Benzoic acid market size was estimated at over 480 kilo tons in 2014 and is likely to exceed 620 kilo tons by 2023 with gains of over 3.2% from 2016 to 2023.
Food & beverages applications dominated benzoic acid consumption in the form of derivatives such as sodium benzoate and potassium benzoate and accounted for more than 45% for the total volume in 2014. This application is likely to grow at an estimated CAGR of over 2.8% up to 2023. Most of the commercial benzoic acid is also consumed in phenol production. Plasticizer applications in the form of benzoate plasticizers are likely to witness highest gains of over 9% up to 2023.
Asia Pacific was the dominant region and accounted for more than 60% of the total volume in 2014 and is likely to witness significant gains over the forecast period. Europe was the second largest region and accounted for over 20% of the total demand in 2014. North America, particularly, the U.S. benzoic acid market size accounted for over 10% of the total volume in 2014 and is likely to witness steady gains over the forecast period.
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Increasing demand of preservatives to improve shelf life of the products coupled with growth in food & beverages industry is likely to drive benzoic acid market price trend over the forecast period. Consumers are shifting preference towards adoption of convenience food and ready-to-drink (RTD) beverages owing to hectic lifestyle particularly in key regions such as Europe and North America. Packaged food & beverages are gaining popularity with increase in availability of different product ranges. This factor requires food & beverages to be safe for consumption after days or weeks of production.
It acts as preservative in food & beverages products such as fruit products, baked goods, cheese & frozen dairy owing to the property for inhibiting growth of bacteria, mol and yeast. This anti-fungal nature of benzoic acid also makes it ideal for applications in personal care & cosmetic industries such as powder, mouthwash, facial cleanser and lipstick. It is also an important ingredient for pharmaceutical applications such as ointments, lotions and creams.
Benzoic acid is one of the important feedstock used for phenol production. Phenol is majorly used as a chemical intermediate for manufacturing bisphenol-A, caprolactam, phenol-formaldehyde resins, aniline, 2, 6-xylenol and alkyl phenols. Global phenol demand in 2013 was more than 8.5 million tons out of which most of the product derived through cumene process using benzene and propylene as feedstock. This represents a huge opportunity for development of benzoic acid market share when utilized for phenol production.
Growing importance of phthalate free plasticizers is likely to support benzoic acid market growth. Benzoate plasticizer such as glycol, diethyeleneglycol and triethylene glycol ether is used to substitute phthalate plasticizers in numerous applications such as cables, hoses and films.
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Volatile raw materials price of toluene which is linked to crude oil prices is likely to affect industry profitability. Investment in product development for niche application is likely to provide growth opportunities for industry participants.
Asia Pacific has been the largest consumer over the past few years. Increase in per-capita disposable income levels coupled with shift towards dependency on processed foods and RTD beverages particularly in China and India is likely to drive regional demand. Asia Pacific is also likely to gains significant gains over the forecast period owing to increase in phenol production coupled with growth in end-use industries such as food & beverages, personal care and pharmaceuticals.
North America is likely to witness steady growth rate over the forecast period. Substitution of phthalate plasticizers by benzoate plasticizers owing to stringent government regulations is likely to favor growth in this region. Benzoate plasticizers are expected to witness an increase in demand in North America over the forecast period owing to the aforementioned reason.
The global benzoic acid market share is moderately consolidated and is characterized by prize and services provided. Key companies operating in this market include Novaphene, Huangshi Taihua Industry, Shri Hari Chemicals, Sinteza S.A., Chemcrux Enterprises Ltd and Emerald Kalama Chmeical. With low crude prices, the industry may see a surge in benzoic acid production capacity and exports.
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