USD 198.54 million growth in Benzoic Acid Market | 6.0% YOY Growth to be Recorded in 2022 | 17,000 + Technavio Reports – QNT Press Release

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NEW YORK, April 8, 2022 /PRNewswire/ — The benzoic acid market potential growth difference will grow by USD 198.54 million from 2021 to 2026, as per the latest market analysis report by Technavio. The report also identifies the market to witness an accelerating growth momentum at a CAGR of 6.38% during the forecast period. The high demand for benzoic acid from the food and beverage industry is notably driving the benzoic acid market growth, although factors such as health hazards and environmental effects of benzoic acid may impede the market growth. The benzoic acid market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market.

For more information on CAGR and YOY growth rate analysis. Read a Free Sample Report!

Key Segment Highlights

The benzoic acid market is segmented by application (Benzoates, Benzoate plasticizers, Alkyd resins, and Others) and geography (APAC, North America, Europe, South America, Middle East and Africa).

• The benzoates application segment held the largest benzoic acid market share in 2021. The segment will continue to account for the largest share throughout the forecast period due to the wide application of sodium and potassium benzoates. It is also used in deodorants, aftershave lotions, and sunscreens to reduce skin irritations and inflammations.
• 60% of the market’s growth will originate from APAC during the forecast period. China, Indiaand Japan are the key markets for the benzoic acid market in APAC. The rising demand for packaged and processed foods and drinks will fuel the benzoic acid market growth in APAC over the forecast period.

View Report Outlook for more insights on each contributing segment

Market Scope Highlights

Technavio categorizes the global benzoic acid market as a part of the global chemicals market. Our report provides extensive information on the value chain analysis for the benzoic acid market, which vendors can leverage to gain a competitive advantage during the forecast period.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

The benzoic acid market covers the following areas:

Benzoic Acid Market Sizing
Benzoic Acid Market Forecast
Benzoic Acid Market Analysis

Market Landscape

The benzoic acid market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Companies Mentioned

• Aarti Industries Ltd.
• Chemcrux Enterprises Ltd.
• Eastman Chemical Co.
• FUSHIMI Pharmaceutical Co. Ltd.
• Ganesh Benzoplast Ltd.
• Hemadri Chemicals
• IG Petrochemicals Ltd.
• Merck and Co. Inc.
• MP Biomedicals LLC
• Navyug Pharmachem Pvt. Ltd.
• Pat Impex
• Premier Group Of Industries
• Shri Hari Chemicals
• Smart Chemicals Group Co. Ltd.
• Swastik Industries
• The Chemical Co.
• Tianjin Dongda Chemical Group Co. Ltd
• Velsicol Chemical LLC
• GFS Chemicals Inc.
• Thermo Fisher Scientific Inc.

Speak to our Analysts for tailor made reports on each vendor and their marketing strategies

Related Reports:
Glycolic Acid Market by Application and Geography – Forecast and Analysis 2021-2025

Hypochlorous Acid Market by Product, Application, and Geography – Forecast and Analysis 2021-2025

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