Benzoic Acid Market Share, Size and Growth Analysis By 2029

The benzoic acid market was valued at approximately US$ 1,028.07 million in 2021 and is anticipated to grow to US$ 1,496.54 million by 2028. This growth represents a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028.

Benzoic acid serves as a widely utilized antimicrobial preservative, particularly in beverages, with a notable presence in carbonated drinks. Additionally, sodium benzoate, a derivative of benzoic acid, is frequently employed as a preservative in soft drinks. The increasing consumer inclination towards convenience foods and ready-to-drink beverages, especially in regions like Europe and North America, is significantly propelling the demand for benzoic acid. The robust expansion of the food and beverage sector, coupled with the rising need for preservatives to enhance the shelf life of various food items, is a major factor contributing to the heightened demand for benzoic acid. Consequently, the escalating requirement for benzoic acid within the food and beverage industry is a primary driver of market growth.

Moreover, plasticizers, which are non-volatile organic compounds added to plastics or elastomers, enhance the flexibility, extensibility, and processability of polymers. Traditionally, phthalate plasticizers have dominated this market. However, growing health concerns over the past decade have led to the implementation of various regulations in the European Union (EU) and the United States that restrict the use of certain ortho-phthalate plasticizers. In June 2017, the EU imposed further limitations on four specific phthalates. The Socio-Economic Analysis Committee of the European Chemicals Agency voted to restrict most applications of these chemicals under the EU's Registration, Evaluation, Authorisation & Restriction of Chemicals (REACH) legislation. Given the health and environmental risks associated with phthalates, manufacturers of plasticizers are increasingly seeking phthalate-free alternatives. This shift has led to a rise in the use of non-phthalate plasticizers, such as benzoates, which are effective high solvating plasticizers for polyvinyl chloride (PVC). Benzoates can be categorized into monobenzoates and dibenzoates, with benzoic acid being a key ingredient in their production. These benzoate plasticizers find extensive applications in flooring, wall coverings, adhesives, sealants, inks, waxes, and various film and sheet products. The growing demand for phthalate-free plasticizers is thus driving the need for benzoate plasticizers, which in turn boosts the demand for benzoic acid.

In the Asia Pacific region, the utilization of benzoic acid as a food preservative, as well as in chemical intermediates and plasticizers, has been instrumental in fostering market growth. However, the COVID-19 pandemic inflicted substantial economic damage across various countries in this region. To mitigate the spread of the virus, governments implemented nationwide lockdowns, which adversely impacted industrial progress. Consequently, the benzoic acid market experienced sluggish growth due to diminished demand across several industrial applications. Nevertheless, as industries began to resume operations in 2021, a rebound in demand for benzoic acid is expected in the coming years.

Key players in the benzoic acid market include MERCK KGAA, LANXESS, SINTEZA, CHEMCRUX ENTERPRISES LTD, I G PETROCHEMICALS LTD, LIAONING HUAYI CHEMICAL INDUSTRY AND COMMERCE CO., LTD., TIANJIN DONGDA CHEMICAL GROUP CO., LTD, EASTMAN CHEMICAL COMPANY, FUSHIMI PHARMACEUTICAL CO., LTD., and THE CHEMICAL COMPANY.

The overall size of the global benzoic acid market share has been determined through a combination of primary and secondary research methodologies. Extensive secondary research was conducted utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were held with industry participants to validate the findings and obtain analytical insights. These participants included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in this sector.