Middle East: Benzoic Acid Market 2024

Benzoic Acid Market Size in the Middle East

The Middle Eastern benzoic acid market rose markedly to $X in 2021, growing by 6.4% against the previous year. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.1% 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 +85.3% against 2013 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in the near future.

Benzoic Acid Production in the Middle East

In value terms, benzoic acid production declined to $X in 2021 estimated in export price. In general, production, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 57% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then reduced slightly in the following year.

Benzoic Acid Exports

Exports in the Middle East

In 2021, shipments abroad of benzoic acid, its salts and esters increased by 28% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports posted moderate growth. The most prominent rate of growth was recorded in 2017 when exports increased by 60% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports recorded a temperate increase. The growth pace was the most rapid in 2016 when exports increased by 101% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Israel (X tons) and Turkey (X tons) represented the largest 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), committing a 21% share of total exports. Bahrain (X tons) and Iran (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Bahrain (with a CAGR of +114.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) remains the largest benzoic acid supplier in the Middle East, comprising 57% of total exports. The second position in the ranking was taken by Israel ($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 rate of growth in terms 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

The export price in the Middle East stood at $X per ton in 2021, growing by 12% against the previous year. Over the period under review, the export price continues to indicate 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 attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 the Middle East

In 2021, after two years of growth, there was decline in supplies from abroad of benzoic acid, its salts and esters, when their volume decreased by -2% to X tons. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.0% 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 +55.3% against 2012 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19% against the previous year. The volume of import peaked at X tons in 2020, and then reduced modestly in the following year.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.2% 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 31% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was approx. 80% of total imports in 2021. Israel (X tons) held the second position in the ranking, followed by the United Arab Emirates (X tons). All these countries together took near 12% share of total imports. 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%) and the United Arab Emirates (+2.8%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +23.2% from 2012-2021. Turkey (+18 p.p.) and Iraq (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported benzoic acid, its salts and esters in the Middle East, comprising 75% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.3% share of total imports. It was followed by Israel, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +7.6%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.7% per year) and Israel (+5.1% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, increasing by 29% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 a decline in the import price figures.

Source: IndexBox Platform

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