Global p-Hydroxybenzoic Acid (PHBA) Market Introduction
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.
Global P-Hydroxybenzoic Acid (PHBA) Market Segmentation
On the basis of type, the global p-hydroxybenzoic acid (PHBA) market can be segmented as:
- Bio-based
- Chemical based
On the basis of applications, the global p-hydroxybenzoic acid (PHBA) market can be segmented as:
- Anesthetic
- SERMs
- Antibiotics
- Liquid Crystal Polymer (LCP) Yarn
On the basis of end use, the global p-hydroxybenzoic acid (PHBA) market can be segmented as:
- Pharmaceutical
- Polymer & Textile
- Other Industries
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.
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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.