Ireland: Benzoic Acid Market 2024

Benzoic Acid Market Size in Ireland

In 2021, the Irish benzoic acid market increased by 13% to $X, rising for the fourth year in a row after two years of decline. In general, consumption saw a prominent expansion. Benzoic acid consumption peaked in 2021 and is expected to retain growth in the immediate term.

Benzoic Acid Exports

Exports from Ireland

After three years of decline, overseas shipments of benzoic acid, its salts and esters increased by 29% to X tons in 2021. Over the period under review, exports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 51%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for benzoic acid exports from Ireland, accounting for a 50% share of total exports. Moreover, benzoic acid exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), threefold. The third position in this ranking was held by Iran (X tons), with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +44.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-2.6% per year) and Iran (+20.4% per year).

In value terms, the United States ($X) emerged as the key foreign market for benzoic acid, its salts and esters exports from Ireland, comprising 53% of total exports. The second position in the ranking was held by the UK ($X), with a 22% share of total exports. It was followed by Iran, with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +66.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+11.9% per year) and Iran (+24.1% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, picking up by 52% against the previous year. Overall, the export price posted a resilient increase. As a result, the export price reached 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 the UK ($X per ton), while the average price for exports to Iran ($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 Germany (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Ireland

In 2021, overseas purchases of benzoic acid, its salts and esters increased by 26% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 81% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, benzoic acid imports expanded slightly to $X in 2021. In general, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +10.4% 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 +24.7% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 81%. Imports peaked at $X in 2018; afterwards, it flattened through to 2021.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of benzoic acid to Ireland, with a 69% share of total imports. Moreover, benzoic acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the UK (X tons), tenfold. The third position in this ranking was taken by Poland (X tons), with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-0.5% per year) and Poland (+524.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of benzoic acid, its salts and esters to Ireland, comprising 56% of total imports. The second position in the ranking was held by Poland ($X), with a 10% share of total imports. It was followed by China, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands amounted to +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+383.4% per year) and China (+134.0% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, shrinking by -17.7% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 30%. As a result, import price attained the peak level of $X per ton, and then dropped dramatically in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Estonia (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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