Middle East: Benzoic Acid Market 2024

Benzoic Acid Market Size in the Middle East

The Middle Eastern benzoic acid market expanded sharply to $X in 2022, surging by X% against the previous year. Overall, consumption, however, saw buoyant growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Benzoic Acid Production in the Middle East

In value terms, benzoic acid production reached $X in 2022 estimated in export price. Overall, production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Benzoic Acid Exports

Exports in the Middle East

Benzoic acid exports shrank to X tons in 2022, almost unchanged from 2021. Over the period under review, exports, however, continue to indicate a notable increase. The growth pace was the most rapid in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, benzoic acid exports surged to $X in 2022. In general, exports, however, recorded a strong increase. The growth pace was the most rapid in 2016 when exports increased by X%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the major exporting country with an export of around X tons, which recorded X% of total exports. Israel (X tons) ranks second in terms of the total exports with a X% share, followed by the United Arab Emirates (X%). The following exporters - Iran (X tons), Bahrain (X tons) and Jordan (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Bahrain (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

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

In Turkey, benzoic acid exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Israel (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, picking up by X% against the previous year. In general, the export price showed moderate growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced mixed trends in the export price figures.

Benzoic Acid Imports

Imports in the Middle East

Benzoic acid imports shrank to X tons in 2022, waning by X% on the previous year. Total imports indicated a measured increase from 2012 to 2022: its volume 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. The pace of growth was the most pronounced in 2019 with an increase of X%. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, benzoic acid imports expanded sharply to $X in 2022. Total imports indicated a prominent 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, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Turkey dominates imports structure, accounting for X tons, which was near X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons) and Israel (X tons), together comprising a X% share of total imports. The following importers - Iraq (X tons) and Iran (X tons) - each reached a X% share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Iraq (X%), the United Arab Emirates (X%) and Israel (X%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Iran (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Iraq increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

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

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Iraq ($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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