Asia-Pacific: Benzoic Acid Market 2024

Benzoic Acid Market Size in Asia-Pacific

In 2021, the Asia-Pacific benzoic acid market decreased by -0.4% to $X, falling for the third year in a row after seven years of growth. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in Asia-Pacific

In value terms, benzoic acid production expanded to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 12%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Benzoic Acid Exports

Exports in Asia-Pacific

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 26% to X tons, rising for the fifth year in a row after two years of decline. Total exports indicated strong growth 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 +111.7% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 33% against the previous year. 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 surged to $X in 2021. Total exports indicated moderate growth 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 dominates exports structure, recording X tons, which was approx. 94% of total exports in 2021. India (X tons) took a little 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 ($X) remains the largest benzoic acid supplier in Asia-Pacific, comprising 73% of total exports. The second position in the ranking was taken by India ($X), with a 21% 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

The export price in Asia-Pacific stood at $X per ton in 2021, jumping by 16% against the previous year. Overall, the export price, however, recorded a perceptible setback. The pace of growth appeared the most rapid in 2016 when the export price increased by 27% against the previous year. Over the period under review, the export prices hit record highs 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 amounted to $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-Pacific

In 2021, benzoic acid imports in Asia-Pacific surged to X tons, with an increase of 16% compared with the year before. The total import volume increased at an average annual rate of +5.1% 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.

In value terms, benzoic acid imports surged to $X in 2021. The total import value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons), distantly followed by Thailand (X tons), Indonesia (X tons), China (X tons), South Korea (X tons), Japan (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons) represented the largest importers of benzoic acid, its salts and esters, together making up 82% of total imports. The Philippines (X tons) held a relatively small share of total imports.

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 ($X) constitutes the largest market for imported benzoic acid, its salts and esters in Asia-Pacific, comprising 26% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Thailand, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in India totaled +4.2%. In the other countries, the average annual rates were as follows: China (+5.0% per year) and Thailand (+2.6% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, picking up by 13% against the previous year. In general, the import price, however, showed a slight decrease. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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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