Finland: Benzoic Acid Market 2024

Benzoic Acid Market Size in Finland

The Finnish benzoic acid market contracted to $X in 2021, reducing by -11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a pronounced increase 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. Based on 2021 figures, consumption increased by +63.6% against 2016 indices. Benzoic acid consumption peaked at $X in 2020, and then reduced in the following year.

Benzoic Acid Exports

Exports from Finland

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 82% to X tons, rising for the second consecutive year after three years of decline. In general, exports, however, recorded a abrupt shrinkage. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, benzoic acid exports surged to $X in 2021. Over the period under review, exports, however, faced a abrupt descent. The growth pace was the most rapid in 2014 when exports increased by 56% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Lithuania (X tons) was the main destination for benzoic acid exports from Finland, with a 82% share of total exports. Moreover, benzoic acid exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume to Lithuania stood at +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-23.4% per year) and Latvia (+5.1% per year).

In value terms, Lithuania ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Finland, comprising 74% of total exports. The second position in the ranking was held by Estonia ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Lithuania amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-24.3% per year) and Latvia (+8.6% per year).

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, declining by -23.2% against the previous year. Overall, the export price saw a pronounced decline. The most prominent rate of growth was recorded in 2013 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Latvia ($X per ton), while the average price for exports to Lithuania ($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 Latvia (+3.3%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into Finland

In 2021, the amount of benzoic acid, its salts and esters imported into Finland fell markedly to X tons, declining by -16.1% compared with the previous year's figure. Over the period under review, total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +3.3% 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 +33.3% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 59%. As a result, imports reached the peak of X tons, and then dropped notably in the following year.

In value terms, benzoic acid imports shrank slightly to $X in 2021. In general, total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.9% 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 +58.0% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 48% against the previous year. 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, Estonia (X tons) constituted the largest benzoic acid supplier to Finland, with a 43% share of total imports. Moreover, benzoic acid imports from Estonia exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was held by Denmark (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from Estonia totaled +19.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-9.2% per year) and Denmark (+42.7% per year).

In value terms, Estonia ($X) constituted the largest supplier of benzoic acid, its salts and esters to Finland, comprising 39% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 18% share of total imports. It was followed by Germany, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Estonia amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-8.7% per year) and Germany (-0.4% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, rising by 17% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 (+0.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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