GCC: Benzoic Acid Market 2024

Benzoic Acid Market Size in GCC

After three years of growth, the GCC benzoic acid market decreased by -6.5% to $X in 2021. In general, consumption, however, recorded buoyant growth. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Benzoic Acid Production in GCC

In value terms, benzoic acid production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 127%. Over the period under review, production hit record highs at $X in 2020, and then fell slightly in the following year.

Benzoic Acid Exports

Exports in GCC

In 2021, shipments abroad of benzoic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 325% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports surged to $X in 2021. Over the period under review, exports showed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 121% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the main exporter of benzoic acid, its salts and esters in GCC, with the volume of exports finishing at X tons, which was near 83% of total exports in 2021. It was distantly followed by Bahrain (X tons), constituting a 16% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to benzoic acid exports from the United Arab Emirates stood at +25.1%. At the same time, Bahrain (+114.3%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +114.3% from 2012-2021. From 2012 to 2021, the share of Bahrain increased by +16 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest benzoic acid supplier in GCC, comprising 69% of total exports. The second position in the ranking was held by Bahrain ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +11.5%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, dropping by -39.8% against the previous year. Overall, the export price continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2015 an increase of 70%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-10.9%).

Benzoic Acid Imports

Imports in GCC

In 2021, approx. X tons of benzoic acid, its salts and esters were imported in GCC; which is down by -34.6% compared with the previous year. Overall, imports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 227%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports fell dramatically to $X in 2021. Over the period under review, imports recorded a mild decline. The growth pace was the most rapid in 2017 when imports increased by 211% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, reaching X tons, which was approx. 83% of total imports in 2021. It was distantly followed by Kuwait (X tons) and Oman (X tons), together generating a 12% share of total imports. Bahrain (X tons) held a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +2.8% from 2012 to 2021. At the same time, Bahrain (+35.0%), Kuwait (+14.2%) and Oman (+1.7%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +35.0% from 2012-2021. While the share of the United Arab Emirates (+30 p.p.), Kuwait (+5.1 p.p.), Bahrain (+4 p.p.) and Oman (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported benzoic acid, its salts and esters in GCC, comprising 78% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 7.6% share of total imports. It was followed by Oman, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +4.7%. In the other countries, the average annual rates were as follows: Kuwait (+10.0% per year) and Oman (+1.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, increasing by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2015 when the import price increased by 35%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

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 Bahrain ($X per ton), while the United Arab Emirates ($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 United Arab Emirates (+1.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform