China: Benzoic Acid Market 2024

Benzoic Acid Market Size in China

For the third year in a row, the Chinese benzoic acid market recorded decline in sales value, which decreased by -12.6% to $X in 2021. Over the period under review, consumption showed a slight reduction. Benzoic acid consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Benzoic Acid Production in China

In value terms, benzoic acid production reached $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 12% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Benzoic Acid Exports

Exports from China

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 26% to X tons, rising for the fifth consecutive year after two years of decline. Over the period under review, total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.9% 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 +116.9% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 37% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Overall, total exports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for benzoic acid exports from China, accounting for a 14% share of total exports. Moreover, benzoic acid exports to the United States exceeded the volume sent to the second major destination, India (X tons), twofold. The third position in this ranking was held by Turkey (X tons), with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+11.2% per year) and Turkey (+17.3% per year).

In value terms, the United States ($X) remains the key foreign market for benzoic acid, its salts and esters exports from China, comprising 16% of total exports. The second position in the ranking was held by Turkey ($X), with a 5.5% share of total exports. It was followed by India, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+13.7% per year) and India (+5.2% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, growing by 26% against the previous year. Overall, the export price, however, saw a pronounced downturn. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and South Korea ($X per ton), while the average price for exports to India ($X per ton) and Russia ($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 Vietnam (-0.4%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into China

Benzoic acid imports into China skyrocketed to X tons in 2021, growing by 28% against 2020 figures. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2020 when imports increased by 218%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, benzoic acid imports soared to $X in 2021. Overall, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 78% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of benzoic acid to China, accounting for a 75% share of total imports. Moreover, benzoic acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Estonia (X tons), more than tenfold. The third position in this ranking was taken by Italy (X tons), with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands amounted to +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+67.5% per year) and Italy (+43.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of benzoic acid, its salts and esters to China, comprising 45% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports. It was followed by Estonia, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands stood at +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.2% per year) and Estonia (+75.0% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, growing by 2.7% against the previous year. In general, the import price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 an increase of 23% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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