CIS: Benzoic Acid Market 2024

Benzoic Acid Market Size in CIS

The CIS benzoic acid market shrank modestly to $X in 2021, with a decrease of -1.9% against the previous year. In general, consumption recorded a noticeable slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Benzoic Acid Production in CIS

In value terms, benzoic acid production expanded modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by 46% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Benzoic Acid Exports

Exports in CIS

In 2021, the amount of benzoic acid, its salts and esters exported in the CIS soared to X tons, growing by 118% on the previous year. Over the period under review, exports continue to indicate a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid exports surged to $X in 2021. In general, exports recorded a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia prevails in exports structure, accounting for X tons, which was near 96% of total exports in 2021. Tajikistan (X tons) took a relatively small share of total exports.

Russia was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +18.2% from 2012 to 2021. At the same time, Tajikistan (+2.5%) displayed positive paces of growth. From 2012 to 2021, the share of Russia increased by +18 percentage points.

In value terms, Russia ($X) remains the largest benzoic acid supplier in the CIS, comprising 97% of total exports. The second position in the ranking was taken by Tajikistan ($X), with a 2.3% share of total exports.

In Russia, benzoic acid exports increased at an average annual rate of +15.5% over the period from 2012-2021.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2021, growing by 25% against the previous year. Over the period under review, the export price, however, recorded a mild curtailment. 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 remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per ton), while Tajikistan totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (-2.2%).

Benzoic Acid Imports

Imports in CIS

In 2021, the amount of benzoic acid, its salts and esters imported in the CIS shrank to X tons, waning by -12.2% on the year before. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. 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 fell dramatically to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 62% against the previous year. As a result, imports reached the peak of $X, and then contracted remarkably in the following year.

Imports by Country

Russia dominates imports structure, accounting for X tons, which was near 84% of total imports in 2021. It was distantly followed by Belarus (X tons), committing an 8.3% share of total imports. The following importers - Uzbekistan (X tons), Kazakhstan (X tons) and Azerbaijan (X tons) - each resulted at a 6.4% share of total imports.

Imports into Russia decreased at an average annual rate of -1.4% from 2012 to 2021. At the same time, Azerbaijan (+21.2%), Uzbekistan (+13.8%), Belarus (+10.5%) and Kazakhstan (+2.0%) displayed positive paces of growth. Moreover, Azerbaijan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +21.2% from 2012-2021. Belarus (+4.9 p.p.) and Uzbekistan (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Russia saw its share reduced by -9.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported benzoic acid, its salts and esters in the CIS, comprising 81% of total imports. The second position in the ranking was taken by Belarus ($X), with an 11% share of total imports. It was followed by Uzbekistan, with a 2.2% share.

In Russia, benzoic acid imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Belarus (+15.3% per year) and Uzbekistan (+18.3% per year).

Import Prices by Country

In 2021, the import price in the CIS amounted to $X per ton, waning by -20.7% against the previous year. Overall, the import price, however, continues to indicate a modest expansion. The growth pace was the most rapid in 2020 when the import price increased by 54%. As a result, import price attained the peak level of $X per ton, and then fell rapidly in the following year.

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 Belarus ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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