Chemical industry reports Benzoic Acid Market Trends and Forecasts | Page 2

Hexa Research Fact-based market research, penetrating industry insights and validated forecasts to help you make better decisions for a stronger future Browse Details of Report @ https://www.hexaresearch.com/research-report/benzoic-acidmarket A type of carboxylic acid, benzoic acid is a colorless crystalline compound. Besides being a food preservative, it is also used in manufacturing insect repellents, plastics, dyes, and others. Moreover, it is a key component in creams, lotions, and ointments. Salts and esters of benzoic acid are known as benzoates. The global Benzoic Acid Market is divided on the basis of methods, applications, end users, and regions. Major methods used in benzoic acid production are Friedel-crafts reaction & chlorination methods, oxidation by hydrolysis, and Grignard reagents. Applications include foods & beverages, plasticizers, animal feed additives, phenol, dibenzoates, alkyd resins, and others. Global phenol demand exceeded 8.5 million tons in 2013. This can benefit the global market, as benzoic acid is a key component used in the production of phenol. Foods & beverages was the largest application, accounting for more than 45% of total volumes in 2014. It is expected to exhibit around 2.8% CAGR over the forecast period. Plasticizers made from benzoates can grow at a CAGR over 9% in the next eight years. Rising demand of phthalate free plasticizers may favor market growth. Benzoate plasticizers, such as diethylene glycol and triethylene glycol ether can be used as alternatives to phthalate in films, cables, and hoses. But volatile prices of toluene could hinder market demand. End-users include chemicals, plastics, and pharmaceutical industries. Regions covered in the global Benzoic Acid Market are North America, Europe, Asia Pacific, and RoW (Rest of the World). Asia Pacific led the industry in 2014, contributing to over 60% of total volumes. This can be attributed to rising disposable incomes and demand for RTD beverages in India and China. Rising phenol production could further regional growth. China leads the regional market because of high demand for benzoate plasticizers. However, the country mainly produces sodium benzoate and benzoyl chloride. Europe was the second largest market Contact: [phone] Email : [email protected] Website: http://www.hexaresearch.com/