Belgium: Benzoic Acid Market 2024

Benzoic Acid Market Size in Belgium

The Belgian benzoic acid market reduced dramatically to $X in 2021, which is down by -32.2% 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). Over the period under review, consumption, however, recorded a measured expansion. Over the period under review, the market attained the peak level at $X in 2020, and then reduced markedly in the following year.

Benzoic Acid Exports

Exports from Belgium

Benzoic acid exports from Belgium surged to X tons in 2021, picking up by 250% against the previous year. Overall, exports, however, continue to indicate a perceptible decrease. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports surged to $X in 2021. In general, exports, however, recorded a noticeable curtailment. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

France (X tons), Germany (X tons) and the Netherlands (X tons) were the main destinations of benzoic acid exports from Belgium, together comprising 62% of total exports. Italy, Spain, Slovenia, China and the United States lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Slovenia (with a CAGR of +146.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the Netherlands ($X) were the largest markets for benzoic acid exported from Belgium worldwide, together comprising 61% of total exports. Italy, Spain, Slovenia, China and the United States lagged somewhat behind, together comprising a further 28%.

In terms of the main countries of destination, Slovenia, with a CAGR of +142.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, reducing by -15.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 44% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined markedly in the following year.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Germany ($X per ton) and the United States ($X per ton), while the average price for exports to France ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+1.8%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Belgium

In 2021, supplies from abroad of benzoic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 43%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, benzoic acid imports shrank modestly to $X in 2021. Over the period under review, imports, however, continue to indicate a slight setback. The growth pace was the most rapid in 2013 with an increase of 30%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

France (X tons), the Netherlands (X tons) and Germany (X tons) were the main suppliers of benzoic acid imports to Belgium, together comprising 94% of total imports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +27.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid suppliers to Belgium were France ($X), the Netherlands ($X) and the United States ($X), with a combined 88% share of total imports. Germany, China, the UK and Italy lagged somewhat behind, together comprising a further 9.2%.

In terms of the main suppliers, Germany, with a CAGR of +12.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, which is down by -8.4% against the previous year. In general, the import price saw a perceptible slump. The pace of growth was the most pronounced in 2019 when the average import price increased by 37% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the price for Germany ($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 (+13.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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