The benzoic acid 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.
Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Industry & Commerce Co. (China) are recognized as visionary leaders in the benzoic acid market. These companies are focused on investing in plant capacity expansions. They also have the potential to broaden their product portfolios and compete with other key market players.
Emerald Performance Materials is one of the leading providers of engineering services, globally. The company provides solutions for various industries such as food & beverages, building & construction, chemical, and pharmaceutical. The company markets its benzoic acid products around the world under the brand, Purox. The company offers its products through 3 product segments, namely, benzoates & intermediates, aroma chemicals/flavor & fragrance, and K-FLEX (non-phthalate, low-VOC plasticizers, and coalescent).
In October 2017, Emerald Performance Materials invested USD 40.0 million in its manufacturing facility in Rotterdam (Netherlands). This expansion enabled the company to meet the growing demand for Purox benzoic acid from consumers of benzoic acid. In October 2015, Emerald Performance Materials started a second benzoic acid reactor train at its production facility in the Netherlands. This added capacity supported sales of Purox and Kalama brand of benzoic acid and benzoate preservatives offered by the company. In April 2015, Emerald Performance Materials invested to increase the production of high purity benzoic acid-based products in its Rotterdam plant (Netherlands).
Wuhan Youji Industries Co. is among the leading companies in the antisepsis, preservatives, and anti-oxidation agents for the food & beverages industry. The company serves various sectors such as tanning, dyeing, defense, pharmacy, food preservation, and oil & gas exploration. Various grades offered by the company in benzoic acid are industrial, tech, mechanical, and pharma. The company is a leading food additives manufacturer in China.
Benzoic Acid Market by Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), and Region - Global Forecast to 2023
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