Product
Benzoic Acid Price Trend and Forecast
Benzoic Acid Price Trend and Forecast
Regional Price Overview
Get the latest insights on price movement and trend analysis of Benzoic Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Benzoic Acid Price Trend for the First Half of 2023
Asia
The Asia Pacific market of benzoic acid fluctuated in the first and second quarters of 2023. In the first quarter, the prices in the initial months dipped due to a strong supply of products and rising levels of inventories. But in the middle months, the trend inclined slightly with the improvement in the food industry due to the onset of the spring festival.
In the second quarter, the prices surged as they were supported by regular inquiries from the downstream industries and a spike in the numbers of domestic and international orders. In addition, constraints in production rates, market disruptions due to the ongoing crisis between Russia and Ukraine, and rising fuel costs supported the inclining price trend of benzoic acid.
Europe
The European market of benzoic acid showcased a mixed trend in the first two quarters of 2023. In the first quarter, crude oil prices declined along with the influx of supplies from Saudi Arabia and the US. The low demand dynamics and labour strikes in France further aided the declining prices of benzoic acid. In the second quarter, the trend surged initially due to the improving number of inquiries and ample supply of the product by traders to counter this demand.
The strengthening of the European currency over the dollar, decrease in inflation rates, and boost in domestic demand drove the benzoic acid prices in a northward direction. However, in the later months, the benzoic acid market suffered from a sliding number of orders, profit cuts by manufacturers, and delays in purchasing activities that ultimately led to the decline in the price trend of benzoic acid.
North America
In North America, the price trend of benzoic acid fluctuated on a month-on-month basis in the first two quarters of 2023. The initial decline in the first quarter was due to the weak economic conditions of the North American market and increasing pressure on crude oil reserves.
The oscillations continued in the second quarter too. In this quarter, the trend was supported by the rising demand from the end-user industries and low levels of inventories. But in the last month, prices of benzoic acid declined again due to the reduction in downstream activities and the hesitant nature of buyers as the market conditions declined in the region.
Analyst Insight
According to Procurement Resource, benzoic acid prices are estimated to decline in the upcoming quarters as the demand from the downstream industries seems to be receding, and the global market conditions also do not seem to be supporting the price trends for benzoic acid.
Procurement Resource provides latest prices of Benzoic Acid. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About
Benzoic acid is a white crystalline solid organic compound with the chemical formula C6H5COOH. It is a naturally occurring acid found in various fruits and plant-based sources. As a carboxylic acid, benzoic acid has antimicrobial properties and is commonly used as a preservative in food, beverages, and cosmetics to inhibit the growth of bacteria, yeast, and mold. It is also utilized in the synthesis of various chemicals, pharmaceuticals, and as an intermediate in the production of other compounds.
Product Details
| Report Features | Details |
| Product Name | Benzoic Acid |
| Chemical Formula | C7H6O2 |
| Industrial Uses | Solvents, Chemical intermediates, Polymers, Gasoline additive, Pharmaceuticals |
| HS Code | 29163110 |
| CAS Number | 65-85-0 |
| Molecular Weight | 122.12 g/mol |
| Synonyms | Benzenecarboxylic acid, Carboxybenzene |
| Supplier Database | Emerald Performance Materials, Wuhan Youji Industries Co., Tianjin Dongda Chemical Group, Liao Huayo Chemical Industry and Commerce Co. |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, 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 Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Production Processes
This procedure involves the partial oxidation of toluene with oxygen. The reaction proceeds in the presence of naphthenates of either cobalt or manganese to give benzoic acid as the final product.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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