p-Hydroxybenzoic Acid (PHBA) Market 2022 | Present Scenario and Growth Prospects 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).

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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.

Global P-Hydroxybenzoic Acid (PHBA) Market: Regional Outlook

The global p-hydroxybenzoic acid (PHBA) market is expected to be leaded by North America and the U.S. is projected to dominate the market in terms consumption of p-hydroxybenzoic acid (PHBA). Increasing applications of liquid crystal polymer (LCP) yarns in various industries is increasing the demand for p-hydroxybenzoic acid (PHBA). This is projected to drive the p-hydroxybenzoic acid (PHBA) market in North America. North America is followed by Asia Pacific in terms of demand for p-hydroxybenzoic acid (PHBA). Asia Pacific is the largest producer of p-hydroxybenzoic acid (PHBA) and is expected to lead in terms of growth in the p-hydroxybenzoic acid (PHBA) market during the forecast period. The growing health care industry and polymer industry in Asia Pacific and other emerging regions will drive the demand for the p-hydroxybenzoic acid (PHBA) during the forecast period. Middle East and Africa is projected to witness moderate demand growth for p-hydroxybenzoic acid (PHBA) during the forecast period.

Global P-Hydroxybenzoic Acid (PHBA) Market Participants    

Some of the market participants identified across the value chain of global p-hydroxybenzoic acid (PHBA) market are:

• Ottokemi
• Panjiva, Inc.
• Labeyond Chemicals Co., Ltd
• Leuna Carboxylation Plant GmbH
• Kuraray America, Inc.
• Kerafast
• Alta Laboratories Ltd
• Zhejiang Shengxiao Chemicals Co.,Ltd.
• Merck KGaA

Theglobal marketresearch report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The global market research report provides analysis and information according to market segments such as geographies, application and industry.

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The global market report covers exhaustive analysis on:

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

The Global Market: Regional analysis includes:

• North America (U.S., Canada)
• Latin America (Mexico, Brazil, Argentina, Chile, Peru)
• Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordics)
• Eastern Europe (Russia, Poland, CIS)
• Asia-Pacific (China, India, ASEAN, South Korea)
• Japan
• Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)

The global market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The global market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The global market report also maps the qualitative impact of various market factors on market segments and geographies.

Global P-Hydroxybenzoic Acid (PHBA) Market Segmentation