Singapore: Benzoic Acid Market 2024

Benzoic Acid Market Size in Singapore

The Singaporean benzoic acid market skyrocketed to $X in 2021, surging by 20% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a strong increase. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the near future.

Benzoic Acid Exports

Exports from Singapore

Benzoic acid exports from Singapore was estimated at X tons in 2021, increasing by 6.7% against 2020 figures. Overall, exports saw a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 57%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports reduced slightly to $X in 2021. In general, exports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 13%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons), Bangladesh (X tons) and Vietnam (X tons) were the main destinations of benzoic acid exports from Singapore, with a combined 59% 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 +88.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from Singapore were Malaysia ($X), Bangladesh ($X) and the Philippines ($X), with a combined 62% share of total exports. Vietnam, Australia, Indonesia, Cambodia and South Korea lagged somewhat behind, together comprising a further 23%.

Vietnam, with a CAGR of +79.2%, recorded 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

In 2021, the average benzoic acid export price amounted to $X per ton, waning by -7.1% against the previous year. In general, the export price faced a abrupt downturn. The most prominent rate of growth was recorded in 2014 an increase of 50%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Vietnam ($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 Bangladesh (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Singapore

In 2021, benzoic acid imports into Singapore expanded sharply to X tons, increasing by 9.5% against the year before. In general, imports posted resilient growth. The growth pace was the most rapid in 2019 with an increase of 55% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, benzoic acid imports surged to $X in 2021. Over the period under review, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2019 when imports increased by 51% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to Singapore, with a 63% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The Netherlands (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.3% per year) and the Netherlands (+34.9% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Singapore, comprising 58% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by the Netherlands, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.7% per year) and the Netherlands (+34.0% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, increasing by 15% against the previous year. In general, the import price, however, saw a perceptible downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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