U.S.: Benzoic Acid Market 2024

Benzoic Acid Market Size in the U.S.

The U.S. benzoic acid market surged to $X in 2021, growing by 21% against the previous year. The market value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Production in the U.S.

In value terms, benzoic acid production rose to $X in 2021. In general, the total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 23% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Benzoic Acid Exports

Exports from the U.S.

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 23% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, saw a slight descent. The pace of growth was the most pronounced in 2017 with an increase of 44%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports skyrocketed to $X in 2021. In general, exports, however, saw a mild downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil (X tons), Mexico (X tons) and Canada (X tons) were the main destinations of benzoic acid exports from the United States, together comprising 57% of total exports. Thailand, Germany, Vietnam, South Korea, the Philippines, Singapore, Costa Rica, the Netherlands, Peru and Australia lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Peru (with a CAGR of +13.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from the United States were Brazil ($X), Canada ($X) and Mexico ($X), together accounting for 53% of total exports. Germany, Thailand, South Korea, the Netherlands, the Philippines, Vietnam, Singapore, Costa Rica, Peru and Australia lagged somewhat behind, together comprising a further 27%.

Among the main countries of destination, Peru, with a CAGR of +14.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, picking up by 6.3% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 29%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Singapore ($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 the Philippines (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into the U.S.

For the seventh year in a row, the United States recorded growth in supplies from abroad of benzoic acid, its salts and esters, which increased by 31% to X tons in 2021. In general, imports saw resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Estonia (X tons), China (X tons) and the Netherlands (X tons) were the main suppliers of benzoic acid imports to the United States, with a combined 91% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Estonia (with a CAGR of +17.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Estonia ($X) and the Netherlands ($X) constituted the largest benzoic acid suppliers to the United States, together accounting for 79% of total imports.

In terms of the main suppliers, Estonia, with a CAGR of +7.5%, recorded the highest growth rate of 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 average benzoic acid import price amounted to $X per ton, growing by 7.4% against the previous year. Over the period under review, the import price, however, showed a noticeable shrinkage. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 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 France ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+7.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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