Ukraine: Benzoic Acid Market 2024

Benzoic Acid Market Size in Ukraine

The Ukrainian benzoic acid market skyrocketed to $X in 2021, picking up by 40% 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). Overall, consumption saw a moderate increase. Over the period under review, the market reached the maximum level in 2021 and is likely to see steady growth in years to come.

Benzoic Acid Exports

Exports from Ukraine

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 240% to X tons, rising for the second year in a row after three years of decline. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of 444% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, benzoic acid exports skyrocketed to $X in 2021. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2016 with an increase of 332%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

Exports by Country

Russia (X tons), Moldova (X tons) and Azerbaijan (X kg) were the main destinations of benzoic acid exports from Ukraine, together comprising 99% 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 Russia (with a CAGR of +71.0%), while the other leaders experienced more modest paces of growth.

In value terms, Moldova ($X), Russia ($X) and Azerbaijan ($X) constituted the largest markets for benzoic acid exported from Ukraine worldwide, together accounting for 99% of total exports.

Among the main countries of destination, Russia, with a CAGR of +46.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, declining by -11.9% against the previous year. In general, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2013 an increase of 69%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Moldova ($X per ton), while the average price for exports to Russia ($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 Moldova (-6.5%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into Ukraine

For the fourth year in a row, Ukraine recorded growth in supplies from abroad of benzoic acid, its salts and esters, which increased by 24% to X tons in 2021. Over the period under review, total imports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.3% 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 +161.7% against 2017 indices. The most prominent rate of growth was recorded in 2018 with an increase of 69%. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, benzoic acid imports surged to $X in 2021. In general, imports showed a noticeable expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Estonia (X tons) and Poland (X tons) were the main suppliers of benzoic acid imports to Ukraine, with a combined 84% share of total imports. These countries were followed by Romania, Denmark and the Netherlands, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +151.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid suppliers to Ukraine were China ($X), Estonia ($X) and Poland ($X), with a combined 70% share of total imports. Denmark, Romania and the Netherlands lagged somewhat behind, together accounting for a further 19%.

In terms of the main suppliers, Denmark, with a CAGR of +388.0%, saw 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 average benzoic acid import price amounted to $X per ton, increasing by 26% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 90%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+94.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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