Eastern Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Eastern Asia

For the third year in a row, the East Asian benzoic acid market recorded decline in sales value, which decreased by -2.1% to $X in 2021. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in Eastern Asia

In value terms, benzoic acid production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 17% 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 in Eastern Asia

In 2021, shipments abroad of benzoic acid, its salts and esters increased by 25% to X tons, rising for the fifth year in a row after two years of decline. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +115.7% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 36%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, benzoic acid exports soared to $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. 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 biggest shipments were from China (X tons), together accounting for 99% of total export.

China was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +7.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest benzoic acid supplier in Eastern Asia.

In China, benzoic acid exports expanded at an average annual rate of +4.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, increasing by 25% against the previous year. Over the period under review, the export price, however, recorded a perceptible shrinkage. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -3.6% per year.

Benzoic Acid Imports

Imports in Eastern Asia

In 2021, overseas purchases of benzoic acid, its salts and esters increased by 35% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports skyrocketed to $X in 2021. Total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +65.7% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons), South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) was the main importer of benzoic acid, its salts and esters in Eastern Asia, making up 100% of total import.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +14.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid importing markets in Eastern Asia were China ($X), South Korea ($X) and Japan ($X), with a combined 85% share of total imports.

In terms of the main importing countries, South Korea, with a CAGR of +14.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, increasing by 14% against the previous year. In general, the import price, however, saw a mild contraction. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :