Benzoic Acid Market is one of the important feedstock used for phenol production. Phenol is majorly used as a chemical intermediate for manufacturing bisphenol-A, caprolactam, phenol-formaldehyde resins, aniline, 2, 6-xylenol and alkyl phenols. Global phenol demand in 2013 was more than 8.5 million tons out of which most of the product derived through cumene process using benzene and propylene as feedstock. This represents a huge opportunity for development of benzoic acid industry share when utilized for phenol production.
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Growing importance of phthalate free plasticizers is likely to support benzoic acid market growth. Benzoate plasticizer such as glycol, diethyeleneglycol and triethylene glycol ether is used to substitute phthalate plasticizers in numerous applications such as cables, hoses and films.
Volatile raw materials price of toluene which is linked to crude oil prices is likely to affect industry profitability. Investment in product development for niche application is likely to provide growth opportunities for industry participants.
Asia Pacific benzoic acid market has been the largest consumer over the past few years. Increase in per-capita disposable income levels coupled with shift towards dependency on processed foods and RTD beverages particularly in China and India is likely to drive regional demand. Asia Pacific is also likely to gains significant gains over the forecast period owing to increase in phenol production coupled with growth in end-use industries such as food & beverages, personal care and pharmaceuticals.
North America benzoic acid market is likely to witness steady growth rate over the forecast period. Substitution of phthalate plasticizers by benzoate plasticizers owing to stringent government regulations is likely to favor growth in this region. Benzoate plasticizers are expected to witness an increase in demand in North America over the forecast period owing to the aforementioned reason.
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At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the benzoic acid market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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The global benzoic acid market share is moderately consolidated and is characterized by prize and services provided. Key companies operating in this market include Novaphene, Huangshi Taihua Industry, Shri Hari Chemicals, Sinteza S.A., Chemcrux Enterprises Ltd and Emerald Kalama Chmeical. With low crude prices, the industry may see a surge in benzoic acid production capacity and exports.
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