GCC: Benzoic Acid Market 2024

Benzoic Acid Market Size in GCC

The GCC benzoic acid market declined sharply to $X in 2023, shrinking by X% against the previous year. Over the period under review, consumption recorded a abrupt setback. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Benzoic Acid Production in GCC

In value terms, benzoic acid production contracted significantly to $X in 2023 estimated in export price. Over the period under review, production faced a abrupt curtailment. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2023, production remained at a lower figure.

Benzoic Acid Exports

Exports in GCC

Benzoic acid exports soared to X tons in 2023, rising by X% compared with 2022. Over the period under review, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports soared to $X in 2023. Overall, exports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, the United Arab Emirates (X tons) was the key exporter of benzoic acid, its salts and esters, comprising X% of total exports. It was distantly followed by Bahrain (X tons), committing a X% share of total exports. Kuwait (X tons) took a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to benzoic acid exports from the United Arab Emirates stood at X%. At the same time, Kuwait (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Bahrain and Kuwait increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest benzoic acid supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports.

In the United Arab Emirates, benzoic acid exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Kuwait (X% per year).

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, declining by X% against the previous year. Overall, the export price showed a perceptible downturn. The growth pace was the most rapid in 2015 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced a decline in the export price figures.

Benzoic Acid Imports

Imports in GCC

In 2023, supplies from abroad of benzoic acid, its salts and esters decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, imports, however, saw temperate growth. The most prominent rate of growth was recorded in 2017 when imports increased by X%. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports reduced remarkably to $X in 2023. In general, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. The level of import peaked at $X in 2022, and then contracted dramatically in the following year.

Imports by Country

The United Arab Emirates dominates imports structure, finishing at X tons, which was approx. X% of total imports in 2023. Kuwait (X tons) ranks second in terms of the total imports with a X% share, followed by Oman (X%). Bahrain (X tons) held a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Bahrain (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Oman (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates, Kuwait and Bahrain increased by X, X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported benzoic acid, its salts and esters in GCC, comprising X% of total imports. The second position in the ranking was held by Kuwait ($X), with an X% share of total imports. It was followed by Oman, with a X% share.

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates amounted to X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, shrinking by X% against the previous year. Import price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, benzoic acid import price increased by X% against 2021 indices. The pace of growth was the most pronounced in 2018 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2019 to 2023, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Kuwait ($X per ton) and Oman ($X per ton), while the United Arab Emirates ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform