Europe: Benzoic Acid Market 2024

Benzoic Acid Market Size in Europe

The Europe benzoic acid market amounted to $X in 2021, standing approx. at the previous year. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in Europe

In value terms, benzoic acid production fell slightly to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 13% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports in Europe

Benzoic acid exports amounted to X tons in 2021, rising by 8.2% on 2020. The total export volume increased at an average annual rate of +5.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 22% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, benzoic acid exports soared to $X in 2021. The total export value increased at an average annual rate of +3.0% 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 when exports increased by 24% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, the Netherlands (X tons) was the main exporter of benzoic acid, its salts and esters, generating 60% of total exports. It was distantly followed by Estonia (X tons) and France (X tons), together generating a 26% share of total exports. Romania (X tons), Belgium (X tons) and Germany (X tons) followed a long way behind the leaders.

Exports from the Netherlands increased at an average annual rate of +7.7% from 2012 to 2021. 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 Europe, 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. From 2012 to 2021, the share of the Netherlands and Estonia increased by +12 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest benzoic acid supplier in Europe, comprising 54% of total exports. The second position in the ranking was held by Estonia ($X), with a 17% share of total exports. It was followed by France, with a 7.3% 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 Europe amounted to $X per ton, rising by 13% against the previous year. In general, the export price, however, showed a noticeable decrease. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Europe

Benzoic acid imports dropped to X tons in 2021, flattening at the year before. Overall, imports, however, recorded a mild expansion. The pace of growth was the most pronounced in 2013 when imports increased by 16%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports reached $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 only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced 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), the UK (X tons), Spain (X tons) and Russia (X tons) represented the major importers of benzoic acid, its salts and esters, together achieving 81% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main 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, Germany ($X), France ($X) and Belgium ($X) constituted the countries with the highest levels of imports in 2021, with a combined 40% share of total imports. These countries were followed by Italy, the UK, the Netherlands, Spain, Russia and Denmark, which together accounted for a further 39%.

Among the main importing countries, Denmark, with a CAGR of +9.3%, 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

In 2021, the import price in Europe amounted to $X per ton, surging by 9.3% against the previous year. Overall, the import price recorded a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2013; afterwards, it flattened through to 2021.

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 the UK ($X per ton), while Denmark ($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