p-Hydroxybenzoic Acid (PHBA) Market Covid-19 Impact Analysis, Size, Share, Key Trends, Demand and Forecast till 2028

P-hydroxybenzoic acid (PHBA) is one of the phenolic derivatives of the benzoic acid. It is also considered as a type of monohydroxybenzoic acid. P-hydroxybenzoic acid (PHBA) occurs naturally and is also manufactured synthetically. It can be produced by reacting potassium phenoxide and carbon dioxide or by reacting potassium salicylate and potassium carbonate, in the presence of heat. These are white crystalline solids with high solubility in organic solvents, such as acetone and alcohols. P-hydroxybenzoic acid (PHBA) is majorly used in the pharmaceutical industry and for polymer manufacturing. In the pharmaceutical industry, it is used to manufacture anesthetics known as proparacaine and orthocaine. It is also used in the manufacturing of centchroman, a selective estrogen receptor modulator (SERM). P-hydroxybenzoic acid (PHBA) is also used to manufacture antibiotics, such as nifuroxazide. P-hydroxybenzoic acid (PHBA) finds its second major application in fiber or spun manufacturing. These fibers find applications in webbing, gloves, medical devices, sporting goods, ECB and cables & ropes.

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Global p-Hydroxybenzoic Acid (PHBA) Market Dynamics

Market Drivers

High growth in its medical applications has created a rise in demand for P-hydroxybenzoic acid (PHBA). P-hydroxybenzoic acid (PHBA) is used to produce an effective antibiotic for the treatment of diarrhoea. According to UNICEF, diarrhea accounts for around 8% of the total deaths of children under the age of 5. Increasing number of patients of diarrhea is expected to push the market for p-hydroxybenzoic acid (PHBA). High demand for the fibers of p-hydroxybenzoic acid (PHBA) has been observed from the polymer industry. High strength of these fibers makes these fibers suitable for various applications in the industry.

Market Restraints

The global p-hydroxybenzoic acid (PHBA) market has many challenges. High cost and complex manufacturing process of products made from p-hydroxybenzoic acid (PHBA) are two of the most important challenges. Some of the products of p-hydroxybenzoic acid (PHBA) are under the intellectual property of the manufacturers — this is another challenge for the PHBA market.

Environmental regulations are another challenge encountered during the manufacturing of p-hydroxybenzoic acid (PHBA) as safety measures are needed while handling hazardous chemicals used in the manufacturing of p-hydroxybenzoic acid (PHBA).

Market Trends

Research is underway to develop new products from p-Hydroxybenzoic Acid (PHBA). Also, advancement in its derivatives for uses in various other applications is another observed strategy in the market. New product developments, contracts and agreements are the core strategies being followed in the concerned market.

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