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Benzoic Acid Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition
Report Format: PDF+Excel | Report ID: SR112024A22402
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Benzoic Acid Prices June 2024
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Benzoic Acid | Chemical | United States | 1240 USD/MT |
| Benzoic Acid | Chemical | China | 1140 USD/MT |
| Benzoic Acid | Chemical | Germany | 1260 USD/MT |
The benzoic acid prices in the United States for Q2 2024 reached 1240 USD/MT in June. The region saw significant price declines due to strong import levels, lower demand, and eased freight charges. Moreover, the appreciated dollar, coupled with ample inventories from previous purchases, further contributed to subdued market activity, despite seasonal demand increases.
The price trend for benzoic acid in China for Q2 2024 settled at 1140 USD/MT in June. The market faced intense supply constraints driven by strong domestic and international demand, rising energy costs, and freight expenses. The situation intensified with a significant production shutdown, although early-quarter inventory surpluses temporarily lowered prices amid efforts to manage stock levels.
In Germany, the benzoic acid prices for Q2 2024 reached 1260 USD/MT in June. The market experienced inflationary pressures, heightened feedstock prices, and logistical delays, impacting supply chains. Although prices initially dropped due to substantial inventories, the continued appreciation of the U.S. dollar, alongside rising seasonal demand, added to the quarter’s pricing fluctuations.
Benzoic Acid Prices December 2023
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Benzoic Acid | Chemical | USA | 1155 USD/MT |
| Benzoic Acid | Chemical | China | 1065 USD/MT |
| Benzoic Acid | Chemical | Netherlands | 1170 USD/MT |
The benzoic acid prices in the USA for Q4 2023 reached 1155 USD/MT in December due to changing economic conditions, rising energy costs, and a shift in demand. As the quarter progressed, excess supply led to a reduction in prices. A decline in toluene prices, a key raw material, further resulted in a downward trend.
The price trend for benzoic acid in China for Q4 2023, reached 1065 USD/MT in December. The market faced challenges from the excess supply of domestic products and reduced demand from end use industries. Economic recovery remained slow, impacting market sentiment and contributing to the overall price decline for Benzoic Acid.
The price trend for benzoic acid in Netherlands for Q4 2023, reached 1170 USD/MT in December. Reduced demand and an excess of inventory were key factors driving the price downward. Market conditions remained tight, with average supply and demand dynamics influencing the overall pricing trends in the region.
Regional Coverage
The report provides a detailed analysis of the benzoic acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the benzoic acid price trend.
Global Benzoic Acid Price
The report offers a holistic view of the global benzoic acid pricing trends in the form of benzoic acid price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into benzoic acid historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.
The report also delves into benzoic acid price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed benzoic acid demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.
Europe Benzoic Acid Price
Q2 2024:
During Q2 2024, the European benzoic acid market was impacted by rising production costs, inflation, and supply chain disruptions. Geopolitical stability lowered transportation costs, while an oversupply from previous bulk purchases resulted in reduced prices in Germany. Yet, inflation and the rising cost of feedstocks, notably toluene, added production challenges, resultantly heightening price volatility. Moreover, logistical hurdles and occasional shipping delays due to the Middle Eastern conflict further exacerbated supply constraints. Additionally, a strong U.S. dollar against the Euro complicated procurement for European suppliers, with seasonal factors prompting increased early quarter purchasing activities.
Q4 2023:
The benzoic acid industry in Europe faced various difficulties throughout the last quarter of 2023, marked by declining demand and surplus inventory. As the quarter began, a notable drop in demand led to an oversupply, putting downward pressure on prices. Market participants had initially expected increased inquiries from downstream sectors, which led to stockpiling. However, by December, the market dynamics shifted unexpectedly, prompting adjustments in inventory management. Additionally, this period resulted in decreased production costs, which in turn further lowered the prices of benzoic acid.
This analysis can be extended to include detailed benzoic acid price information for a comprehensive list of countries.
| Region | Countries Covered |
|---|---|
| Europe | Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Benzoic Acid Price
Q2 2024:
Throughout the second quarter of 2024, the North American benzoic acid market encountered various influences that led to notable price adjustments. An initial drop in prices stemmed from substantial inventories and lower demand amidst consumer inflation. In addition to this, the easing of geopolitical conflicts lowered freight charges, making imports more cost-effective. Moreover, the strengthened U.S. dollar further impacted supply dynamics, posing challenges for domestic producers and suppliers. Early peak shipping season activities and robust downstream demand triggered procurement strategies, with many industry participants adopting bulk purchasing to counter future uncertainties. Furthermore, seasonal summer demand also intensified, contributing to an overall price increase by the quarter's close.
Q4 2023:
During the final quarter of 2023, the benzoic acid market in North America underwent considerable fluctuations due to diverse influencing factors. At the beginning of October, demand surged, driven by various downstream sectors, which tightened supply and pushed prices higher. Rising costs of raw materials, especially Toluene, further exacerbated this trend. The economic landscape in the USA, marked by inflation and increasing energy prices, significantly shaped market sentiment. As the quarter progressed, however, the product’s prices began to fall due to an excess supply. Key Chinese regions also experienced price drops, which affected U.S. import prices.
Specific benzoic acid historical data within the United States and Canada can also be provided.
| Region | Countries Covered |
|---|---|
| North America | United States and Canada |
Middle East and Africa Benzoic Acid Price
The report explores the benzoic acid pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
In addition to region-wise data, information on benzoic acid prices for countries can also be provided.
| Region | Countries Covered |
|---|---|
| Middle East and Africa | Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific Benzoic Acid Price
Q2 2024:
In the Asia Pacific region, benzoic acid market in Q2 2024 displayed an upward pricing trend driven by high demand surpassing limited supplies. Geopolitical issues, increased energy costs, and elevated freight charges due to high crude oil prices compounded production expenses, significantly influencing market dynamics. Moreover, China, in particular, faced intense supply constraints, further strained by a significant force majeure event at a major production facility due to environmental factors. Nonetheless, the Chinese market witnessed a temporary price drop early in the quarter as suppliers destocked surplus inventories. Currency fluctuations, specifically the strong U.S. dollar, also influenced price trends, contributing to the overall upward trajectory as the quarter progressed.
Q4 2023:
The Asia Pacific market for benzoic acid experienced considerable volatility in the Q4 of 2023. The period began with an uptick in prices, driven by heightened demand from end-users and limited production capacity, resulting in a constrained supply. This scenario prompted a surge in Benzoic Acid prices as manufacturers adjusted pricing plans to maintain profitability. However, in November, a sharp drop in demand led to high inventory and falling prices. This decrease was further compounded by the slow economy in regional countries and continuous reductions in toluene prices.
This benzoic acid price analysis can be expanded to include a comprehensive list of countries within the region.
| Region | Countries Covered |
|---|---|
| Asia Pacific | China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Benzoic Acid Price
The analysis of benzoic acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
| Region | Countries Covered |
|---|---|
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Benzoic Acid Price Trend, Market Analysis, and News
IMARC’s newly published report, titled “Benzoic Acid Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of benzoic acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot price of benzoic acid at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of benzoic acid price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing benzoic acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Benzoic Acid Market Analysis
The global benzoic acid market size reached US$ 1.2 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 1.9 Billion, at a projected CAGR of 5.20% during 2023-2032.
- The rising demand for benzoic acid in the pharmaceutical sector is supporting the market growth. As per Statista, the total global pharmaceutical market reached US$ 1.6 Trillion in 2023. This is an increase of over US$ 100 Billion as compared to 2022. Benzoic acid is an inactive ingredient in the pharmaceutical industry that is used as an antimicrobial preservative, antifungal, and tablet and capsule lubricant. It can be combined with salicylic acid, as an ointment, for use as an antifungal for athlete's foot and ringworm. It inhibits the growth of bacteria and fungi in oral solutions, syrups, and topical medications and extends their shelf life while ensuring product safety. It also serves as an intermediate in the synthesis of numerous active pharmaceutical ingredients (APIs).
- The benzoic acid demand is further propelled by its utilization in personal care products, such as sunscreens, lipsticks, and lotions. Benzoic acid is widely employed in a wide variety of cosmetic applications, including product stabilizer, fragrance additive, and emollient. It helps in regulating the potential of hydrogen (pH) and protecting the integrity of ingredients. The rising awareness among individuals about personal hygiene and grooming is bolstering the benzoic acid market growth. People are willing to pay premium prices for high-quality cosmetic products.
- Benzoic acid is a commonly used antimicrobial preservative in the food and beverage (F&B) sector, especially in carbonated beverages, as it presents its strongest antibacterial activity. Benzoic acid and its salts, such as sodium benzoate, are commonly utilized in a wide range of beverages to prevent microbial spoilage, extend shelf life, and maintain product quality during storage and distribution. The rising consumption of ready-to-drink (RTD) beverages, packaged snacks, condiments, instant noodles, and pre-cooked meals, among the masses across the globe is contributing to the market growth.
- The increasing need for natural or organic preservatives, such as benzoic acid, among health-conscious individuals is bolstering the market growth. Benzoic acid is derived from natural sources, like benzoin resin.
Benzoic Acid News
The report covers the latest developments, updates, and trends impacting the global benzoic acid market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in benzoic acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the benzoic acid price trend.
Latest developments in the benzoic acid industry:
- 26 October 2022: Eastman collaborated with Adven to convert benzoic acid production by-product into energy. This innovative solution makes energy production eco-friendlier and more affordable. Eastman’s Estonia site produces benzoic acid, sodium benzoate, and plasticizers in its factory in Kohtla-Järve.
- 15 February 2021: Lanxess acquired Emerald Kalama, a US-based specialty chemical company. Emerald Kalama is the world’s largest producer of benzoic acid, which it makes via toluene oxidation at its original plant in Kalama, Washington, and at a facility in Rotterdam, the Netherlands.
Product Description
Benzoic acid is a crystalline organic compound that is derived from gum benzoin. It is used in the production of various ointments that can treat various fungal infection diseases in the skin, such as ringworm and athlete’s foot. It is combined with salicylic acid to prevent various infections that are caused by dangerous bacteria. It can also treat inflammation and skin irritation that is caused by burns, fungal infections, insect bites.
Benzoic acid is a food preservative for soft drinks and fruit juices that have an acidic pH level. It acts as a fungicide by inhibiting the growth and reproduction of fungal pathogens. It can be applied to crops as a foliar spray or through soil treatment to control a wide range of fungal diseases.
Report Coverage
| Key Attributes | Details |
|---|---|
| Product Name | Benzoic Acid |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Benzoic Acid Price Analysis, and Segment-Wise Assessment. |
| Currency/Units | US$ (Data can also be provided in local currency) or Metric Tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries: Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand* Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru* Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco* *The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers |
|
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of benzoic acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting benzoic acid price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The benzoic acid price charts ensure our clients remain at the forefront of the industry.
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