Romania: Benzoic Acid Market 2024

Benzoic Acid Market Size in Romania

In 2021, the Romanian benzoic acid market decreased by -68% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption continues to indicate a abrupt decline. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Benzoic Acid Production in Romania

In value terms, benzoic acid production reached $X in 2021 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.6% 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 -7.8% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 222% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Benzoic Acid Exports

Exports from Romania

In 2021, exports of benzoic acid, its salts and esters from Romania surged to X tons, with an increase of 24% against the year before. Overall, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +10.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +58.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 50%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons), Germany (X tons) and the Netherlands (X tons) were the main destinations of benzoic acid exports from Romania, together comprising 54% of total exports. Poland, the UK, Italy, Bulgaria, France, Slovenia, Russia and Austria lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +196.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Germany ($X) and the Netherlands ($X) were the largest markets for benzoic acid exported from Romania worldwide, together accounting for 55% of total exports. These countries were followed by the UK, Poland, Bulgaria, France, Russia, Austria, Slovenia and Italy, which together accounted for a further 34%.

France, with a CAGR of +173.3%, saw the highest growth rate of 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, growing by 49% against the previous year. In general, the export price, however, saw a mild decline. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Italy ($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 Russia (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Romania

In 2021, approx. X tons of benzoic acid, its salts and esters were imported into Romania; with a decrease of -5.3% against 2020. In general, imports, however, saw measured growth. The most prominent rate of growth was recorded in 2013 with an increase of 544% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, benzoic acid imports soared to $X in 2021. Overall, imports, however, saw a temperate increase. The pace of growth was the most pronounced in 2013 with an increase of 167%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest benzoic acid supplier to Romania, accounting for a 71% share of total imports. Moreover, benzoic acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was taken by Poland (X tons), with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.7% per year) and Poland (+20.4% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of benzoic acid, its salts and esters to Romania, comprising 72% of total imports. The second position in the ranking was held by China ($X), with an 8.7% share of total imports. It was followed by Poland, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands stood at +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.7% per year) and Poland (+17.9% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, growing by 24% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 164%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Germany (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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