Central Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Central Asia

In 2021, the Central Asian benzoic acid market decreased by -14.8% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption saw a pronounced decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Benzoic Acid Production in Central Asia

In value terms, benzoic acid production contracted to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 37%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Benzoic Acid Exports

Exports in Central Asia

In 2021, shipments abroad of benzoic acid, its salts and esters decreased by -19.8% to X tons, falling for the third consecutive year after two years of growth. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 61%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports dropped markedly to $X in 2021. Over the period under review, exports saw a slight reduction. The growth pace was the most rapid in 2015 when exports increased by 43%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, Tajikistan (X tons) was the key exporter of benzoic acid, its salts and esters, comprising 73% of total exports. It was distantly followed by Kazakhstan (X tons), mixing up a 24% share of total exports. Uzbekistan (X kg) followed a long way behind the leaders.

Tajikistan was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +2.5% from 2012 to 2021. Uzbekistan experienced a relatively flat trend pattern. Kazakhstan (-4.4%) illustrated a downward trend over the same period. Tajikistan (+12 p.p.) and Uzbekistan (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while Kazakhstan saw its share reduced by -13.5% from 2012 to 2021, respectively.

In value terms, Tajikistan ($X) remains the largest benzoic acid supplier in Central Asia, comprising 70% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 27% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Tajikistan was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (-3.3% per year) and Uzbekistan (0.0% per year).

Export Prices by Country

In 2021, the export price in Central Asia amounted to $X per ton, surging by 5.8% against the previous year. In general, the export price, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2020 an increase of 11% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while Uzbekistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+1.1%).

Benzoic Acid Imports

Imports in Central Asia

Benzoic acid imports skyrocketed to X tons in 2021, growing by 22% on 2020 figures. Overall, imports continue to indicate a prominent increase. The growth pace was the most rapid in 2017 when imports increased by 113%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, benzoic acid imports surged to $X in 2021. Over the period under review, imports saw strong growth. The most prominent rate of growth was recorded in 2017 when imports increased by 97%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Uzbekistan (X tons) and Kazakhstan (X tons) dominates imports structure, together constituting 81% of total imports. It was distantly followed by Kyrgyzstan (X tons) and Turkmenistan (X tons), together making up a 15% share of total imports. Tajikistan (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +113.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Uzbekistan ($X), Kazakhstan ($X) and Kyrgyzstan ($X) constituted the countries with the highest levels of imports in 2021, with a combined 89% share of total imports.

In terms of the main importing countries, Kyrgyzstan, with a CAGR of +89.7%, 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 more modest paces of growth.

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2021, jumping by 21% against the previous year. Over the period under review, the import price, however, continues to indicate a mild decline. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 Tajikistan ($X per ton), while Kyrgyzstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+4.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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