Turkey: Benzoic Acid Market 2024

Benzoic Acid Market Size in Turkey

In 2021, the Turkish benzoic acid market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption recorded strong growth. Benzoic acid consumption peaked in 2021 and is likely to see steady growth in years to come.

Benzoic Acid Production in Turkey

In value terms, benzoic acid production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 127% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Benzoic Acid Exports

Exports from Turkey

In 2021, shipments abroad of benzoic acid, its salts and esters increased by 34% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 64%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 133%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Israel (X tons) was the main destination for benzoic acid exports from Turkey, accounting for a 48% share of total exports. Moreover, benzoic acid exports to Israel exceeded the volume sent to the second major destination, Azerbaijan (X tons), fourfold. The third position in this ranking was held by Iran (X tons), with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Israel totaled +21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+16.7% per year) and Iran (-4.8% per year).

In value terms, Israel ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Turkey, comprising 70% of total exports. The second position in the ranking was held by Iran ($X), with an 8.6% share of total exports. It was followed by South Africa, with a 4.5% share.

From 2012 to 2021, the average annual growth rate of value to Israel stood at +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+1.6% per year) and South Africa (+7.6% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, growing by 34% against the previous year. Overall, the export price posted a strong increase. The most prominent rate of growth was recorded in 2016 an increase of 47% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Greece ($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 Egypt (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Turkey

In 2021, the amount of benzoic acid, its salts and esters imported into Turkey rose significantly to X tons, increasing by 5.8% against the previous year's figure. Overall, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +52.7% against 2017 indices. The most prominent rate of growth was recorded in 2015 with an increase of 28% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, benzoic acid imports soared to $X in 2021. In general, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.9% against 2013 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest benzoic acid supplier to Turkey, accounting for a 57% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, Romania (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+9.2% per year) and the Netherlands (-0.7% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Turkey, comprising 49% of total imports. The second position in the ranking was held by Romania ($X), with a 16% share of total imports. It was followed by Estonia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+7.9% per year) and Estonia (+0.9% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, jumping by 42% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Estonia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Estonia (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :