As February progresses, the international market for Benzoic Acid prepares for a notable escalation in prices, driven by a multitude of factors set to influence the industry during the latter two months of the first quarter of xxxx. Throughout the Asia-Pacific (APAC), North American, and European territories, a confluence of circumstances, spanning from facility closures to geopolitical uncertainties, is anticipated to propel Benzoic Acid prices upward, placing strain on supply chains and market conditions.
In the APAC region, the escalation of Benzoic Acid prices is primarily attributed to the shutdowns of major plants of its raw material Toluene in prominent exporting provinces. These Toluene plant shutdowns have rendered manufacturing units nonoperational as they undergo maintenance, resulting in a reduction in supply making the Benzoic Acid market robust. Moreover, the occurrence of celebrations like the Chinese Lunar New Year in mid-February has further aggravated the scenario, resulting in...
