Benelux: Benzoic Acid Market 2024

Benzoic Acid Market Size in Benelux

In 2021, the Benelux benzoic acid market decreased by -69.1% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption continues to indicate a drastic downturn. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Benzoic Acid Production in Benelux

In value terms, benzoic acid production reduced to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +41.3% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. The level of production peaked at $X in 2020, and then reduced in the following year.

Benzoic Acid Exports

Exports in Benelux

In 2021, shipments abroad of benzoic acid, its salts and esters increased by 7% to X tons, rising for the second year in a row after two years of decline. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.8% 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 +46.0% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 36% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Total exports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +69.1% against 2016 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 28% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

The Netherlands dominates exports structure, accounting for X tons, which was near 96% of total exports in 2021. Belgium (X tons) took a little share of total exports.

The Netherlands was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +7.7% from 2012 to 2021. Belgium (-4.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Netherlands increased by +7.2 percentage points.

In value terms, the Netherlands ($X) remains the largest benzoic acid supplier in Benelux, comprising 93% of total exports. The second position in the ranking was held by Belgium ($X), with a 6.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the Netherlands stood at +5.6%.

Export Prices by Country

The export price in Benelux stood at $X per ton in 2021, rising by 13% against the previous year. Over the period under review, the export price, however, continues to indicate a slight contraction. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the Netherlands stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.9%).

Benzoic Acid Imports

Imports in Benelux

In 2021, imports of benzoic acid, its salts and esters in Benelux dropped to X tons, waning by -9.8% on 2020 figures. Over the period under review, imports continue to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2020 when imports increased by 33%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, benzoic acid imports contracted to $X in 2021. In general, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2020 with an increase of 20%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Belgium (X tons) represented the major importer of benzoic acid, its salts and esters, committing 60% of total imports. It was distantly followed by the Netherlands (X tons), creating a 37% share of total imports. Luxembourg (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Belgium (with a CAGR of +0.6%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest benzoic acid importing markets in Benelux were Belgium ($X), the Netherlands ($X) and Luxembourg ($X).

The Netherlands, with a CAGR of +0.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Benelux amounted to $X per ton, growing by 5.1% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 27% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while Belgium ($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 (+5.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform