Argentina: Benzoic Acid Market 2024

Benzoic Acid Market Size in Argentina

After two years of growth, the Argentinian benzoic acid market decreased by -11.9% to $X in 2021. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then fell in the following year.

Benzoic Acid Production in Argentina

In value terms, benzoic acid production dropped slightly to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 28%. Over the period under review, production reached the peak level at $X in 2020, and then fell in the following year.

Benzoic Acid Exports

Exports from Argentina

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 212% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, showed a abrupt setback. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a drastic downturn. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Uruguay (X tons) and Paraguay (X tons) were the main destinations of benzoic acid exports from Argentina.

From 2012 to 2021, the biggest increases were recorded for Uruguay (with a CAGR of +16.9%).

In value terms, Uruguay ($X) and Paraguay ($X) constituted the largest markets for benzoic acid exported from Argentina worldwide.

In terms of the main countries of destination, Uruguay, with a CAGR of +14.1%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, which is down by -16.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2020 an increase of 19%. As a result, the export price attained the peak level of $X per ton, and then declined significantly in the following year.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Paraguay ($X per ton), while the average price for exports to Uruguay totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Paraguay (+0.7%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into Argentina

Benzoic acid imports into Argentina declined markedly to X tons in 2021, falling by -25.6% against 2020. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 156% against the previous year. Imports peaked at X tons in 2020, and then declined notably in the following year.

In value terms, benzoic acid imports rose markedly to $X in 2021. Over the period under review, total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +35.4% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 118%. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to Argentina, accounting for a 53% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, Estonia (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+4.7% per year) and the Netherlands (-9.6% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Argentina, comprising 43% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by Estonia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.9% per year) and Estonia (+7.8% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, picking up by 53% against the previous year. Overall, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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