Eastern Europe: Benzoic Acid Market 2024

Benzoic Acid Market Size in Eastern Europe

For the third year in a row, the East European benzoic acid market recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption showed a buoyant expansion. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Benzoic Acid Production in Eastern Europe

In value terms, benzoic acid production soared to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Exports

Exports in Eastern Europe

In 2022, shipments abroad of benzoic acid, its salts and esters decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank rapidly in the following year.

In value terms, benzoic acid exports declined slightly to $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then fell modestly in the following year.

Exports by Country

Estonia was the key exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Romania (X tons), generating a X% share of total exports. Poland (X tons) held a little share of total exports.

Estonia was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of X% from 2012 to 2022. At the same time, Romania (X%) and Poland (X%) displayed positive paces of growth. While the share of Estonia (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Estonia ($X) remains the largest benzoic acid supplier in Eastern Europe, comprising X% of total exports. The second position in the ranking was held by Romania ($X), with an X% share of total exports.

In Estonia, benzoic acid exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Romania (X% per year) and Poland (X% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (X%), while the other leaders experienced mixed trends in the export price figures.

Benzoic Acid Imports

Imports in Eastern Europe

In 2022, overseas purchases of benzoic acid, its salts and esters decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of X%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, benzoic acid imports totaled $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Russia represented the major importing country with an import of about X tons, which recorded X% of total imports. Poland (X tons) ranks second in terms of the total imports with a X% share, followed by Hungary (X%), Ukraine (X%), Romania (X%) and the Czech Republic (X%). Bulgaria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Bulgaria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Russia ($X) and Hungary ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. The Czech Republic, Ukraine, Romania and Bulgaria lagged somewhat behind, together accounting for a further X%.

Bulgaria, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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