Israel: Benzoic Acid Market 2024

Benzoic Acid Market Size in Israel

After five years of growth, the Israeli benzoic acid market decreased by -0.2% to $X in 2021. Over the period under review, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.9% 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 +102.6% against 2015 indices. Benzoic acid consumption peaked at $X in 2020, and then shrank slightly in the following year.

Benzoic Acid Production in Israel

In value terms, benzoic acid production contracted to $X in 2021 estimated in export price. Overall, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +117.0% against 2015 indices. The growth pace was the most rapid in 2019 with an increase of 44% against the previous year. Benzoic acid production peaked at $X in 2020, and then dropped in the following year.

Benzoic Acid Exports

Exports from Israel

In 2021, after two years of growth, there was significant decline in shipments abroad of benzoic acid, its salts and esters, when their volume decreased by -6.1% to X tons. Over the period under review, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 303% against the previous year. The exports peaked at X tons in 2020, and then shrank in the following year.

In value terms, benzoic acid exports rose to $X in 2021. Overall, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 280% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Poland (X tons) was the main destination for benzoic acid exports from Israel, accounting for a 65% share of total exports. Moreover, benzoic acid exports to Poland exceeded the volume sent to the second major destination, Russia (X tons), threefold. The third position in this ranking was held by the UK (X tons), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Poland amounted to +64.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+133.9% per year) and the UK (+50.6% per year).

In value terms, Poland ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Israel, comprising 65% of total exports. The second position in the ranking was held by Russia ($X), with a 26% share of total exports. It was followed by the UK, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value to Poland amounted to +62.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+148.6% per year) and the UK (+55.4% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, with an increase of 9.4% against the previous year. Over the period under review, the export price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2016 an increase of 30%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Spain ($X per ton) and Russia ($X per ton), while the average price for exports to the UK ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+6.3%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into Israel

Benzoic acid imports into Israel reached X tons in 2021, picking up by 14% compared with the previous year. Overall, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.5% 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 decreased by -12.4% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 91%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, benzoic acid imports surged to $X in 2021. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.9% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 104% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to Israel, with a 59% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, Ireland (X tons), fourfold. The third position in this ranking was taken by the Netherlands (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+1,313.4% per year) and the Netherlands (-3.6% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Israel, comprising 59% of total imports. The second position in the ranking was held by Ireland ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+1,390.0% per year) and the Netherlands (-4.0% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, with an increase of 7.4% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 15% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Romania ($X per ton), while the price for Italy ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ireland (+5.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :