Russian Federation: Benzoic Acid Market 2024

Benzoic Acid Market Size in the Russian Federation

The Russian benzoic acid market reduced slightly to $X in 2021, therefore, remained relatively stable against the previous year. In general, consumption recorded a noticeable contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Benzoic Acid Production in the Russian Federation

In value terms, benzoic acid production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a noticeable reduction. The growth pace was the most rapid in 2017 with an increase of 47% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Benzoic Acid Exports

Exports from the Russian Federation

Benzoic acid exports from Russia soared to X tons in 2021, rising by 129% compared with the previous year. Over the period under review, exports continue to indicate prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

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

Exports by Country

Kazakhstan (X tons), Uzbekistan (X tons) and Belarus (X tons) were the main destinations of benzoic acid exports from Russia, with a combined 70% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Belarus (with a CAGR of +53.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X), Uzbekistan ($X) and Belarus ($X) appeared to be the largest markets for benzoic acid exported from Russia worldwide, together accounting for 71% of total exports. Ukraine, Armenia, Poland, Turkmenistan and Latvia lagged somewhat behind, together comprising a further 27%.

In terms of the main countries of destination, Ukraine, with a CAGR of +46.7%, saw the highest rates of growth with regard to the value of exports, 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 25% against the previous year. Overall, the export price, however, saw a noticeable descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Armenia ($X per ton), while the average price for exports to Poland ($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 Ukraine (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into the Russian Federation

In 2021, approx. X tons of benzoic acid, its salts and esters were imported into Russia; falling by -18.3% against the previous year's figure. In general, imports showed a slight descent. The pace of growth was the most pronounced in 2016 when imports increased by 19%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, benzoic acid imports contracted dramatically to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 73%. As a result, imports attained the peak of $X, and then contracted rapidly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to Russia, with a 56% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+40.0% per year) and the Netherlands (-3.2% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Russia, comprising 45% of total imports. The second position in the ranking was taken by India ($X), with an 18% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+28.7% per year) and the Netherlands (+4.4% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, which is down by -26.2% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 61%. As a result, import price attained the peak level of $X per ton, and then declined sharply in the following year.

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 (+20.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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