Benzoic Acid Market
Benzoic Acid Market Analysis, By Application (Benzoates, Benzoates Plasticizers, Benzoyl Chloride, Alkyd Resins and Animal Feed Additives), By End-Use Industry (Food & Beverages, Chemicals, Pharmaceuticals, Other) & Region - Global Market Insights 2022 to 2032
Analysis of Benzoic Acid Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Benzoic Acid Market Growth Outlook (2022 to 2032)
The global sales of the benzoic acid market in 2021 were held at US$ 1 Billion. With a 4.7% CAGR during 2022 – 2032, the projected market is expected to reach a valuation of US$ 1.6 Billion by 2032.
Benzoic Acid Market for Benzoates application is expected to be the highest revenue-generating segment, with a projected CAGR of 5.5% during 2022 to 2032.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 1 Billion |
| Market Forecast Value in 2032 | US$ 1.6 Billion |
| Global Market CAGR (2022 to 2032) | 4.7% |
| U.S.Market CAGR (2022 to 2032) | 4.4% |
| Key Companies Covered | Aarsha Chemicals; Navyug Pharmachem; Reliance Industries; IG Petrochemicals; Krishna Chemicals; Emerald Performance Materials; Wuhan Youji Industries Co; Tianjin Dongda Chemical Group; Liao Ning Huayi Chemical Industry & Commerce Co.; Merck KGaA |
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Revenue of Benzoic Acid Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Global Benzoic Acid Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, the value of the Benzoic Acid Market increased at around 3.7% CAGR.
The key revenue drivers, which affect Benzoic Acid demand, are a surge in urbanization and consumer lifestyle changes, and rising demand for processed foods and beverages. Acidic foods and beverages like jams, pickles, fruit juices, effervescent beverages, and more are frequently preserved with benzoic acid.
With the sectors of chemicals, plasticizers, food, drink, and feed developing at a fast pace, the consumption of packaged and ready meals has significantly grown due to busier lifestyles, which has led to an increase in the preservative benzoic acid. Additionally, strict requirements in the plasticizers sector to adopt more environmentally friendly products will benefit regional trends in the benzoic acid market.
Furthermore, many compounds, including benzoyl chloride, benzoyl peroxide, and phenol, are produced using benzoic acid. It also finds its utility in the manufacturing of various compounds, including dyes, fragrances, and pesticides. Due to the rise in the market for the compounds the market for Benzoic Acid is expected to propel at a faster rate.
Which Factors are Propelling Benzoic Acid Demand?
The increased demand for benzoic acid in the production of aromatic chemicals as a disinfectant, and phenols for mouthwashes and home cleansers, have been propelling the market. Besides, owing to the enormous demand from numerous industries for benzyl chloride, benzyl peroxide, and phenol, benzoic acid demand is additionally increasing.
In order to meet this rising demand, the rising use of benzoic acid as an intermediate in the production of numerous items has been fueling the demand.
Food items that are processed, packaged and mass-produced to satisfy daily dietary needs are especially popular among people interested in lifestyle choices including fasting.
The predominant practice of skipping meals in European countries has given rise to greater consumer demand for processed and packaged foods and beverages. Beverage companies have been actively looking for new uses for benzoic acid, an antioxidant used in drinks as an agent for preservation.
The demand for benzoic acid is rising as a result of the increased use of benzoates for polyvinyl chloride (PVC). Mono-Benzoate and di-benzoate plasticizers are made using benzoic acid. Floor coverings, wall coverings, adhesives and sealants, inks and waxes, films, and board products frequently employ benzoate plasticizers.
There is a growing market for phthalate-free plasticizers, which drives the demand for benzoate plasticizers, which consequently drives the demand for benzoic acid. As a result, the market for benzoic acid is expanding due to the substitution of phthalate plasticizers with non-phthalate plasticizers.
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Which Factors are restraining the growth of the Benzoic Acid Market?
Benzoic acid contains antifungal and antibacterial qualities; however, using it excessively might be harmful to the health of users. According to the studies, eating meals containing benzoic acid on a regular basis can harm the lungs and digestive system.
Additionally, benzoic acid usage is restricted by legislation in several regions. The amount of benzoic acid that can be added to packaged foods and drinks is restricted by these laws.
There is an unpredictably rising cost of raw materials, particularly oil, in addition to toluene, which is utilized in the synthesis of benzoic acid. The fluctuating price of toluene will consequently have a detrimental impact on the market growth for benzoic acid as a whole.
Which Region is projected to offer the Largest Benzoic Acid Market Opportunity?
Asia Pacific is anticipated to be the highest revenue-generating region during the forecast period. This is due to a number of factors, including the growing use of food preservatives in various commodities, which is driving the regional benzoic acid market.
The demand for sodium-potassium benzoate has been steadily increasing in the region, which is another element pushing the market as a whole. The increase in demand for sodium benzoate, as a food additive, and the growing prices of benzoic acid in the domestic market are also increasing the market growth. There is high demand for products from the pharmaceutical, food, and beverage, as well as other downstream businesses.
The need for benzoic acid in the region is rising as the animal feed businesses are developing in several Asian nations, including India. A growing number of small-scale food and beverage businesses and strict government regulations are also making a substantial contribution towards fuelling market growth.
China is one of the largest markets for benzoic acid. In addition to the food and beverage sector, India and China have significant per capita plastic usage which has increased the usage of plasticizers and boosted the need for benzoic acid.
The rising demand for frozen and packaged food products in countries like India, Thailand, China, and numerous other growing APAC nations is a crucial growth-driving factor for the expansion of the Asia-Pacific market during the forecast period. India and China, produce a sizeable portion of the world's benzoic acid and export it to several countries.
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Country-wise Analysis
U.S. Benzoic Acid Market Analysis
The United States is expected to account for the highest market of US$ 464.9 Mn by the end of 2032. It is expected to account for an absolute dollar growth of US$ 163.4 Mn.
This is due to several factors such as an increase in the usage of Benzoic acid in various sectors like food and beverages, pharmaceutical, chemical, and other industries.
Various industry-leading companies present in the United States including Asiamerica Group, Inc, Thomas Scientific, Penta Manufacturing Company, Spectrum Chemicals & Laboratory Products, Richman Chemical Inc, and KIC Chemicals among others also support the country’s high-value utility for Benzoic Acid.
U.K. Benzoic Acid Market Analysis
Under Miscellaneous Food Additives Regulations 1995, benzoic acid is permitted in the U.K. added as either its sodium or potassium salt. The benzoic acid market in the U.K. is projected to reach a valuation of US$ 70.2 Mn by 2032. Growing at a CAGR of 4.9% during 2022 – 2032, the market is projected to witness an absolute dollar opportunity of US$ 26.8 Mn.
South Korea Benzoic Acid Market Analysis
South Korea produces more than 700 tons every year, wherein most of it is used as a stabilizer for the synthesis of dyes and pharmaceutical products. Besides, it is also used as raw material for the manufacturing of fungicides, disinfectants, and paints. The Market for benzoic acid in South Korea is expected to reach a valuation of US$ 32 Mn by 2032. Growing at a CAGR of 2.7%, the market in the country is expected to gross an absolute dollar opportunity of US$ 7.8 Mn, during 2022 – 2032.
Competitive Analysis
Some of the key players operating in the benzoic acid Industry include Aarsha Chemicals, Navyug Pharmachem, Reliance Industries, IG Petrochemicals, Krishna Chemicals, Emerald Performance Materials, Wuhan Youji Industries Co, Tianjin Dongda Chemical Group, Liao Ning Huayi Chemical Industry & Commerce Co., and Merck KGaA.
Some of the recent developments in the Benzoic Acid Industry are :
- In February 2021, German specialty chemicals behemoth Lanxess acquired American chemical manufacturer Emerald Kalama which is a prominent benzoic acid producer globally.
- In July 2021, Adven announced that it will collaborate with Eastman, which makes plasticizers, sodium benzoate, and benzoic acid at a facility in Estonia. Eastman will significantly enhance production and export its goods to Europe, North America, and Asia owing to this ground-breaking energy initiative in Estonia.
- In August 2021, a natural preservative made by fermentation of p-coumaric acid was introduced by the American biotechnology company Conagen (PCA). This broadens the selection of organic preservatives that Blue California's business partner provides.
Benzoic Acid Industry Segmentation
-
By Application :
- Benzoates
- Benzoates Plasticizers
- Benzoyl Chloride
- Alkyd Resins
- Animal Feed Additives
-
By End-Use Industry :
- Food & Beverages
- Chemicals
- Pharmaceuticals
- Other End-Use Industries
-
By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Background
- 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
- 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
- 5.1. Benzoates
- 5.2. Benzoates Plasticizers
- 5.3. Benzoyl Chloride
- 5.4. Alkyd Resins
- 5.5. Animal Feed Additives
- 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-Use Industry
- 6.1. Food & Beverages
- 6.2. Chemicals
- 6.3. Pharmaceuticals
- 6.4. Other End-Use Industries
- 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
- 7.1. North America
- 7.2. Latin America
- 7.3. Europe
- 7.4. Asia Pacific
- 7.5. MEA
- 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
- 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
- 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
- 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
- 12. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
- 13. Key Countries Market Analysis
- 14. Market Structure Analysis
- 15. Competition Analysis
- 15.1. Aarsha Chemicals
- 15.2. Navyug Pharmachem
- 15.3. Reliance Industries
- 15.4. IG Petrochemicals
- 15.5. Krishna Chemicals
- 15.6. Emerald Performance Materials
- 15.7. Wuhan Youji Industries Co
- 15.8. Tianjin Dongda Chemical Group
- 15.9. Liao Ning Huayi Chemical Industry & Commerce Co
- 15.10. Merck KGaA
- 16. Assumptions & Acronyms Used
- 17. Research Methodology
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List Of Table
Table 01: Global Market Value (US$ Mn) Forecast by Region, 2017 to 2032
Table 02: Global Market Volume (Tons) Forecast by Region, 2017 to 2032
Table 03: Global Market Value (US$ Mn) Forecast by Application, 2017 to 2032
Table 04: Global Market Volume (Tons) Forecast by Application, 2017 to 2032
Table 05: Global Market Value (US$ Mn) Forecast by End-Use Industry, 2017 to 2032
Table 06: Global Market Volume (Tons) Forecast by End-Use Industry, 2017 to 2032
Table 07: North America Market Value (US$ Mn) Forecast by Country, 2017 to 2032
Table 08: North America Market Volume (Tons) Forecast by Country, 2017 to 2032
Table 09: North America Market Value (US$ Mn) Forecast by Application, 2017 to 2032
Table 10: North America Market Volume (Tons) Forecast by Application, 2017 to 2032
Table 11: North America Market Value (US$ Mn) Forecast by End-Use Industry, 2017 to 2032
Table 12: North America Market Volume (Tons) Forecast by End-Use Industry, 2017 to 2032
Table 13: Latin America Market Value (US$ Mn) Forecast by Country, 2017 to 2032
Table 14: Latin America Market Volume (Tons) Forecast by Country, 2017 to 2032
Table 15: Latin America Market Value (US$ Mn) Forecast by Application, 2017 to 2032
Table 16: Latin America Market Volume (Tons) Forecast by Application, 2017 to 2032
Table 17: Latin America Market Value (US$ Mn) Forecast by End-Use Industry, 2017 to 2032
Table 18: Latin America Market Volume (Tons) Forecast by End-Use Industry, 2017 to 2032
Table 19: Europe Market Value (US$ Mn) Forecast by Country, 2017 to 2032
Table 20: Europe Market Volume (Tons) Forecast by Country, 2017 to 2032
Table 21: Europe Market Value (US$ Mn) Forecast by Application, 2017 to 2032
Table 22: Europe Market Volume (Tons) Forecast by Application, 2017 to 2032
Table 23: Europe Market Value (US$ Mn) Forecast by End-Use Industry, 2017 to 2032
Table 24: Europe Market Volume (Tons) Forecast by End-Use Industry, 2017 to 2032
Table 25: Asia Pacific Market Value (US$ Mn) Forecast by Country, 2017 to 2032
Table 26: Asia Pacific Market Volume (Tons) Forecast by Country, 2017 to 2032
Table 27: Asia Pacific Market Value (US$ Mn) Forecast by Application, 2017 to 2032
Table 28: Asia Pacific Market Volume (Tons) Forecast by Application, 2017 to 2032
Table 29: Asia Pacific Market Value (US$ Mn) Forecast by End-Use Industry, 2017 to 2032
Table 30: Asia Pacific Market Volume (Tons) Forecast by End-Use Industry, 2017 to 2032
Table 31: MEA Market Value (US$ Mn) Forecast by Country, 2017 to 2032
Table 32: MEA Market Volume (Tons) Forecast by Country, 2017 to 2032
Table 33: MEA Market Value (US$ Mn) Forecast by Application, 2017 to 2032
Table 34: MEA Market Volume (Tons) Forecast by Application, 2017 to 2032
Table 35: MEA Market Value (US$ Mn) Forecast by End-Use Industry, 2017 to 2032
Table 36: MEA Market Volume (Tons) Forecast by End-Use Industry, 2017 to 2032
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List Of Figures
Figure 01: Global Market Value (US$ Mn) by Application, 2022 to 2032
Figure 02: Global Market Value (US$ Mn) by End-Use Industry, 2022 to 2032
Figure 03: Global Market Value (US$ Mn) by Region, 2022 to 2032
Figure 04: Global Market Value (US$ Mn) Analysis by Region, 2017 to 2032
Figure 05: Global Market Volume (Tons) Analysis by Region, 2017 to 2032
Figure 06: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032
Figure 07: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032
Figure 08: Global Market Value (US$ Mn) Analysis by Application, 2017 to 2032
Figure 09: Global Market Volume (Tons) Analysis by Application, 2017 to 2032
Figure 10: Global Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 11: Global Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 12: Global Market Value (US$ Mn) Analysis by End-Use Industry, 2017 to 2032
Figure 13: Global Market Volume (Tons) Analysis by End-Use Industry, 2017 to 2032
Figure 14: Global Market Value Share (%) and BPS Analysis by End-Use Industry, 2022 to 2032
Figure 15: Global Market Y-o-Y Growth (%) Projections by End-Use Industry, 2022 to 2032
Figure 16: Global Market Attractiveness by Application, 2022 to 2032
Figure 17: Global Market Attractiveness by End-Use Industry, 2022 to 2032
Figure 18: Global Market Attractiveness by Region, 2022 to 2032
Figure 19: North America Market Value (US$ Mn) by Application, 2022 to 2032
Figure 20: North America Market Value (US$ Mn) by End-Use Industry, 2022 to 2032
Figure 21: North America Market Value (US$ Mn) by Country, 2022 to 2032
Figure 22: North America Market Value (US$ Mn) Analysis by Country, 2017 to 2032
Figure 23: North America Market Volume (Tons) Analysis by Country, 2017 to 2032
Figure 24: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 25: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 26: North America Market Value (US$ Mn) Analysis by Application, 2017 to 2032
Figure 27: North America Market Volume (Tons) Analysis by Application, 2017 to 2032
Figure 28: North America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 29: North America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 30: North America Market Value (US$ Mn) Analysis by End-Use Industry, 2017 to 2032
Figure 31: North America Market Volume (Tons) Analysis by End-Use Industry, 2017 to 2032
Figure 32: North America Market Value Share (%) and BPS Analysis by End-Use Industry, 2022 to 2032
Figure 33: North America Market Y-o-Y Growth (%) Projections by End-Use Industry, 2022 to 2032
Figure 34: North America Market Attractiveness by Application, 2022 to 2032
Figure 35: North America Market Attractiveness by End-Use Industry, 2022 to 2032
Figure 36: North America Market Attractiveness by Country, 2022 to 2032
Figure 37: Latin America Market Value (US$ Mn) by Application, 2022 to 2032
Figure 38: Latin America Market Value (US$ Mn) by End-Use Industry, 2022 to 2032
Figure 39: Latin America Market Value (US$ Mn) by Country, 2022 to 2032
Figure 40: Latin America Market Value (US$ Mn) Analysis by Country, 2017 to 2032
Figure 41: Latin America Market Volume (Tons) Analysis by Country, 2017 to 2032
Figure 42: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 43: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 44: Latin America Market Value (US$ Mn) Analysis by Application, 2017 to 2032
Figure 45: Latin America Market Volume (Tons) Analysis by Application, 2017 to 2032
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 48: Latin America Market Value (US$ Mn) Analysis by End-Use Industry, 2017 to 2032
Figure 49: Latin America Market Volume (Tons) Analysis by End-Use Industry, 2017 to 2032
Figure 50: Latin America Market Value Share (%) and BPS Analysis by End-Use Industry, 2022 to 2032
Figure 51: Latin America Market Y-o-Y Growth (%) Projections by End-Use Industry, 2022 to 2032
Figure 52: Latin America Market Attractiveness by Application, 2022 to 2032
Figure 53: Latin America Market Attractiveness by End-Use Industry, 2022 to 2032
Figure 54: Latin America Market Attractiveness by Country, 2022 to 2032
Figure 55: Europe Market Value (US$ Mn) by Application, 2022 to 2032
Figure 56: Europe Market Value (US$ Mn) by End-Use Industry, 2022 to 2032
Figure 57: Europe Market Value (US$ Mn) by Country, 2022 to 2032
Figure 58: Europe Market Value (US$ Mn) Analysis by Country, 2017 to 2032
Figure 59: Europe Market Volume (Tons) Analysis by Country, 2017 to 2032
Figure 60: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 61: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 62: Europe Market Value (US$ Mn) Analysis by Application, 2017 to 2032
Figure 63: Europe Market Volume (Tons) Analysis by Application, 2017 to 2032
Figure 64: Europe Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 65: Europe Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 66: Europe Market Value (US$ Mn) Analysis by End-Use Industry, 2017 to 2032
Figure 67: Europe Market Volume (Tons) Analysis by End-Use Industry, 2017 to 2032
Figure 68: Europe Market Value Share (%) and BPS Analysis by End-Use Industry, 2022 to 2032
Figure 69: Europe Market Y-o-Y Growth (%) Projections by End-Use Industry, 2022 to 2032
Figure 70: Europe Market Attractiveness by Application, 2022 to 2032
Figure 71: Europe Market Attractiveness by End-Use Industry, 2022 to 2032
Figure 72: Europe Market Attractiveness by Country, 2022 to 2032
Figure 73: Asia Pacific Market Value (US$ Mn) by Application, 2022 to 2032
Figure 74: Asia Pacific Market Value (US$ Mn) by End-Use Industry, 2022 to 2032
Figure 75: Asia Pacific Market Value (US$ Mn) by Country, 2022 to 2032
Figure 76: Asia Pacific Market Value (US$ Mn) Analysis by Country, 2017 to 2032
Figure 77: Asia Pacific Market Volume (Tons) Analysis by Country, 2017 to 2032
Figure 78: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 79: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 80: Asia Pacific Market Value (US$ Mn) Analysis by Application, 2017 to 2032
Figure 81: Asia Pacific Market Volume (Tons) Analysis by Application, 2017 to 2032
Figure 82: Asia Pacific Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 83: Asia Pacific Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 84: Asia Pacific Market Value (US$ Mn) Analysis by End-Use Industry, 2017 to 2032
Figure 85: Asia Pacific Market Volume (Tons) Analysis by End-Use Industry, 2017 to 2032
Figure 86: Asia Pacific Market Value Share (%) and BPS Analysis by End-Use Industry, 2022 to 2032
Figure 87: Asia Pacific Market Y-o-Y Growth (%) Projections by End-Use Industry, 2022 to 2032
Figure 88: Asia Pacific Market Attractiveness by Application, 2022 to 2032
Figure 89: Asia Pacific Market Attractiveness by End-Use Industry, 2022 to 2032
Figure 90: Asia Pacific Market Attractiveness by Country, 2022 to 2032
Figure 91: MEA Market Value (US$ Mn) by Application, 2022 to 2032
Figure 92: MEA Market Value (US$ Mn) by End-Use Industry, 2022 to 2032
Figure 93: MEA Market Value (US$ Mn) by Country, 2022 to 2032
Figure 94: MEA Market Value (US$ Mn) Analysis by Country, 2017 to 2032
Figure 95: MEA Market Volume (Tons) Analysis by Country, 2017 to 2032
Figure 96: MEA Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 97: MEA Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 98: MEA Market Value (US$ Mn) Analysis by Application, 2017 to 2032
Figure 99: MEA Market Volume (Tons) Analysis by Application, 2017 to 2032
Figure 100: MEA Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 101: MEA Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 102: MEA Market Value (US$ Mn) Analysis by End-Use Industry, 2017 to 2032
Figure 103: MEA Market Volume (Tons) Analysis by End-Use Industry, 2017 to 2032
Figure 104: MEA Market Value Share (%) and BPS Analysis by End-Use Industry, 2022 to 2032
Figure 105: MEA Market Y-o-Y Growth (%) Projections by End-Use Industry, 2022 to 2032
Figure 106: MEA Market Attractiveness by Application, 2022 to 2032
Figure 107: MEA Market Attractiveness by End-Use Industry, 2022 to 2032
Figure 108: MEA Market Attractiveness by Country, 2022 to 2032
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Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How much is the current worth of the Benzoic Acid Market?
The global Benzoic Acid Market is worth more than US$ 1 Billion at present.
What is the sales forecast for Benzoic Acid Market?
The value of the Benzoic Acid Market is projected to increase at a CAGR of around 4.7% during 2022 – 2032.
What do statistics for South Korea and Japan reveal?
While the market in South Korea is expected to grow at nearly 2.7%, the market in Japan is projected to register a CAGR of nearly 4.1% during 2022 - 2032.
What are the key Benzoic Acid Market Trends?
The global demand for Benzoic Acid is being fueled by a considerable increase in the commercial aircraft segment, and their usage to obtain higher efficiency from the automotive as well as the sports and leisure market.
At what percentage is sales of the Benzoic Acid Market going to register growth in China?
The growth of the market for Benzoic Acid in China is projected to expand at a CAGR of around 5.9% during 2022 – 2032.
At what percentage is sales of the Benzoic Acid Market going to register growth in the United States?
The growth of the market for Benzoic Acid in the United States is projected to expand at a CAGR of around 4.4% during 2022 – 2032.
What was the last 5 year’s market CAGR?
The value of the Benzoic Acid Market increased at a CAGR of around 3.7% during 2017 – 2021.
Benzoic Acid Market