Global Benzoic Acid Market Demand & Forecast Analysis, 2016-2032

Executive Summary : - 

Benzoic acid is a colourless, crystalline solid classified as an aromatic carboxylic acid. It is produced by partial oxidation of toluene, which is catalyzed by cobalt or manganese naphthenates. Benzoic acid is a precursor for the production of sodium & potassium benzoates, benzoate plasticizers and it can also be used as an intermediate in chemical manufacturing processes. Sodium & potassium benzoates production holds the major share of benzoic acid market accounting for about half of total benzoic acid consumption. Sodium & potassium benzoates are further used in as preservatives in food, beverages, cosmetics and personal care, while benzoate plasticizers are used in production of PVA-based adhesives & sealants.

Asia-Pacific accounts for the major market of benzoic acid owing to improving living standards, concern for food safety and increasing disposable income in countries like China, India and Southeast Asia. China is major producer and consumer of benzoic acid due to rapid urbanization and growing population. Western Europe and North America holds second and third position respectively in terms of consumption of benzoic acid. Benzoate plasticizers have experienced substantial growth in Western Europe and North America due to its environment friendly nature. Overall market of benzoic acid is expected to grow at a CAGR of more than 4% in mid-term to long-term forecast.