The benzoic acid market is projected to grow from USD 1,009.9 million in 2018 to USD 1,313.5 million by 2023, at a CAGR of 5.4% from 2018 to 2023

LONDON, April 26, 2018 /PRNewswire/ -- The benzoic acid market is projected to grow at a CAGR of 5.4% from 2018 to 2023

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The benzoic acid market is projected to grow from USD 1,009.9 million in 2018 to USD 1,313.5 million by 2023, at a CAGR of 5.4% from 2018 to 2023. The growth of the non-phthalate plasticizers manufacturing industry is led by the flourishing building & construction industry globally with increasing use of non-phthalate plasticizers in flooring & wall coverings application. Benzoic acid and its benzoates are used as preservatives in various food products. The rising demand for packaged food items & beverages lead to the increased consumption of benzoic acid in the food & beverages industry.

The benzoate plasticizers segment is expected to be the fastest-growing application segment of the benzoic acid market during the forecast period.
Benzoic acid is used in several chemical industry applications, such as manufacturing benzoyl chloride, benzoate plasticizers, and alkyd resins, among others. The benzoate plasticizers application segment is expected to grow at the highest rate due to the growing demand for non-phthalate plasticizers in emerging economies such as Iran and Saudi Arabia.

Asia Pacific is expected to account for the largest share of the benzoic acid market during the forecast period.
China is the largest market for benzoic acid in the Asia Pacific region, in terms of value.Growing industrialization and changing lifestyle of masses in the region have led to the increased demand for processed and packaged food items & beverages.

This offers enormous growth opportunities for the manufacturers of benzoic acid as benzoic acid, and its derivatives are used as food preservatives in packaged food items & beverages.

Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 20 %, Tier 2 – 45%, Tier 3 – 35%
• By Designation: C level – 25%, Director level – 30%, Others – 45%
• By Region: Asia Pacific – 53%, North America – 25%, Europe – 17%, Middle East & Africa – 3%, South America – 2%

As a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, and opportunities. It also discusses competitive strategies adopted by market players, such as Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China).

Research Coverage:
The report defines, segments, and projects the benzoic acid market based on end-use industry, application, and region.It provides detailed information regarding the major factors influencing the growth of the market, such as drivers and opportunities.

It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments, such as partnerships, contracts, and joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities are undertaken by key players to achieve growth in the market.

Reasons to Buy the Report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the overall benzoic acid market and its subsegments.This report will help stakeholders better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies.

The report will also help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, and opportunities.

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