Benzoic Acid Market Research Report - Forecast to 2023Posted by Avinash on February 28th, 2018 Benzoic Acid Market – Market Overview Benzoic Acid is water soluble acid and is mainly employed for the purpose of the food preservation. It is a colourless carboxylic acid also used as a chemical agent. Along with its salts, Benzoic Acid is used to inhibit the growth of bacteria and fungi in food and beverages industry. It is derived from plants and further used for the production of chemicals such as sodium benzoate, potassium benzoate, benzoyl chloride, benzoate plasticizers, and alkyd resins. Global Benzoic Acid Market is moving towards the growth expansion as its industrial demand is being growing year by year due to chemical production along with demand for food preservation. Food and beverages industry emerged as key consumer of Benzoic Acid, which demonstrated phenomenal growth over the years. Increasing demand for packaged food has raised the demand for Benzoic and it is likely to continue in same trend in the coming years as well. According to International Food & Beverage Technology Association, the Global Food & Beverage Industry worth USD 7.6 trillion in 2016 and it is likely to surpass USD 10 trillion by 2020, by uncovering massive growth opportunities. Increasing demand for packaged food has played key role while developing the Benzoic Acid Demand. The U.S. is most impactful Food & Beverages Market across the globe expanding at significant CAGR of 7.45%. On the other hand, food key industry participants such as Mondelez, PepsiCo, and General Mills have recognised the industry trend where food & beverages growth is challenged and are formulating strategies wisely. Although, food & beverages industry is one of the industry who had not adopted effectively adopted e-commerce, but the scenario may change in the coming years and create wide opportunities for benzoic acid applications. Receive a Sample Report upon Request @ https://www.marketresearchfuture.com/sample_request/1119 Asia Pacific set to uplift consumption of Benzoic Acid due to increasing industrial output across the region. It consist of dynamic economies including India, China, and Japan which are collectively witnessing industrial expansion driven by economic reforms and increasing foreign investments. China emerged as manufacturing hub and is complementing the demand for Benzoic Acid, specifically, from chemicals industry. The study published by Market Research Future on benzoic acid market, the global market projected to grow significantly by witnessing healthy growth gains over the review period of 2018-2023. Benzoic Acids Market- Competitive Landscape The Global Benzoic Acid Market consist of large number of manufacturers including large scale along with more number of small scale manufacturers. Due to which the nature of thi8s market emerged as moderate and is expected to remain same driven by the growth offered by this market. The key markets players operating in this market are Hubei Smart Chemicals Co.,Ltd, Emerald Performance Materials LLC, Novaphene specialties pvt ltd, Shri Hari Chemicals, Chemcrux Enterprises, Apollo Scientific, and Merck Group. Majority of the players operating across the globe are small scale and competing amongst each other to strengthen their footprint. However, the degree of competition observed by the industry experts is moderate, but the market scenario may change in the coming year by increasing level of competition. Industry/ Innovation/ Related News: December 16, 2016- Speciality chemicals producer Emerald Kalama Chemical, part of US-based Emerald Performance Materials, expanded the production capacity in Rotterdam (The Netherlands). The expansion undertaken by investing USD 40 million to raise the production of benzoic acid. February 2, 2015- Emerald Kalama Chemical which is part of Emerald Performance Materials, has complete the first activity of their long term expansion phase by expanding 30 KT production of benzoic acid. The expansion has undertaken for large scale expansion of Purox® S sodium benzoate. July 22, 2016 Emerald Performance Materials announced benzoic acid purification and finiofshing process at its main production plant in Rotterdam, Netherlands. The new process will add an additional 100,000 metric tons per year capacity of high purity benzoic acid. July 6, 2015- Emerald Kalama Chemical, has acquired acquisition of Innospec Widnes Limited (“Widnes”). The company known for its prominence in benzoic acid businesses and undertaken this acquisition to widen their footprints in same business segment. The acquisition is the latest in a series of key strategic investments the company has made to expand these core product platforms targeted for food and beverage, consumer and industrial applications. Access Complete Report @ https://www.marketresearchfuture.com/reports/benzoic-acid-market-1119 The Global Benzoic Acid Market majorly undergoing the expansion activities by key market participants to bridge gap between demand and supply. Benzoic Acid growth is also dependable on global export, wherein China is considered as key exporter and expected to complement the global demand. In the coming years the market is likely to register acquisition and partnership agreements among industry players to increase the market penetration and exploit untapped markets. 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