Saudi Arabia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Saudi Arabia

In 2021, the Saudi benzoic acid market decreased by -3.9% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption, however, showed buoyant growth. Over the period under review, the market hit record highs at $X in 2020, and then reduced in the following year.

Benzoic Acid Production in Saudi Arabia

In value terms, benzoic acid production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, showed resilient growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 199%. Benzoic acid production peaked at $X in 2020, and then reduced in the following year.

Benzoic Acid Exports

Exports from Saudi Arabia

In 2021, the amount of benzoic acid, its salts and esters exported from Saudi Arabia contracted rapidly to X tons, with a decrease of -78.2% compared with the previous year. In general, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 14,034% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, benzoic acid exports declined rapidly to $X in 2021. Overall, exports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 5,773%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Kuwait (X kg) was the main destination for benzoic acid exports from Saudi Arabia, with a 56% share of total exports. Moreover, benzoic acid exports to Kuwait exceeded the volume sent to the second major destination, Sudan (X kg), threefold. The third position in this ranking was held by Yemen (X kg), with a 7% share.

From 2012 to 2021, the average annual growth rate of volume to Kuwait totaled -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (-12.2% per year) and Yemen (-18.9% per year).

In value terms, Sudan ($X) emerged as the key foreign market for benzoic acid, its salts and esters exports from Saudi Arabia, comprising 53% of total exports. The second position in the ranking was held by Kuwait ($X), with a 20% share of total exports. It was followed by Egypt, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sudan amounted to +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-12.2% per year) and Egypt (+2.3% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, leveling off at the previous year. Overall, the export price showed a mild expansion. The growth pace was the most rapid in 2018 an increase of 164% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 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 Egypt ($X per ton), while the average price for exports to Yemen ($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 Sudan (+15.2%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into Saudi Arabia

In 2017, overseas purchases of benzoic acid, its salts and esters decreased by 0% to X tons for the first time since 2014, thus ending a two-year declining trend. Over the period under review, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 2.8%. Over the period under review, imports reached the maximum in 2017 and are expected to retain growth in the immediate term.

In value terms, benzoic acid imports stood at $X in 2017. Overall, imports saw significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 37% against the previous year. Imports peaked in 2017 and are expected to retain growth in the immediate term.

Imports by Country

In 2017, Italy (X tons) constituted the largest supplier of benzoic acid to Saudi Arabia, with a 29% share of total imports. Moreover, benzoic acid imports from Italy exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by India (X tons), with an 11% share.

From 2012 to 2017, the average annual growth rate of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+13.5% per year) and India (0.0% per year).

In value terms, Italy ($X) constituted the largest supplier of benzoic acid, its salts and esters to Saudi Arabia, comprising 39% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by India, with a 12% share.

From 2012 to 2017, the average annual rate of growth in terms of value from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.7% per year) and India (0.0% per year).

Import Prices by Country

In 2017, the average benzoic acid import price amounted to $X per ton, almost unchanged from the previous year. Overall, the import price posted a resilient expansion. The growth pace was the most rapid in 2013 when the average import price increased by 40% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2017, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 2017, the most notable rate of growth in terms of prices was attained by India (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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