In the Asia Pacific market, benzoic acid prices fluctuated in Q1 and Q2 of 2023. Initially dipping due to high supply and inventories, prices slightly inclined with improved demand during the spring festival. However, slow purchasing ability and reduced inquiries impacted prices. In Q2, prices surged with regular downstream inquiries, increased orders, constrained production, market disruptions, and rising fuel costs amid the Russia-Ukraine crisis.
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In Europe, prices initially declined with low demand, labor strikes, and increased supplies but later surged with inquiries, strengthened currency, and domestic demand, declining again due to reduced orders. In North America, prices fluctuated, initially declining with weak economic conditions, and stabilizing with rising demand, then declining again with reduced downstream activities.
Definition
Benzoic acid has the chemical formula C7H6O2 and is commonly used as a food preservative due to its antibacterial qualities. This acid can also be found naturally in plants and fruits. Benzoic acid, which has a strong smell and a poor water solubility, is used in a wide range of industrial processes to make chemicals, drugs, and pigments. It is a crucial component of many food and beverage items due to its capacity to inhibit the growth of germs, which helps to increase shelf life and guarantee food safety.
Key Details About the Benzoic Acid Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Benzoic Acid in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Benzoic Acid Price Trends, including India Benzoic Acid price, USA Benzoic Acid price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Benzoic Acid Price Trend:
Benzoic acid has diverse industrial uses due to its antimicrobial properties and chemical reactivity. It is primarily used as a food preservative in the food and beverage industry to inhibit the growth of bacteria, yeast, and mold, extending shelf life and ensuring food safety. Additionally, benzoic acid is utilized in the production of various chemicals, such as benzene derivatives, pharmaceuticals, and dyes. It finds applications in the synthesis of plasticizers, perfumes, and insect repellents. The compound’s versatility and effectiveness as a preservative and chemical precursor make it a valuable ingredient in various industries, including food, pharmaceuticals, cosmetics, and chemicals.
Key Players:
- Emerald Performance Materials
- Wuhan Youji Industries Co.
- Tianjin Dongda Chemical Group
- Liao Huayo Chemical Industry and Commerce Co.
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