Southern Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Southern Asia

In 2021, after five years of growth, there was decline in the South Asian benzoic acid market, when its value decreased by -0.7% to $X. The market value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020, and then reduced modestly in the following year.

Benzoic Acid Production in Southern Asia

In value terms, benzoic acid production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 18%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports in Southern Asia

Benzoic acid exports skyrocketed to X tons in 2021, with an increase of 32% against the previous year. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 43% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.1% 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 +139.6% against 2015 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 42%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The shipments of the one major exporters of benzoic acid, its salts and esters, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +7.8% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest benzoic acid supplier in Southern Asia.

In India, benzoic acid exports increased at an average annual rate of +5.1% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, which is down by -11.3% against the previous year. Overall, the export price saw a perceptible descent. The pace of growth was the most pronounced in 2017 when the export price increased by 16% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to -2.5% per year.

Benzoic Acid Imports

Imports in Southern Asia

Benzoic acid imports was estimated at X tons in 2021, approximately mirroring the previous year. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.8% against 2012 indices. The growth pace was the most rapid in 2016 with an increase of 18%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, benzoic acid imports surged to $X in 2021. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 28% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

India represented the major importing country with an import of about X tons, which recorded 83% of total imports. Pakistan (X tons) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (4.9%).

From 2012 to 2021, average annual rates of growth with regard to benzoic acid imports into India stood at +6.6%. At the same time, Pakistan (+7.2%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +7.2% from 2012-2021. Bangladesh experienced a relatively flat trend pattern. From 2012 to 2021, the share of India increased by +2.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported benzoic acid, its salts and esters in Southern Asia, comprising 88% of total imports. The second position in the ranking was held by Pakistan ($X), with a 6.3% share of total imports.

In India, benzoic acid imports increased at an average annual rate of +4.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Pakistan (+4.5% per year) and Bangladesh (+4.7% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, rising by 25% against the previous year. Overall, the import price, however, recorded a slight curtailment. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+4.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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