EU: Benzoic Acid Market 2024

Benzoic Acid Market Size in the EU

The EU benzoic acid market amounted to $X in 2021, rising by 1.8% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Benzoic Acid Production in the EU

In value terms, benzoic acid production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 15% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Benzoic Acid Exports

Exports in the EU

Benzoic acid exports amounted to X tons in 2021, surging by 8.1% on 2020 figures. The total export volume increased at an average annual rate of +5.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 23%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady 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 +3.3% over the period 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 25%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

The Netherlands represented the largest exporter of benzoic acid, its salts and esters in the European Union, with the volume of exports accounting for X tons, which was near 61% of total exports in 2021. It was distantly followed by Estonia (X tons) and France (X tons), together making up a 27% share of total exports. Romania (X tons), Belgium (X tons) and Germany (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 the Netherlands stood at +7.7%. At the same time, Romania (+10.0%), Estonia (+7.3%) and France (+5.1%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +10.0% from 2012-2021. By contrast, Belgium (-4.0%) and Germany (-12.2%) illustrated a downward trend over the same period. While the share of the Netherlands (+11 p.p.) and Estonia (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Belgium (-3.7 p.p.) and Germany (-10.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest benzoic acid supplier in the European Union, comprising 56% of total exports. The second position in the ranking was held by Estonia ($X), with a 17% share of total exports. It was followed by France, with a 7.6% share.

In the Netherlands, benzoic acid exports increased at an average annual rate of +5.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Estonia (+4.7% per year) and France (+3.3% per year).

Export Prices by Country

In 2021, the export price in the European Union amounted to $X per ton, rising by 13% against the previous year. In general, the export price, however, recorded a mild descent. 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 Germany ($X per ton), while Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+4.3%), while the other leaders experienced mixed trends in the export price figures.

Benzoic Acid Imports

Imports in the EU

In 2021, purchases abroad of benzoic acid, its salts and esters increased by 3.2% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 17% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, benzoic acid imports expanded rapidly to $X in 2021. The total import value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2013 with an increase of 20%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons), distantly followed by Belgium (X tons), France (X tons), Italy (X tons), the Netherlands (X tons), Denmark (X tons), Spain (X tons) and Poland (X tons) were the major importers of benzoic acid, its salts and esters, together constituting 89% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Denmark (with a CAGR of +10.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid importing markets in the European Union were Germany ($X), France ($X) and Belgium ($X), together accounting for 49% of total imports. These countries were followed by Italy, the Netherlands, Spain, Denmark and Poland, which together accounted for a further 38%.

Denmark, with a CAGR of +9.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per ton, surging by 11% against the previous year. Overall, the import price recorded a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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