Hong Kong SAR, China: Benzoic Acid Market 2024

Benzoic Acid Market Size in Hong Kong SAR, China

In 2021, the Hong Kong benzoic acid market increased by 14% to $X, rising for the second year in a row after three years of decline. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.0% 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 +14.8% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Benzoic Acid Production in Hong Kong SAR, China

In value terms, benzoic acid production rose slightly to $X in 2021 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -27.0% against 2016 indices. The growth pace was the most rapid in 2016 with an increase of 74% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Benzoic Acid Exports

Exports from Hong Kong SAR, China

In 2021, the amount of benzoic acid, its salts and esters exported from Hong Kong SAR contracted markedly to X tons, declining by -79.7% compared with 2020. In general, exports recorded a abrupt downturn. The growth pace was the most rapid in 2019 with an increase of 461% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, benzoic acid exports contracted dramatically to $X in 2021. Over the period under review, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 407% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for benzoic acid exports from Hong Kong SAR, with a 76% share of total exports. Moreover, benzoic acid exports to China exceeded the volume sent to the second major destination, Canada (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume to China stood at -17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and India (+38.3% per year).

In value terms, China ($X), Canada ($X) and India ($X) appeared to be the largest markets for benzoic acid exported from Hong Kong SAR worldwide, together comprising 92% of total exports.

India, with a CAGR of +38.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, picking up by 80% against the previous year. Overall, the export price enjoyed measured growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to China ($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 India (+0.4%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of benzoic acid, its salts and esters increased by 20% to X tons, rising for the third consecutive year after two years of decline. Overall, imports, however, saw a mild curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by 63% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, benzoic acid imports skyrocketed to $X in 2021. Over the period under review, imports saw a notable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of benzoic acid imports to Hong Kong SAR, with a combined 80% share of total imports. These countries were followed by Malaysia, Taiwan (Chinese), Canada and South Korea, which together accounted for a further 20%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +546.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid suppliers to Hong Kong SAR were the United States ($X), China ($X) and the Netherlands ($X), with a combined 68% share of total imports. These countries were followed by Malaysia, Canada, South Korea and Taiwan (Chinese), which together accounted for a further 32%.

Among the main suppliers, South Korea, with a CAGR of +278.8%, saw the highest rates of growth with regard to 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 average benzoic acid import price stood at $X per ton in 2021, picking up by 53% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :