Australia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Australia

The Australian benzoic acid market amounted to $X in 2021, with an increase of 9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Benzoic acid consumption peaked in 2021 and is expected to retain growth in the immediate term.

Benzoic Acid Exports

Exports from Australia

In 2021, overseas shipments of benzoic acid, its salts and esters decreased by -90% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports faced a abrupt descent. The pace of growth appeared the most rapid in 2016 with an increase of 234% against the previous year. The exports peaked at X tons in 2020, and then shrank notably in the following year.

In value terms, benzoic acid exports contracted notably to $X in 2021. In general, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 284%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Fiji (X kg), Papua New Guinea (X kg) and Solomon Islands (X kg) were the main destinations of benzoic acid exports from Australia, with a combined 93% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Fiji (with a CAGR of +8.7%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for benzoic acid exported from Australia were Fiji ($X), Papua New Guinea ($X) and New Zealand ($X), together comprising 93% of total exports.

Among the main countries of destination, Papua New Guinea, with a CAGR of +4.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, surging by 75% against the previous year. Over the period under review, the export price, however, showed a slight shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 81% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Solomon Islands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+35.8%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Australia

In 2021, purchases abroad of benzoic acid, its salts and esters increased by 3% to X tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 22%. Imports peaked in 2021 and are likely to continue growth in years to come.

In value terms, benzoic acid imports rose markedly to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 13%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest benzoic acid supplier to Australia, with a 61% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+3.6% per year) and the United States (-2.5% per year).

In value terms, the largest benzoic acid suppliers to Australia were China ($X), the Netherlands ($X) and the United States ($X), together accounting for 91% of total imports.

China, with a CAGR of +5.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, surging by 6.6% against the previous year. In general, the import price, however, continues to indicate a slight descent. The most prominent rate of growth was recorded in 2018 an increase of 9.6%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 Netherlands (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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