealants, inks and waxes, and films and sheet products. There is an increasing demand for phthalate-free plasticizers, which creates strong demand for benzoate plasticizers, thereby creating demand for benzoic acid. Hence, replacing phthalate plasticizers with non-phthalate plasticizers is boosting the benzoic acid market growth.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Benzoic Acid Market Landscape

4.1 Market Overview

4.2 Porter's Five Forces Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. Benzoic Acid Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Demand for Benzoic Acid from Food & Beverages Industry

5.1.2 Increasing Use of Benzoic Acid as an Intermediate in the Synthesis of Different Products

5.2 Market Restraints

5.2.1 Rising Volatility in Raw Material Prices

5.3 Market Opportunities

5.3.1 Increasing Growth of Cosmetic Industry

5.4 Future Trends

5.4.1 Replacement of Phthalate Plasticizers with Non-Phthalate Plasticizers

5.1 Impact Analysis of Drivers and Restraints

6. Benzoic Acid - Global Market Analysis

6.1 Benzoic Acid Market Overview

6.2 Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

6.3 Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

6.4 Market Positioning - Benzoic Acid Market Players

7. Benzoic Acid Market Analysis - By Application

7.1 Overview

7.2 Benzoic Acid Market, By Application (2020 and 2028)

7.3 Food Preservatives

7.3.1 Overview

7.3.2 Food Preservatives: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.3.3 Food Preservatives: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

7.4 Corrosive Inhibitors

7.4.1 Overview

7.4.2 Corrosive Inhibitors: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.4.3 Corrosive Inhibitors: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

7.5 Alkyd Resins

7.5.1 Overview

7.5.2 Alkyd Resins: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.5.3 Alkyd Resins: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

7.6 Synthesis Intermediates

7.6.1 Overview

7.6.2 Synthesis Intermediates: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.6.3 Synthesis Intermediates: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

7.7 Plasticizers

7.7.1 Overview

7.7.2 Plasticizers: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.7.3 Plasticizers: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

7.8 Feed Additives

7.8.1 Overview

7.8.2 Feed Additives: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.8.3 Feed Additives: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

7.9 Others

7.9.1 Overview

7.9.2 Others: Benzoic Acid Market - Revenue and Forecast to 2028 (US$ Thousand)

7.9.3 Others: Benzoic Acid Market - Volume and Forecast to 2028 (Tons)

8. Benzoic Acid Market - Geographic Analysis

9. Impact of COVID-19 Pandemic on Benzoic Acid Market

10. Industry Landscape

Companies Mentioned

• Eastman Chemical Company
• Foodchem International Corporation
• A.M Food Chemical Co. Limited
• OASIS FINE CHEM
• Spectrum Chemical
• LANXESS
• Merck KGaA
• Tianjin Dongda Chemical Group Co. Ltd
• I G Petrochemicals Ltd. (IGPL)
• Sinteza

For more information about this report visit https://www.researchandmarkets.com/r/iwfgas