Republic of Korea: Benzoic Acid Market 2024

Benzoic Acid Market Size in Republic of Korea

In 2021, the South Korean benzoic acid market increased by 27% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Benzoic acid consumption peaked in 2021 and is expected to retain growth in the immediate term.

Benzoic Acid Production in Republic of Korea

In value terms, benzoic acid production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 37%. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports from Republic of Korea

In 2021, the amount of benzoic acid, its salts and esters exported from South Korea soared to X tons, jumping by 53% compared with the previous year's figure. Over the period under review, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 65%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, benzoic acid exports surged to $X in 2021. Overall, exports saw a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons), Malaysia (X tons) and China (X tons) were the main destinations of benzoic acid exports from South Korea, with a combined 53% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +37.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from South Korea were Vietnam ($X), Malaysia ($X) and China ($X), together comprising 43% of total exports. These countries were followed by the UK, Guatemala and India, which together accounted for a further 8.6%.

Guatemala, with a CAGR of +38.4%, saw the highest rates of growth with regard to the value of exports, among 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, surging by 43% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Malaysia ($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 Guatemala (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Republic of Korea

In 2021, overseas purchases of benzoic acid, its salts and esters increased by 119% to X tons, rising for the second year in a row after two years of decline. In general, imports recorded prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 139% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, benzoic acid imports surged to $X in 2021. Over the period under review, imports saw a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to South Korea, accounting for a 74% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), eightfold. The third position in this ranking was taken by Estonia (X tons), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.3% per year) and Estonia (+5.2% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to South Korea, comprising 55% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Estonia, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.1% per year) and Estonia (+7.2% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, picking up by 20% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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