South-Eastern Asia: Benzoic Acid Market 2024

Benzoic Acid Market Size in South-Eastern Asia

For the third consecutive year, the Southeast Asian benzoic acid market recorded growth in sales value, which increased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Benzoic Acid Production in South-Eastern Asia

In value terms, benzoic acid production fell slightly to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Benzoic Acid Exports

Exports in South-Eastern Asia

For the third year in a row, South-Eastern Asia recorded growth in shipments abroad of benzoic acid, its salts and esters, which increased by X% to X tons in 2022. In general, exports recorded prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, benzoic acid exports soared to $X in 2022. Overall, exports, however, saw a perceptible contraction. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore represented the key exporting country with an export of about X tons, which reached X% of total exports. Thailand (X tons) ranks second in terms of the total exports with a X% share, followed by Malaysia (X%). Vietnam (X tons) held a minor share of total exports.

Exports from Singapore increased at an average annual rate of X% from 2012 to 2022. At the same time, Thailand (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of X% from 2012-2022. By contrast, Malaysia (X%) illustrated a downward trend over the same period. While the share of Thailand (X p.p.) and Singapore (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest benzoic acid supplier in South-Eastern Asia, comprising X% of total exports. The second position in the ranking was held by Thailand ($X), with a X% share of total exports. It was followed by Malaysia, with an X% share.

In Singapore, benzoic acid exports contracted by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

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

Benzoic Acid Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of benzoic acid, its salts and esters decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, benzoic acid imports rose sharply to $X in 2022. Total imports indicated a moderate increase 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 2018 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Thailand (X tons) and Indonesia (X tons) represented the key importers of benzoic acid, its salts and esters in South-Eastern Asia, together constituting X% of total imports. Vietnam (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (X%), Malaysia (X%) and the Philippines (X%). Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid importing markets in South-Eastern Asia were Thailand ($X), Indonesia ($X) and Vietnam ($X), with a combined X% share of total imports. Singapore, Malaysia, the Philippines and Myanmar lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Singapore, 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

The import price in South-Eastern Asia stood at $X per ton in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($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 Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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