Italy: Benzoic Acid Market 2024

Benzoic Acid Market Size in Italy

The Italian benzoic acid market totaled $X in 2021, approximately equating the previous year. Over the period under review, consumption continues to indicate a noticeable shrinkage. Benzoic acid consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in Italy

In value terms, benzoic acid production soared to $X in 2021 estimated in export price. In general, production, however, showed a abrupt downturn. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports from Italy

In 2021, exports of benzoic acid, its salts and esters from Italy surged to X tons, growing by 37% on the previous year. Over the period under review, exports, however, showed a perceptible contraction. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports recorded a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Germany (X tons) and China (X tons) were the main destinations of benzoic acid exports from Italy, with a combined 47% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +57.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from Italy were the United States ($X), Germany ($X) and China ($X), together accounting for 44% of total exports.

China, with a CAGR of +58.3%, saw 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, rising by 19% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, benzoic acid export price increased by +45.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 22%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Slovenia ($X per ton), while the average price for exports to Switzerland ($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 Slovenia (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Italy

Benzoic acid imports into Italy shrank to X tons in 2021, waning by -9.7% on 2020 figures. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 17%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports rose sharply to $X in 2021. Over the period under review, imports saw a mild reduction. The growth pace was the most rapid in 2013 with an increase of 15%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of benzoic acid to Italy, with a 68% share of total imports. Moreover, benzoic acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Belgium (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.7% per year) and Belgium (-1.6% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of benzoic acid, its salts and esters to Italy, comprising 62% of total imports. The second position in the ranking was held by Belgium ($X), with a 13% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands stood at -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-2.4% per year) and China (+14.2% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, growing by 18% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Estonia (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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