Southern Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in Southern Asia

The South Asian benzoic acid market reduced to $X in 2023, declining by X% against the previous year. In general, consumption, however, recorded a buoyant expansion. Over the period under review, the market attained the maximum level at $X in 2022, and then reduced in the following year.

Benzoic Acid Production in Southern Asia

In value terms, benzoic acid production dropped modestly to $X in 2023 estimated in export price. Over the period under review, production recorded a remarkable increase. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The level of production peaked at $X in 2022, and then contracted slightly in the following year.

Benzoic Acid Exports

Exports in Southern Asia

In 2023, shipments 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. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports shrank markedly to $X in 2023. Over the period under review, exports, however, recorded a noticeable expansion. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then shrank markedly in the following year.

Exports by Country

The shipments of the one major exporters of benzoic acid, its salts and esters, namely India, represented more than two-thirds of total export.

India experienced a relatively flat trend pattern with regard to volume of exports of benzoic acid, its salts and esters. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest benzoic acid supplier in Southern Asia.

In India, benzoic acid exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the export price, however, showed a noticeable increase. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2023, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2023, the rate of growth in terms of prices for India amounted to X% per year.

Benzoic Acid Imports

Imports in Southern Asia

In 2023, approx. X tons of benzoic acid, its salts and esters were imported in Southern Asia; waning by X% against the year before. Total imports indicated a perceptible increase from 2012 to 2023: its volume 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, imports increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then reduced sharply in the following year.

In value terms, benzoic acid imports dropped remarkably to $X in 2023. Total imports indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then contracted rapidly in the following year.

Imports by Country

India represented the largest importing country with an import of around X tons, which reached X% of total imports. It was distantly followed by Pakistan (X tons), creating a X% share of total imports. Bangladesh (X tons) held a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to benzoic acid imports into India stood at X%. At the same time, Pakistan (X%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of X% from 2012-2023. Bangladesh experienced a relatively flat trend pattern. While the share of Pakistan (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Bangladesh (X p.p.) and India (X p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported benzoic acid, its salts and esters in Southern Asia, comprising X% of total imports. The second position in the ranking was held by Pakistan ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value in India amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Pakistan (X% per year) and Bangladesh (X% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2022 to 2023, the import prices remained at a lower figure.

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

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

Source: IndexBox Platform