GCC: Benzoic Acid Market 2024

Benzoic Acid Market Size in GCC

In 2022, after four years of growth, there was decline in the GCC benzoic acid market, when its value decreased by X% to $X. Over the period under review, consumption, however, saw strong growth. The level of consumption peaked at $X in 2021, and then declined modestly in the following year.

Benzoic Acid Production in GCC

In value terms, benzoic acid production amounted to $X in 2022 estimated in export price. Over the period under review, production enjoyed a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Benzoic Acid Exports

Exports in GCC

In 2022, overseas shipments of benzoic 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, however, showed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, benzoic acid exports surged to $X in 2022. In general, exports, however, recorded a strong expansion. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the major exporter of benzoic acid, its salts and esters, generating X% of total exports. It was distantly followed by Bahrain (X tons), constituting a X% share of total exports. The following exporters - Saudi Arabia (X tons) and Kuwait (X tons) - each amounted to a X% share of total exports.

From 2012 to 2022, 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%), Bahrain (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Bahrain and Kuwait increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to X%. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, with an increase of X% against the previous year. In general, the export price, however, saw a pronounced slump. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Bahrain ($X per ton) and the United Arab Emirates ($X per ton), while Kuwait ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the export price figures.

Benzoic Acid Imports

Imports in GCC

In 2022, approx. X tons of benzoic acid, its salts and esters were imported in GCC; waning by X% on 2021 figures. In general, imports, however, posted slight growth. The growth pace was the most rapid in 2017 when imports increased by X%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate a moderate increase. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the major importer of benzoic acid, its salts and esters, committing X% of total imports. Bahrain (X tons) took the second position in the ranking, followed by Kuwait (X tons). All these countries together took approx. X% share of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to benzoic acid imports into the United Arab Emirates stood at X%. 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 2012-2022. By contrast, Oman (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.), Bahrain (X p.p.) and Kuwait (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2015 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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