India Benzoic Acid Market is Expected to Grow at a CAGR of 4.78% by FY2030 | ChemAnalyst
Benzoic Acid is a colourless organic compound with the chemical formula C6H5COOH. It is a crystalline compound and is an aromatic carboxylic acid. Nowadays, toluene is oxidized with air to yield benzoic acid, which has replaced the oxidation of dichromate and nitric acid. Different grades of benzoic acid such as food-grade and industrial grade are available in the market for different applications.
Benzoic acid and its sodium and potassium salts have been widely employed as an efficient preservative to suppress microbial development in a variety of applications, including yeast, bacteria, fungi, and mould. It is typically used to preserve acidic food items and beverages like pickles, jellies, fruit drinks, carbonated beverages, and sparkling cocktails, among other things. Benzoic acid is utilized as an intermediate product in the synthesis of salts such as potassium benzoate, sodium benzoate, phenolic and alkyd resins. Benzoic Acid is also used in the cosmetic sector for the production of skin cleansers, makeup products, and scents where it works as a preservative and pH adjuster in various formulations. Additionally, Benzoic Acid is also employed as a topic agent in treating mild & severe skin infections.
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The Benzoic Acid market in India is primarily driven by its application as a preservative in food & beverages. With growing consumer preference towards ready-to-eat meals in metropolitan cities and other regions of the country, the demand for Benzoic Acid is anticipated to swell in the forthcoming years. Additionally, Derivatives of Benzoic Acid are further employed by the paints & coatings industry. With rising construction activities and infrastructure development across the nation, it is anticipated that the demand of paints & coating and plasticizers is bound to increase which is expected to fuel the demand of Benzoic Acid in the forecast period.
The India Benzoic Acid Market is segmented based on end-use, sales channel, and region. Based on end-use, the India Benzoic Acid market is segregated into Food & Beverages, Paints & Coatings, Chemicals & Pharmaceuticals, and Others. Among these, Food & Beverages Pharmaceuticals & Solvents are dominating the segment of Benzoic Acid. This segment held roughly 40% of the Benzoic Acid market in FY2022. Owing to changing customer preferences towards packed instant food items, this sector is anticipated to retain its dominance in the forecast period.
Regionally, Indian Benzoic Acid market is segregated into four regions based on regional consumption: West, South, North, and South. Western states like Gujarat and Maharashtra are the major consumers of Benzoic Acid due to the presence of leading manufacturers of paints & coatings such as Asian Paints, as well as plasticizer manufacturers located in these states.
“India Benzoic Acid Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2030” Major players in the India Benzoic Acid market are I.G Petro Chemicals Ltd, Ganesh Benzoplast Limited, Ujwal Pharma Pvt. Ltd., Hemadri Chemicals, Navyug Pharmachem Pvt. Ltd., Swastik Industries, and Others.
“The rapidly increasing demand of Benzoic Acid as a preservative agent to increase the shelf-life of food & beverages is expected to boost the India Benzoic Acid Market in the forecast period until FY2030. Additionally, it is predicted that throughout the projection period, the market would be further influenced by growing demand for derivatives of Benzoic Acid as a replacement for phthalate plasticizers which is further employed by several industries. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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