Over the last few years, there has been immense growth in the chemical industry. Additionally, the diverse usability of such benzenecarboxylic acid derivatives, which have significantly contributed to the market further increases the overall growth for the market.
Global Benzenecarboxylic acid Market was valued at USD 948.60 million in 2021 and is expected to reach USD 1444.80 million by 2029, registering a CAGR of 5.40% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Recent Development
In August 2020, Emerald Kalama Chemical was acquired by LANXESS, a specialized chemicals firm. The company is based in the United States and is a world-leading maker of speciality chemicals. On February 14, 2021, LANXESS signed a purchase deal. All of the necessary regulatory approvals have been obtained. LANXESS used liquid funds to support the purchase price of USD 1.04 billion (EUR 870 million).
Global Benzenecarboxylic Acid Market Scope
The benzenecarboxylic acid market is segmented on the basis of product method, application and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Method
Grignard reagents
Friedel-Crafts reaction
Others
On the basis of product method, the benzenecarboxylic acid market has been segmented into grignard reagents, friedel-crafts reaction and others.
Application
Sodium Benzoate
Potassium Benzoate
Benzyl Benzoate
Benzoate Plasticizer
Alkyd Resin
Benzoyl Chloride
Feed Additive
Others
The benzenecarboxylic acid market has also been segmented on the basis of form into sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizer, alkyd resin, benzoyl chloride, feed additive and others.
End-Use
Food and Beverages
Chemical Industry
Pharmaceutical Industry
Others
On the basis of end-use, the benzenecarboxylic acid market is segmented into food and beverages, chemical industry, pharmaceutical industry and others.
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Benzenecarboxylic Acid Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers:
High Utilization of Benzenecarboxylic Acid
The rise in demand for benzenecarboxylic acid in the food and beverage industry, healthcare industry and other industries are the major factors likely to drive market growth during the forecast period. With growing health awareness, consumers gradually gravitate toward better food and beverage options. As a result, low-calorie, gluten-free, sugar-free, and organic food products, particularly packaged food, are gaining appeal among customers. It is also commonly used to preserve acidic foods and beverages, including as jams, fruit juices, and carbonated beverages. In the chemical industry, benzenecarboxylic acid is used to make a variety of phenols. It's widely used in cosmetics and personal care items like toothpaste and mouthwash as a preservative. Its use in a variety of ointments to treat fungal skin diseases like ringworm and athlete's foot has boosted global demand. Therefore, the market for benzenecarboxylic acid is expected to be aided by the increased demand across various end use industries globally.
The constant urbanization, increasing trend for plant-based and organic goods, and the user lifestyle change will further propelled the growth rate of the benzenecarboxylic acid market. Additionally, the consumer shift toward better lifestyles and packaging advances is projected to bolster the market's growth.
Opportunities
Increasing Food Processing Units and Other Advancements
Furthermore, the increasing number of food and beverage processing units in developing nations and substitution phthalate plasticizers with non-phthalate plasticizers further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the end-user industries are actively looking for innovation in benzoic acid will further expand the future growth of the benzenecarboxylic acid market.
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Competitive Landscape and Benzenecarboxylic Acid Market Share Analysis
The benzenecarboxylic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to benzenecarboxylic acid market.
Some of the major players operating in the benzenecarboxylic acid market are
LANXESS (U.S.)
Dongda (China)
LiaoNing Huayi Chemical Industry & Commerce Co. Ltd., (China)
Novaphene (India)
HUANGSHI TAIHUA INDUSTRY CO. LTD. (China)
Shri Hari Chemicals (India)
Sinteza (Romania)
Chemcrux Enterprises Ltd. (India)
FUSHIMI Pharmaceutical Co., Ltd. (Japan)
San Fu Chemical Co., Ltd. (Taiwan)
DOW (U.S.)
DuPont (U.S.)
Apollo Scientific Ltd (U.S.)
Clarion Drugs Ltd. (India)
Ganesh Benzoplast Limited (India)
Shanghai Danfan Network Science&Technology Co., Ltd. (China)
Benzenecarboxylic Acid Market Regional Analysis/Insights
The benzenecarboxylic acid market is analysed and market size insights and trends are provided by country, product method, application and end-use as referenced above.
The countries covered in the benzenecarboxylic acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the benzenecarboxylic acid market because of the extensive application in various end-user industries. Additionally, the per capita consumption of plastic is high in India and China, which in turn has increased the use of plasticizers resulting in market acceleration.
On the other hand, Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the rising demand for food preservatives in China and India within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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