MENA: Benzoic Acid Market 2024

Benzoic Acid Market Size in MENA

The MENA's benzoic acid market expanded significantly to $X in 2021, rising by 5.6% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +76.1% against 2012 indices. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Benzoic Acid Production in MENA

In value terms, benzoic acid production declined slightly to $X in 2021 estimated in export price. Over the period under review, production, however, posted a strong expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 57%. The level of production peaked at $X in 2020, and then contracted slightly in the following year.

Benzoic Acid Exports

Exports in MENA

In 2021, shipments abroad of benzoic acid, its salts and esters was finally on the rise to reach X tons after three years of decline. Over the period under review, exports posted a tangible increase. The most prominent rate of growth was recorded in 2017 with an increase of 59%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Overall, exports saw a pronounced expansion. The pace of growth was the most pronounced in 2016 when exports increased by 100%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Israel (X tons) and Turkey (X tons) represented the key exporters of benzoic acid, its salts and esters in 2021, amounting to approx. 39% and 32% of total exports, respectively. It was distantly followed by the United Arab Emirates (X tons), making up a 21% share of total exports. The following exporters - Bahrain (X tons) and Iran (X tons) - together made up 6.9% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Bahrain (with a CAGR of +114.3%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) remains the largest benzoic acid supplier in MENA, comprising 57% of total exports. The second position in the ranking was taken by Israel ($X), with a 25% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Turkey was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+17.2% per year) and the United Arab Emirates (+11.5% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, rising by 12% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 27%. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+7.6%), while the other leaders experienced a decline in the export price figures.

Benzoic Acid Imports

Imports in MENA

In 2021, supplies from abroad of benzoic acid, its salts and esters decreased by -2.5% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 19%. Over the period under review, imports attained the peak figure at X tons in 2020, and then contracted modestly in the following year.

In value terms, benzoic acid imports soared to $X in 2021. The total import value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 28%. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was near 67% of total imports in 2021. It was distantly followed by Egypt (X tons), Israel (X tons) and the United Arab Emirates (X tons), together achieving a 19% share of total imports. Algeria (X tons), Tunisia (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to benzoic acid imports into Turkey stood at +8.1%. At the same time, Iraq (+23.2%), Israel (+5.5%), the United Arab Emirates (+2.8%) and Egypt (+2.6%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in MENA, with a CAGR of +23.2% from 2012-2021. Algeria and Tunisia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Turkey and Iraq increased by +18 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported benzoic acid, its salts and esters in MENA, comprising 60% of total imports. The second position in the ranking was taken by Egypt ($X), with a 9.6% share of total imports. It was followed by the United Arab Emirates, with a 6.6% share.

In Turkey, benzoic acid imports expanded at an average annual rate of +7.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Egypt (+2.6% per year) and the United Arab Emirates (+4.7% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, increasing by 25% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 31%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Iraq ($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 United Arab Emirates (+1.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform