Benzoic Acid prices Overview
In the fourth quarter of 2023, the price of Benzoic acid in US reached 2,647.73 USD/Ton. In December 2023, the price in China was 1941.01 USD/Ton. Meanwhile, in India, the price for q4 2023 stood at 2252.54 USD/Ton.
Global Benzoic Acid Import (tons)
|
Region |
2018 |
2023 |
|
North America |
59.24 |
76.15 |
|
Europe |
61.24 |
78.89 |
|
Asia Pacific |
21.31 |
30.99 |
|
Latin America |
22.51 |
17.08 |
|
Middle East |
13.21 |
12.72 |
Global Benzoic Acid export (tons)
|
Region |
2018 |
2023 |
|
North America |
19.54 |
28.33 |
|
Europe |
11.70 |
19.22 |
|
Asia Pacific |
144.82 |
169.36 |
|
Latin America |
6.60 |
3.77 |
|
Middle East |
2.99 |
3.74 |
Overview
Credence research’s newly published report, “Benzoic Acid pricing report 2024: price trend, chart, news, market analysis, demand, historical and forecast data,” provides a comprehensive analysis of Benzoic Acid pricing, focusing on global and regional market trends and the key factors driving these price movements. The report includes an in-depth review of the spot price of Benzoic Acid at major ports, with a detailed breakdown of prices including ex works, fob, and cif. It also offers a region-wise analysis of Benzoic Acid price trends across North America, Europe, Asia pacific, Latin America, and the Middle East and Africa.
The report delves into the elements influencing Benzoic Acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it incorporates the latest market news, offering stakeholders up-to-date information on market shifts, regulatory changes, and technological advancements. This comprehensive overview aids in strategic decision-making and forecasting, providing valuable insights for stakeholders in the Benzoic Acid market.
Benzoic Acid Market Analysis
The global Benzoic Acid market size reached 623.11 kilo tons in 2023. By 2032, Credence Research expects the market to reach 844.25 kilo tons, at a projected CAGR of 3.36% during 2024-2032.
The Benzoic Acid market is experiencing steady growth driven by its extensive applications in various industries. As a colorless crystalline solid, Benzoic Acid is used in the production of numerous products, contributing to its increased demand.
One of the primary applications of Benzoic Acid is as a preservative in the food and beverage industry. It is commonly used to extend the shelf life of acidic foods and beverages, such as fruit juices, soft drinks, and pickles, due to its antimicrobial properties.
Benzoic Acid is also widely used in the pharmaceutical industry. It serves as an essential component in the formulation of ointments, creams, and lotions for treating skin conditions like fungal infections and dermatitis. Additionally, it is utilized in the synthesis of various pharmaceutical compounds.
In the chemical industry, Benzoic Acid is a crucial intermediate in the synthesis of other chemicals, such as benzyl chloride, phenol, and caprolactam. Its role as a precursor in the production of plasticizers, resins, and alkyd resins further propels its market demand.
The plastic industry significantly contributes to the demand for Benzoic Acid. It is used in the manufacturing of plasticizers, which enhance the flexibility and durability of plastics. This application is particularly relevant in the production of polyvinyl chloride (PVC) products.
The growth of the Benzoic Acid market is driven by the increasing demand for packaged and processed foods, the rising pharmaceutical sector, and the expansion of the plastic industry. Additionally, the shift towards natural preservatives in food products also boosts the market.
One of the prominent trends in the Benzoic Acid market is the rising preference for eco-friendly and biodegradable preservatives. Consumers are increasingly favoring natural preservatives, prompting manufacturers to focus on sustainable production methods.
The Asia-Pacific region dominates the Benzoic Acid market, primarily due to the robust growth of the food and beverage, pharmaceutical, and chemical industries in countries like China and India. North America and Europe also hold significant market shares, driven by the demand for pharmaceuticals and packaged foods.
The market is characterized by intense competition among key players striving to expand their product portfolios and enhance production capacities. Innovation and strategic collaborations are pivotal strategies employed by market participants to gain a competitive edge.
The future of the Benzoic Acid market looks promising with continuous advancements in production technologies and the increasing adoption of natural and sustainable preservatives. The growing awareness of health and wellness among consumers is expected to further fuel market growth.
Benzoic Acid News
The report comprehensively covers the latest developments, updates, and trends affecting the global Benzoic Acid market, offering stakeholders timely and pertinent information. This section includes a broad spectrum of news items, such as the inauguration of new production facilities, advancements in Benzoic Acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that influence Benzoic Acid price trends.
Recent developments in the Benzoic Acid industry:
· In 2024, Wuhan Youji Holdings Ltd. (2881.HK), a toluene derivative products provider, made its trading debut on the Hong Kong Stock Exchange. The company’s shares opened at HK$9.88 on their first day of trading.
· In 2021, LANXESS, a specialty chemicals company, completed the acquisition of Emerald Kalama Chemical, a world-leading manufacturer of specialty chemicals. This acquisition, valued at approximately USD 1.04 billion (EUR 870 million), was the second-largest in LANXESS’s history. The deal significantly expanded LANXESS’s portfolio of consumer protection products, including preservatives and flavor chemicals.
Product Description
Benzoic Acid is a white, crystalline aromatic carboxylic acid with the chemical formula C₇H₆O₂. It is naturally found in various plants and serves as a precursor to numerous important compounds. This versatile compound is primarily known for its use as a food preservative due to its antimicrobial properties, effectively inhibiting the growth of mold, yeast, and some bacteria. As a preservative, it is commonly added to acidic foods and beverages, such as fruit juices, soft drinks, and pickles, to prolong their shelf life.
In the pharmaceutical industry, Benzoic Acid is utilized in the formulation of topical medications for treating skin conditions like fungal infections and dermatitis. It is a key ingredient in ointments, creams, and lotions, providing both therapeutic and preservative benefits. Furthermore, Benzoic Acid is an essential intermediate in the chemical industry, where it is used in the synthesis of various chemicals including benzyl chloride, phenol, and caprolactam. It also plays a significant role in the production of plasticizers, which enhance the flexibility and durability of plastics, particularly polyvinyl chloride (PVC) products. The widespread applications of Benzoic Acid in food preservation, pharmaceuticals, and chemical synthesis underscore its importance in various industrial sectors.
Regional coverage
The global Benzoic Acid market has shown significant variations in both import and export volumes across different regions from 2018 to 2023. Understanding these dynamics provides insights into regional market behavior and pricing trends.
North America
In North America, the import volume of Benzoic Acid has increased from 59.24 kilo tons in 2018 to 76.15 kilo tons in 2023. This rise reflects a growing demand for Benzoic Acid, primarily driven by its applications in food preservation and pharmaceuticals. Concurrently, the export volume also witnessed a significant increase from 19.54 kilo tons in 2018 to 28.33 kilo tons in 2023. The robust export growth indicates North America’s strengthening production capabilities and its role as a key supplier in the global market. The price dynamics in this region are influenced by both the increasing demand and the expansion of export activities.
Europe
Europe has similarly seen an uptick in import volumes, rising from 61.24 kilo tons in 2018 to 78.89 kilo tons in 2023. This growth is attributed to the region’s extensive use of Benzoic Acid in food and beverage industries, as well as in pharmaceuticals. On the export front, Europe has experienced a notable increase from 11.70 kilo tons in 2018 to 19.22 kilo tons in 2023. The dual increase in import and export volumes suggests a balanced market where the demand is met by both local production and imports, stabilizing the price structure within the region.
Asia Pacific
The Asia Pacific region stands out with its substantial growth in both import and export volumes. Imports have grown from 21.31 kilo tons in 2018 to 30.99 kilo tons in 2023, reflecting the burgeoning demand driven by the region’s expanding food processing and pharmaceutical sectors. Notably, the export volume from Asia Pacific has surged from 144.82 kilo tons in 2018 to 169.36 kilo tons in 2023. This significant export growth underscores the region’s dominance as a major producer of Benzoic Acid, with competitive pricing likely influenced by large-scale production efficiencies and the vast manufacturing base.
Middle East
In the Middle East, the import volume has seen a slight decline from 13.21 kilo tons in 2018 to 12.72 kilo tons in 2023. However, the export volume has marginally increased from 2.99 kilo tons in 2018 to 3.74 kilo tons in 2023. This suggests that while the internal demand has remained relatively stable, there is a growing emphasis on catering to external markets. The price dynamics in the Middle East are influenced by its strategic position as a supplier to neighboring regions and its competitive export prices.
Sustainability analysis including environmental impact and eco-friendly alternatives and regulations
Benzoic acid production, while important for various industries, has significant sustainability concerns that need to be addressed. The traditional manufacturing process can generate substantial waste and potentially harmful byproducts, posing environmental risks if not properly managed.
To improve sustainability, researchers are exploring alternative production methods. One promising approach involves using renewable biomass-based starting materials like quinic acid and shikimic acid. This method employs a one-step formic acid-mediated deoxygenation process, which is highly efficient and selective in producing benzoic acid. Such green chemistry approaches can significantly reduce the environmental impact of production.
Regulations play a crucial role in ensuring sustainable benzoic acid production. In the United States, the Environmental Protection Agency (EPA) regulates benzoic acid under various statutes, including those covering air emissions and waste management. Manufacturers must comply with these regulations to minimize environmental pollution and protect worker safety.
The industry is also focusing on recycling and waste management strategies. Techniques have been developed to recover high-value conjugated aromatic compounds from industrial residues, promoting a circular economy approach. Additionally, sustainable manufacturing practices aim to increase energy efficiency, reduce waste, and minimize negative environmental impacts throughout the production process.
As the demand for more sustainable practices grows, the benzoic acid industry is likely to see continued innovation in eco-friendly production methods and improved waste management strategies.
Report Details
| Key Attributes | Details |
| Product Name | Benzoic Acid |
| Report Features | Exploration of historical trends and market outlook, industry demand, industry supply gap analysis, challenges, Benzoic Acid price analysis, and segment-wise assessment. |
| Currency/Units | US$ (data can also be provided in local currency) or metric tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries:
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, the Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hong Kong, Singapore, Australia, and New Zealand. Europe: Germany, France, the United Kingdom, Italy, Spain, Russia, Turkey, the Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, the Czech Republic, Portugal, and Greece. North America: the United States and Canada. Latin America: Brazil, Mexico, Argentina, Colombia, Chile, Ecuador, and Peru. Middle East and Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco. Note: The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers | Company overview, business description, product portfolio, recent trends, and developments |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option | Plan A: Monthly Updates; Annual Subscription
Scope: Historical data for the current month, forecast for next month Total Deliverables per Year: 12 (one per month) Includes: One PDF and one Excel datasheet per month Post-Purchase Analyst Support: Throughout the year Plan B: Quarterly Updates; Annual Subscription Scope: Historical data for the current quarter, forecast for the next quarter Total Deliverables per Year: 4 (one per quarter) Includes: One PDF and one Excel datasheet per quarter Post-Purchase Analyst Support: Throughout the year Plan C: Biannually Updated Updates; Annual Subscription Scope: Historical data for the current half, forecast for the next half Total Deliverables per Year: 2 (one per 6 months) Includes: One PDF and one Excel datasheet per half Post-Purchase Analyst Support: Throughout the year |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (we can also provide the editable version of the report in PPT/Word format on special request) |
Key benefits for stakeholders:
· Credence research’s report provides an in-depth analysis of Benzoic Acid pricing, including global and regional trends, spot prices at key ports, and detailed ex works, fob, and cif price breakdowns.
· The study explores factors influencing the Benzoic Acid price trend, such as raw material costs, supply-demand changes, geopolitical impacts, and industry developments, to offer valuable insights for informed decision-making.
· The competitive landscape review offers stakeholders essential insights into the latest market news, regulatory changes, and technological advancements, providing a comprehensive, strategic overview for forecasting and planning.
· Credence research offers various subscription options—monthly, quarterly, and biannual updates—enabling clients to stay updated with the latest market trends, ongoing developments, and extensive market insights. The Benzoic Acid price charts ensure our clients remain industry leaders.
