The global Benzoic Acid Exp market volume was roughly 230 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 3.43% during the forecast period until 2034.
Benzoic acid Exp has an essential role in pharmaceutical sector. Principally, it serves as an antimicrobial preservative, effectively thwarting microbial proliferation in various pharmaceutical formulations, ensuring their longevity and integrity. Additionally, its potent antifungal properties make it an invaluable addition to medications targeting fungal infections, exhibiting efficacy against conditions like athlete's foot and ringworm. Moreover, benzoic acid functions as a tablet and capsule lubricant, facilitating seamless manufacturing processes and enhancing patient compliance by ensuring smooth ingestion. Notably, benzoic acid finds application in combination with salicylic acid, in formulations such as Whitfield's ointment. This blend forms a potent antifungal agent, particularly efficacious in combating fungal infections like athlete's foot and ringworm.
With the increasing prevalence of microbial contamination and fungal infections, pharmaceutical companies are increasingly relying on Benzoic Acid to ensure the safety and efficacy of their products. Additionally, Benzoic Acid's role as a tablet and capsule lubricant contributes to its market growth, as it facilitates the manufacturing process and enhances patient compliance. Moreover, the continuous research and development efforts in the pharmaceutical industry to develop new formulations and drug delivery systems further fuel the demand for Benzoic Acid. Furthermore, the growing awareness among consumers about the importance of pharmaceutical products' safety and efficacy also drives the market growth, as Benzoic Acid is perceived as a safe and effective ingredient. The global Benzoic Acid Exp market is likely to reach approximately 335 thousand tonnes in 2034.
Geographically, the Asia Pacific region is the biggest consumer of Benzoic Acid Exp owing to various reasons. Firstly, the region's growing population, swift urbanization, and enhanced healthcare infrastructure leading to more demand for medications, wherein Benzoic Acid serves as a crucial preservative. Moreover, the expanding healthcare sector in nations like South Korea, China, India, and Southeast Asia offers significant prospects for the utilization of Benzoic Acid.
Based on end-use applications, the global Benzoic Acid Exp market is divided into Preservative, Antifungal Agent, Capsule Lubricant, and Others. Among these industries, Preservative is the major application of Benzoic Acid.
Major players in the Global Benzoic Acid Exp market are Emerland Performance Chemicals, Chemcrux Enterprises Limited, IG Petrochemical Limited (IGPL), Tianjin Dongda Chemical Group, Wuhan Youji Industries Company, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Benzoic Acid Exp which covers production, demand and supply of Benzoic Acid Exp market in the globe.
• To analyse and forecast the market size of Benzoic Acid Exp
• To classify and forecast Global Benzoic Acid Exp market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Benzoic Acid Exp market in the globe.
To extract data for Global Benzoic Acid Exp market, primary research surveys were conducted with Benzoic Acid Exp manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Benzoic Acid Exp market over the coming years.
ChemAnalyst calculated Benzoic Acid Exp demand across the globe by analyzing the volume of Benzoic Acid Exp consumed by the End-Use Applications and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Benzoic Acid Exp manufacturers and other stakeholders
• Organizations, forums and alliances related to Benzoic Acid Exp distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Benzoic Acid Exp manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Benzoic Acid Exp market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
230 thousand tonnes
Market size Volume in 2034
335 thousand tonnes
Growth Rate
CAGR of 3.43% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End-Use Application, Demand by Region, Demand by Distribution Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use Application: (Preservative, Antifungal Agent, Capsule Lubricant, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
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What was the net market size of Benzoic Acid Exp in terms of volume in 2023?
Ans:
The global market size of Benzoic Acid Exp has reached approximately 230 thousand tonnes in 2023.
Q2.
Which region is the prominent consumer of Benzoic Acid Exp?
Ans:
Asia Pacific is the prominent consumer of Benzoic Acid Exp globally.
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