Hong Kong SAR, China: Benzoic Acid Market 2024

Benzoic Acid Market Size in Hong Kong SAR, China

In 2022, after two years of growth, there was decline in the Hong Kong benzoic acid market, when its value decreased by X% to $X. Overall, the total consumption 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, consumption increased by X% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Benzoic Acid Production in Hong Kong SAR, China

In value terms, benzoic acid production reduced modestly to $X in 2022 estimated in export price. In general, the total production indicated a pronounced expansion 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. The pace of growth appeared the most rapid in 2016 with an increase of X%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

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Benzoic Acid Exports

Exports from Hong Kong SAR, China

In 2022, after two years of decline, there was significant growth in overseas shipments of benzoic acid, its salts and esters, when their volume increased by X% to X tons. Overall, exports, however, showed a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, benzoic acid exports shrank to $X in 2022. In general, exports, however, faced a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for benzoic acid exports from Hong Kong SAR, accounting for a approx. X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%.

In value terms, China ($X) also remains the key foreign market for benzoic acid, its salts and esters exports from Hong Kong SAR.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%.

Export Prices by Country

In 2022, the average benzoic acid export price amounted to $X per ton, shrinking by X% against the previous year. In general, the export price showed a noticeable reduction. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped notably in the following year.

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

From 2012 to 2022, the rate of growth in terms of prices for China amounted to X% per year.

Benzoic Acid Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of benzoic acid, its salts and esters decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports recorded a noticeable decrease. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, benzoic acid imports rose modestly to $X in 2022. In general, imports, however, showed a temperate expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

China (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of benzoic acid imports to Hong Kong SAR, together accounting for X% of total imports. India, Malaysia, Taiwan (Chinese) and Canada lagged somewhat behind, together comprising a further X%.

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

In value terms, the United States ($X), the Netherlands ($X) and India ($X) constituted the largest benzoic acid suppliers to Hong Kong SAR, with a combined X% share of total imports.

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

Import Prices by Country

In 2022, the average benzoic acid import price amounted to $X per ton, increasing by X% against the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price 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, benzoic acid import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for China ($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 Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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