South-Eastern Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in South-Eastern Asia

The Southeast Asian benzoic acid market surged to $X in 2021, growing by 18% against the previous year. The market value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Production in South-Eastern Asia

In value terms, benzoic acid production expanded to $X in 2021 estimated in export price. Over the period under review, production recorded a slight slump. The most prominent rate of growth was recorded in 2016 with an increase of 36% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Benzoic Acid Exports

Exports in South-Eastern Asia

In 2021, the amount of benzoic acid, its salts and esters exported in South-Eastern Asia contracted modestly to X tons, approximately reflecting the year before. Total exports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +100.7% against 2015 indices. The pace of growth appeared the most rapid in 2018 with an increase of 41% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then shrank slightly in the following year.

In value terms, benzoic acid exports fell to $X in 2021. Overall, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 15%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore was the key exporting country with an export of around X tons, which reached 66% of total exports. Malaysia (X tons) ranks second in terms of the total exports with a 15% share, followed by Thailand (12%). Vietnam (X tons) and Indonesia (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to benzoic acid exports from Singapore stood at +5.3%. At the same time, Thailand (+12.1%) and Vietnam (+5.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +12.1% from 2012-2021. Malaysia and Indonesia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Thailand and Singapore increased by +5.5 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest benzoic acid supplier in South-Eastern Asia, comprising 76% of total exports. The second position in the ranking was held by Malaysia ($X), with a 10% share of total exports. It was followed by Thailand, with a 9.6% share.

In Singapore, benzoic acid exports shrank by an average annual rate of -5.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+1.0% per year) and Thailand (+1.5% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, which is down by -4.9% against the previous year. In general, the export price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2014 an increase of 32% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.5%), while the other leaders experienced mixed trends in the export price figures.

Benzoic Acid Imports

Imports in South-Eastern Asia

In 2021, imports of benzoic acid, its salts and esters in South-Eastern Asia rose markedly to X tons, surging by 12% on the previous year. The total import volume increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports soared to $X in 2021. The total import value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of benzoic acid, its salts and esters, namely Thailand, Indonesia and Vietnam, represented more than two-thirds of total import. The Philippines (X tons) ranks next in terms of the total imports with an 8.4% share, followed by Singapore (8.3%) and Malaysia (7.2%). Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Myanmar (with a CAGR of +17.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid importing markets in South-Eastern Asia were Thailand ($X), Indonesia ($X) and Vietnam ($X), with a combined 72% share of total imports.

In terms of the main importing countries, Vietnam, with a CAGR of +13.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, picking up by 7% against the previous year. In general, the import price, however, saw a slight slump. The pace of growth appeared the most rapid in 2018 when the import price increased by 8.5% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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