Croatia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Croatia

In 2021, the Croatian benzoic acid market increased by 15% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, saw a deep contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Benzoic Acid Exports

Exports from Croatia

Benzoic acid exports from Croatia contracted sharply to X tons in 2021, dropping by -62.8% against the previous year. In general, exports, however, continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 214%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, benzoic acid exports declined rapidly to $X in 2021. Over the period under review, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 126%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Slovenia (X tons) was the main destination for benzoic acid exports from Croatia, accounting for a 67% share of total exports. Moreover, benzoic acid exports to Slovenia exceeded the volume sent to the second major destination, Serbia (X tons), fourfold. The third position in this ranking was taken by Bosnia and Herzegovina (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Slovenia amounted to +180.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+52.9% per year) and Bosnia and Herzegovina (-17.2% per year).

In value terms, Slovenia ($X), Bosnia and Herzegovina ($X) and Serbia ($X) constituted the largest markets for benzoic acid exported from Croatia worldwide, with a combined 96% share of total exports.

Among the main countries of destination, Slovenia, with a CAGR of +184.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, picking up by 70% against the previous year. Over the period under review, the export price continues to indicate a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Slovenia ($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 Bosnia and Herzegovina (+17.4%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into Croatia

Benzoic acid imports into Croatia dropped to X tons in 2021, declining by -3.6% on 2020. Over the period under review, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2015 when imports increased by 35% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports expanded markedly to $X in 2021. Overall, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 31%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest benzoic acid supplier to Croatia, with a 66% share of total imports. Moreover, benzoic acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Romania (X tons), sevenfold. India (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands stood at -6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+409.6% per year) and India (+36.2% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of benzoic acid, its salts and esters to Croatia, comprising 53% of total imports. The second position in the ranking was held by India ($X), with a 14% share of total imports. It was followed by Romania, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands totaled -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+43.7% per year) and Romania (+598.8% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, surging by 16% against the previous year. Overall, import price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.6% 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 import price increased by +50.2% against 2016 indices. The pace of growth appeared the most rapid in 2020 an increase of 22%. The import price peaked in 2021 and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+37.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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