Benzoic acid (C6H5COOH) is a simple aromatic carboxylic acid, which is soluble in water. It is colorless crystalline solid in nature. The most common industrial method to manufacture benzoic acid is the partial oxidation of toluene with oxygen. Benzoic acid is used for manufacturing various chemical intermediates such as benzoates, benzoyl chloride, benzoate plasticizers, and alkyd resins. End users of benzoic acids are chemical, food & beverages, and pharmaceutical, among others. The benzoic acids market is estimated at USD 1,009.9 million in 2018 and is projected to reach USD 1,313.5 million by 2023, at a CAGR of 5.4% from 2018 to 2023. Rising demand for benzoic acid from the food & beverages industry; the ongoing urbanization and changing consumer lifestyle, particularly in the Asia Pacific region; and the increasing demand for processed food & beverages are expected to drive the benzoic acid market.
Based on application, the benzoate plasticizers application segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment of the market can be attributed to the increased use of benzoate plasticizers in flooring & wall coverings, wires & cables, films & sheets, consumer goods, and coated fabrics, among others. Benzoate plasticizers are non-phthalate plasticizers and as such, are increasingly being used to replace phthalate plasticizers.
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By end-use industry, the pharmaceutical segment is estimated to be the fastest-growing application segment of the benzoic acid market. The growth of this segment can be attributed to the increasing use of benzoic acid in medicines, which are used to treat fungal skin diseases.
By region, the South America benzoic acids market is projected to grow at the highest CAGR during the forecast period. The South American countries have huge growth prospects for the benzoic acid market because of the growing applications of benzoic acid in various end-use industries such as chemicals & petrochemicals and plastics.
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