Belgium: Phenylacetic Acid Market 2024

Phenylacetic Acid Market Size in Belgium

For the third consecutive year, the Belgian phenylacetic acid market recorded growth in sales value, which increased by X% to $X in 2023. In general, consumption enjoyed a buoyant increase. Over the period under review, the market hit record highs in 2023 and is expected to retain growth in the near future.

Phenylacetic Acid Production in Belgium

In value terms, phenylacetic acid production surged to $X in 2023 estimated in export price. Over the period under review, production, however, saw a perceptible decline. The pace of growth was the most pronounced in 2015 when the production volume increased by X%. Phenylacetic acid production peaked at $X in 2017; however, from 2018 to 2023, production failed to regain momentum.

Phenylacetic Acid Exports

Exports from Belgium

In 2023, overseas shipments of phenylacetic acid, its salts and esters decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, phenylacetic acid exports reduced to $X in 2023. Overall, exports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Italy (X tons), Spain (X tons) and France (X tons) were the main destinations of phenylacetic acid exports from Belgium, with a combined X% share of total exports. Germany, Poland, Slovenia, Turkey, the UK, Saudi Arabia, India, South Africa, Austria and Vietnam lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Saudi Arabia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Italy ($X) and Germany ($X) appeared to be the largest markets for phenylacetic acid exported from Belgium worldwide, with a combined X% share of total exports. Spain, Poland, Turkey, the UK, Slovenia, Saudi Arabia, South Africa, Austria, India and Vietnam lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

In 2023, the average phenylacetic acid export price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, export price indicated a moderate increase 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, phenylacetic acid export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of X%. The export price peaked in 2023 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Phenylacetic Acid Imports

Imports into Belgium

Phenylacetic acid imports into Belgium declined to X tons in 2023, dropping by X% on the previous year. In general, imports, however, continue to indicate a tangible expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Imports peaked at X tons in 2022, and then shrank in the following year.

In value terms, phenylacetic acid imports totaled $X in 2023. Over the period under review, imports, however, posted a strong expansion. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports reached the maximum in 2023 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2023, the United States (X tons) constituted the largest phenylacetic acid supplier to Belgium, with a X% share of total imports. Moreover, phenylacetic acid imports from the United States exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and China (X% per year).

In value terms, the largest phenylacetic acid suppliers to Belgium were the United States ($X), China ($X) and Italy ($X), together accounting for X% of total imports.

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

Import Prices by Country

The average phenylacetic acid import price stood at $X per ton in 2023, increasing by X% against the previous year. In general, the import price recorded a resilient increase. The pace of growth was the most pronounced in 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform