Northern America: Benzoic Acid Market 2024

Benzoic Acid Market Size in Northern America

The North American benzoic acid market surged to $X in 2021, picking up by 18% against the previous year. The market value increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Benzoic Acid Production in Northern America

In value terms, benzoic acid production totaled $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.2% 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 decreased by -4.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 25%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports in Northern America

In 2021, shipments abroad of benzoic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a slight decrease. The most prominent rate of growth was recorded in 2017 with an increase of 39%. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports, however, continue to indicate a slight shrinkage. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States prevails in exports structure, amounting to X tons, which was approx. 93% of total exports in 2021. It was distantly followed by Canada (X tons), mixing up a 6.5% share of total exports.

The United States experienced a relatively flat trend pattern with regard to volume of exports of benzoic acid, its salts and esters. Canada (-2.2%) illustrated a downward trend over the same period. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest benzoic acid supplier in Northern America, comprising 94% of total exports. The second position in the ranking was held by Canada ($X), with a 6% share of total exports.

In the United States, benzoic acid exports decreased by an average annual rate of -1.2% over the period from 2012-2021.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2021, surging by 5.1% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 27%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-0.2%).

Benzoic Acid Imports

Imports in Northern America

Benzoic acid imports skyrocketed to X tons in 2021, increasing by 27% against 2020 figures. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +8.5% 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 increased by +99.0% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States prevails in imports structure, finishing at X tons, which was approx. 90% of total imports in 2021. It was distantly followed by Canada (X tons), creating a 9.7% share of total imports.

The United States was also the fastest-growing in terms of the benzoic acid, its salts and esters imports, with a CAGR of +9.7% from 2012 to 2021. At the same time, Canada (+1.1%) displayed positive paces of growth. The United States (+8.6 p.p.) significantly strengthened its position in terms of the total imports, while Canada saw its share reduced by -8.6% from 2012 to 2021, respectively.

In value terms, the United States ($X) constitutes the largest market for imported benzoic acid, its salts and esters in Northern America, comprising 84% of total imports. The second position in the ranking was held by Canada ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States totaled +4.5%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, growing by 3.5% against the previous year. Over the period under review, the import price, however, saw a pronounced setback. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (-1.3%).

Source: IndexBox Platform

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