India: Benzoic Acid Market 2024

Benzoic Acid Market Size in India

After two years of growth, the Indian benzoic acid market decreased by -0.9% to $X in 2021. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then fell modestly in the following year.

Benzoic Acid Production in India

In value terms, benzoic acid production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 18%. Benzoic acid production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports from India

In 2021, approx. X tons of benzoic acid, its salts and esters were exported from India; rising by 32% on 2020. Over the period under review, exports enjoyed buoyant growth. The pace of growth was the most pronounced in 2016 when exports increased by 43% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Overall, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +139.8% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 42%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

The United States (X tons), Germany (X tons) and Saudi Arabia (X tons) were the main destinations of benzoic acid exports from India, with a combined 44% share of total exports. These countries were followed by the Netherlands, Bangladesh, Nigeria, Egypt, the United Arab Emirates, Spain, Italy, Mexico, China and Bahrain, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +80.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from India were the Netherlands ($X), the United States ($X) and Germany ($X), with a combined 42% share of total exports. These countries were followed by Egypt, China, Spain, Saudi Arabia, Italy, Bangladesh, Mexico, Bahrain, Nigeria and the United Arab Emirates, which together accounted for a further 24%.

Bahrain, with a CAGR of +78.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, with a decrease of -11.3% against the previous year. Over the period under review, the export price saw a perceptible curtailment. The most prominent rate of growth was recorded in 2017 an increase of 16% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Nigeria ($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 Egypt (+13.3%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into India

In 2021, the amount of benzoic acid, its salts and esters imported into India stood at X tons, rising by 1.9% compared with the year before. Overall, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.9% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 23%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.2% 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 2014 when imports increased by 27% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest benzoic acid supplier to India, with a 84% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. The third position in this ranking was held by the Netherlands (X tons), with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+3.2% per year) and the Netherlands (-6.1% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to India, comprising 80% of total imports. The second position in the ranking was held by France ($X), with a 9.2% share of total imports. It was followed by Japan, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+4.5% per year) and Japan (+10.8% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, increasing by 23% against the previous year. Over the period under review, the import price, however, saw a perceptible descent. The import price peaked at $X per ton in 2014; however, from 2015 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 France ($X per ton), while the price for the Netherlands ($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 (+1.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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