The benzoic acid market size was valued at US$ 1,028.07 million in 2021 and is projected to reach US$ 1,496.54 million by 2028. It is expected to grow at a CAGR of 5.5% from 2021 to 2028.

Benzoic acid is a commonly used antimicrobial preservative in beverages, especially carbonated beverages. In addition, sodium benzoate is a widely used preservative in soft drinks. Furthermore, there is a shift in consumer preferences towards the adoption of convenience food and ready-to-drink beverages in different regions such as Europe and North America, thereby driving the demand for benzoic acid. Thus, the strong growth in the food & beverages industry and the growing demand for preservatives to improve the shelf life of the different food products contribute to the strong demand for benzoic acid. Hence, the growing demand for benzoic acid from the food & beverages industry is driving the benzoic acid market growth.

Further, Plasticizers are non-volatile organic chemicals incorporated into a plastic or elastomer to improve polymers' flexibility, extensibility, and processability. Phthalate plasticizers have been the most commonly used plasticizers. However, due to concerns about potential negative effects on human health in the past decade, various regulations have been enacted in the European Union (EU) and the US limiting some ortho-phthalate plasticizers. In June 2017, European Union further restricted the use of four phthalates. The Socio-Economic Analysis Committee of the European Chemicals Agency voted to restrict most uses of the chemicals under the EU's Registration, Evaluation, Authorisation & Restriction of Chemicals (REACH) law. As phthalates are considered harmful to health and the environment, processors of plasticizers are increasingly looking for phthalate-free alternatives. As a result, different non-phthalate plasticizers such as benzoates have been rising in recent years. Benzoates are high solvating plasticizers for polyvinyl chloride (PVC) and are available as either monobenzoates (benzoates) or dibenzoates. Benzoic acid is used in the production of benzoate and dibenzoate plasticizers. Benzoates plasticizers are highly used in flooring, wall coverings, adhesive and sealants, inks and waxes, and films and sheet products. There is an increasing demand for phthalate-free plasticizers, which creates strong demand for benzoate plasticizers, thereby creating demand for benzoic acid. Hence, replacing phthalate plasticizers with non-phthalate plasticizers is boosting the benzoic acid market growth.

In Asia Pacific, the application of benzoic acid as a food preservative, chemical intermediates, and plasticizers, among others, has been a key factor enabling market growth. However, the COVID-19 pandemic caused a significant economic loss to various countries in the region. Governments of these countries announced countrywide lockdown measures to restrict the spread of COVID-19, which directly affected the industrial sector's progress. The benzoic acid market trend is showing slow growth due to the low demands in different industrial applications. However, various industries began resuming their operations in 2021, which is likely to result in greater demands for benzoic acid in the region in the coming years.

MERCK KGAA; LANXESS; SINTEZA; CHEMCRUX ENTERPRISES LTD; I G PETROCHEMICALS LTD; LIAONING HUAYI CHEMICAL INDUSTRY AND COMMERCE CO.,LTD.; TIANJIN DONGDA CHEMICAL GROUP CO., LTD; EASTMAN CHEMICAL COMPANY; FUSHIMI PHARMACEUTICAL CO., LTD.; and THE CHEMICAL COMPANY are the key players in the benzoic acid market.

The overall size of the global benzoic acid market share has been derived using primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in this market.