Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Asia

In 2021, the Asian benzoic acid market decreased by -0.3% to $X, falling for the third consecutive year after seven years of growth. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Benzoic Acid Production in Asia

In value terms, benzoic acid production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 11%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Benzoic Acid Exports

Exports in Asia

In 2021, shipments abroad of benzoic acid, its salts and esters increased by 26% to X tons, rising for the fifth consecutive year after two years of decline. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +110.1% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 34%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, benzoic acid exports soared to $X in 2021. Total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, amounting to X tons, which was approx. 93% of total exports in 2021. India (X tons) took a minor share of total exports.

China was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +7.9% from 2012 to 2021. At the same time, India (+7.8%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest benzoic acid supplier in Asia, comprising 72% of total exports. The second position in the ranking was taken by India ($X), with a 20% share of total exports.

In China, benzoic acid exports increased at an average annual rate of +4.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with an increase of 15% against the previous year. In general, the export price, however, continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2016 when the export price increased by 27% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-2.5%).

Benzoic Acid Imports

Imports in Asia

Benzoic acid imports expanded rapidly to X tons in 2021, increasing by 13% on 2020 figures. The total import volume increased at an average annual rate of +5.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons), followed by Turkey (X tons), Thailand (X tons), Indonesia (X tons), China (X tons), South Korea (X tons), Japan (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons) were the key importers of benzoic acid, its salts and esters, together constituting 84% of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +14.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported benzoic acid, its salts and esters in Asia, comprising 23% of total imports. The second position in the ranking was held by China ($X), with a 9.7% share of total imports. It was followed by Thailand, with a 9.5% share.

In India, benzoic acid imports increased at an average annual rate of +4.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: China (+5.0% per year) and Thailand (+2.6% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, increasing by 16% against the previous year. Overall, the import price, however, recorded a slight shrinkage. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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