Portugal: Benzoic Acid Market 2024

Benzoic Acid Market Size in Portugal

In 2021, the Portuguese benzoic acid market increased by 12% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2016; afterwards, it flattened through to 2021.

Benzoic Acid Exports

Exports from Portugal

In 2021, overseas shipments of benzoic acid, its salts and esters were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 75% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports showed a pronounced increase. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Angola (X tons) was the main destination for benzoic acid exports from Portugal, accounting for a 80% share of total exports. Moreover, benzoic acid exports to Angola exceeded the volume sent to the second major destination, France (X tons), sevenfold. Cabo Verde (X tons) ranked third in terms of total exports with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Angola amounted to -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-4.9% per year) and Cabo Verde (+26.5% per year).

In value terms, Angola ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Portugal, comprising 83% of total exports. The second position in the ranking was held by Cabo Verde ($X), with a 7.2% share of total exports. It was followed by France, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value to Angola was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cabo Verde (+40.3% per year) and France (-3.9% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, picking up by 37% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while the average price for exports to France ($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 Cabo Verde (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Portugal

In 2021, overseas purchases of benzoic acid, its salts and esters increased by 1.5% to X tons, rising for the second year in a row after three years of decline. In general, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +12.1% against 2019 indices. The growth pace was the most rapid in 2015 with an increase of 30% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.5% 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 2013 when imports increased by 26%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Spain (X tons) and Belgium (X tons) were the main suppliers of benzoic acid imports to Portugal, with a combined 65% share of total imports. These countries were followed by France, Germany, the Netherlands, Romania and the UK, which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +230.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid suppliers to Portugal were Spain ($X), Germany ($X) and China ($X), with a combined 58% share of total imports. The Netherlands, Belgium, France, Romania and the UK lagged somewhat behind, together accounting for a further 37%.

In terms of the main suppliers, France, with a CAGR of +211.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, growing by 15% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure 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 supplying countries. In 2021, 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 Romania (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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