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Benzoic Acid Prices Overview

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Market Overview

Quarterly Update on Global Benzoic Acid Market

For the Quarter Ending December 2020

Asia

The Benzoic Acid demand in Asia was assessed to be firm during the fourth quarter due to resumption of downstream production units with operating rates at pre-pandemic levels across countries like India and China. In order to make up for the loss incurred in H1 2020 many leading producers such as Eastman Chemical Company, having its Benzoic Acid production unit in Wuhan had shut its plant due to lockdown. The plant reported robust operations in Q4 2020 to meet the increasing product demand in the country. Demand levels rose across the Asian markets backed by increased consumption from the pharmaceutical sector as an active ingredient to develop antibacterial/antifungal ointments and tablets. Due to gradually increasing demand for Benzoic Acid in the region the prices remained strong during the fourth quarter which remained supplemented by hike in the prices of feedstock, toluene due to weaker supply in first half of the quarter. The Benzoic Acid prices across remained rangebound around USD 1420 per MT during 4th quarter.

North America

Consistent supply of feed Toluene was reported after the toluene disproportionation (TDP) units resumed operations at optimum capacities. The Benzoic Acid prices jumped in mid-November following high upstream rates and increasing demand for the technical grade material. Towards the end of the quarter, market supply remained tight due to boosted sentiments ahead of improved production rates at the downstream pharmaceutical companies.

Europe

The smooth growth curve in the Benzoic Acid demand was observed during the 4^th quarter of 2020 across the European markets. However, rise in total Benzoic Acid exports during November from the western Europe was observed backed by surging demand from the Asian countries including China. With the approach of year-end holidays, offtakes remained impacted towards the end of the quarter. Also, swelling overall demand for food grade material was noted in November-December period.

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Services

Market Analysis

Company-wise installed capacity, production volume and plant operating efficiency is captured directly from manufacturers. Import and Export volume is captured from government sources and demand for Benzoic Acid is calculated considering the production, import, export and inventory-levels on the country and regional level markets.

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Pricing Analysis

The product price is correlated with the price trend of crude oil, demand-supply gap, fluctuations in the feedstock and with the market movement of the downstream sectors.

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Company Profile

Basic details and information on financial performance of leading global players in the Benzoic Acid market is presented in a visually captivating manner. Expansion plans and the company’s strategy is also captured to understand the vision and mission of the company to help understand the areas where companies need to focus more.

News & Deals

Daily updates on industry-specific and product-specific news, exclusive primary-based news capturing plant shutdowns/outages/closures, capacity expansions, operating rates, insights on demand-supply situation, awarding of technology licenses, new product launch and deals specifying mergers and acquisitions, strategic investments and disinvestments, to help players capitalize on market opportunity.

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Methodology

ChemAnalyst gathers information through primary research surveys conducted with various Benzoic Acid manufacturers, spread across the domestic and international market, suppliers and dealers/distributors to gain insights into value-chains and demand-supply scenario to assess the market situation. Thorough study of company’s annual reports and secondary sources such as exhaustive search on credible paid databases, including our internal database is done to verify the information. All the collected information is analyzed, evaluated and presented in chronological order to depict a meaningful and clear picture of the concerned market.

Our dedicated team of industry experts comprehensively monitors and analyzes various aspects of the Global Benzoic Acid market. The team analyzes various industrial segments, strategic viewpoints and provides an analysis of the industry’s performance in the long run. This would enable our clients in efficiently plan their future investments, mitigate risk, understand the cost dynamics and strike out a balance amidst market volatility.

Critical examination of the impact of COVID-19 pandemic on the global supply chains and shift in demand patterns with change in buying behavior of consumers across the globe.

Several ongoing development projects across industries are tracked, followed by the details of major projects in the development stage, which can positively or negatively influence Global Benzoic Acid market.

Pricing is captured through exhaustive primary interviews with domestic and international manufacturers, traders and importers and customers on weekly, monthly and yearly basis.

Finally, region-specific markets for Benzoic Acid are analyzed and region-wise demand pattern is tracked.

About

Benzoic Acid, also known as carboxybenzene is the simplest aromatic carboxylic acid and a derivative of benzene and with chemical representation C6H5COOH. It occurs naturally in various plants and animals while commercially produced by partial oxidation of toluene with oxygen in presence of various derivatives and some catalysts. Benzoic Acid is a colorless crystalline solid having multiple applications across various downstream industries which include antibacterial and antifungal food preservative, mouthwash, toothpaste, flavoring agent in perfumes, food, and pharmaceuticals etc. Most importantly, it is used in the form of its sodium salt, sodium benzoate in food industry as an antimicrobial additive in food and other products viz., juices, soft drinks etc. globally. In addition, it serves as pH adjustor and prevent food from microbial degradation hence increase it shelf life. Rapid development in pharmaceutical sector and R&D practices generating flavoring agents and usage in developing antifungal ointments etc. will further boost the demand for Benzoic Acid in the coming years.

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Benzoic Acid Prices Overview