Malaysia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Malaysia

In 2021, the Malaysian benzoic acid market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, saw a pronounced decline. Benzoic acid consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Exports

Exports from Malaysia

After three years of growth, shipments abroad of benzoic acid, its salts and esters decreased by -20.3% to X tons in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 154% against the previous year. As a result, the exports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, benzoic acid exports reduced remarkably to $X in 2021. Overall, exports, however, recorded slight growth. The most prominent rate of growth was recorded in 2020 with an increase of 105%. As a result, the exports attained the peak of $X, and then plummeted in the following year.

Exports by Country

The United States (X tons), Singapore (X tons) and Egypt (X tons) were the main destinations of benzoic acid exports from Malaysia, together comprising 70% of total exports. Brunei Darussalam, China, the Philippines, India, New Zealand, Ghana, Vietnam, the United Arab Emirates and Indonesia lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Zealand (with a CAGR of +115.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from Malaysia were Singapore ($X), the United States ($X) and India ($X), together accounting for 64% of total exports. These countries were followed by New Zealand, Brunei Darussalam, Egypt, China, the Philippines, Vietnam, the United Arab Emirates, Indonesia and Ghana, which together accounted for a further 31%.

Brunei Darussalam, with a CAGR of +98.0%, recorded the highest rates of growth with regard to the value of exports, in terms of 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, falling by -10.9% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 26% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Ghana ($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 (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Malaysia

In 2021, approx. X tons of benzoic acid, its salts and esters were imported into Malaysia; picking up by 4.6% against the previous year's figure. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 33% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in years to come.

In value terms, benzoic acid imports expanded to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 21%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to Malaysia, accounting for a 63% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was taken by the United States (X tons), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-1.3% per year) and the United States (-8.9% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Malaysia, comprising 48% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 16% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-4.6% per year) and the United States (-11.8% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, falling by -2.7% against the previous year. In general, the import price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 when the average import price increased by 24%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-2.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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