Chile: Benzoic Acid Market 2024

Benzoic Acid Market Size in Chile

In 2021, the Chilean benzoic acid market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, recorded a slight decrease. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Benzoic Acid Exports

Exports from Chile

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 35% to X tons, rising for the third consecutive year after six years of decline. Over the period under review, exports, however, saw a dramatic decrease. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports, however, faced a abrupt decline. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Paraguay (X tons) was the main destination for benzoic acid exports from Chile, with a 90% share of total exports. Moreover, benzoic acid exports to Paraguay exceeded the volume sent to the second major destination, Costa Rica (X kg), more than tenfold. Bolivia (X kg) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to Paraguay was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (0.0% per year) and Bolivia (-6.8% per year).

In value terms, Paraguay ($X) emerged as the key foreign market for benzoic acid, its salts and esters exports from Chile, comprising 86% of total exports. The second position in the ranking was held by Costa Rica ($X), with an 8.9% share of total exports. It was followed by Bolivia, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Paraguay was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (0.0% per year) and Bolivia (-13.5% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, growing by 6.8% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, benzoic acid export price increased by +97.8% against 2017 indices. The pace of growth was the most pronounced in 2018 an increase of 70%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Brazil ($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 Brazil (+1.8%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into Chile

In 2021, supplies from abroad of benzoic acid, its salts and esters was finally on the rise to reach X tons after two years of decline. In general, imports, however, showed a mild decline. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, benzoic acid imports soared to $X in 2021. Over the period under review, imports, however, saw a noticeable contraction. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest benzoic acid supplier to Chile, accounting for a 55% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was held by Estonia (X tons), with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-11.3% per year) and Estonia (+267.2% per year).

In value terms, China ($X), the Netherlands ($X) and Finland ($X) were the largest benzoic acid suppliers to Chile, together comprising 81% of total imports. These countries were followed by Estonia, the United States and Argentina, which together accounted for a further 16%.

Estonia, with a CAGR of +185.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, rising by 22% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices attained 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 supplying countries. In 2021, amid the top importers, the country with the highest price was Finland ($X per ton), while the price for China ($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 United States (+0.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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