Eastern Europe: Benzoic Acid Market 2024

Benzoic Acid Market Size in Eastern Europe

The East European benzoic acid market soared to $X in 2021, jumping by 31% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Production in Eastern Europe

In value terms, benzoic acid production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 18% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports in Eastern Europe

For the sixth year in a row, Eastern Europe recorded growth in shipments abroad of benzoic acid, its salts and esters, which increased by 15% to X tons in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +7.4% 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 +54.2% against 2014 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 18%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, benzoic acid exports soared to $X in 2021. The total export value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Estonia represented the largest exporting country with an export of around X tons, which resulted at 83% of total exports. It was distantly followed by Romania (X tons), constituting a 14% share of total exports. Poland (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to benzoic acid exports from Estonia stood at +7.3%. At the same time, Romania (+10.0%) and Poland (+2.2%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +10.0% from 2012-2021. From 2012 to 2021, the share of Romania increased by +2.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Estonia ($X) remains the largest benzoic acid supplier in Eastern Europe, comprising 82% of total exports. The second position in the ranking was held by Romania ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Estonia amounted to +4.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Romania (+8.6% per year) and Poland (+3.0% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2021, rising by 7.9% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2018 an increase of 8.7%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Poland ($X per ton), while Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+0.8%), while the other leaders experienced a decline in the export price figures.

Benzoic Acid Imports

Imports in Eastern Europe

Benzoic acid imports reduced modestly to X tons in 2021, remaining relatively unchanged against the previous year's figure. The total import volume increased at an average annual rate of +1.7% 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 2013 with an increase of 41%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, benzoic acid imports reduced to $X in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.6% against 2015 indices. The pace of growth was the most pronounced in 2020 when imports increased by 31%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

Russia (X tons) and Poland (X tons) represented roughly 66% of total imports in 2021. It was distantly followed by Ukraine (X tons), Romania (X tons) and Hungary (X tons), together achieving a 19% share of total imports. The following importers - the Czech Republic (X tons) and Belarus (X tons) - together made up 6.9% of total imports.

From 2012 to 2021, the biggest increases were recorded for Belarus (with a CAGR of +10.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Poland ($X) and Ukraine ($X) were the countries with the highest levels of imports in 2021, together comprising 71% of total imports. Romania, Hungary, Belarus and the Czech Republic lagged somewhat behind, together accounting for a further 20%.

In terms of the main importing countries, Belarus, with a CAGR of +15.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2021, with a decrease of -4.2% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 20% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belarus ($X per ton), while Romania ($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

Frequently Asked Questions (FAQ) :