benzoic acid Pricing Assessment

Markets Covered:

China

Vietnam

Philippines

India

Brazil

Indonesia

Mexico

Turkey

Benzoic Acid Price Trend, Analysis and Forecast

In Q1 2024 the Asian Benzoic Acid market decreased by 0.18% as compared to the Q4 of 2023. In this quarter, benzoic acid prices remained mostly stable, with a slight decline observed. Demand from industries such as pharmaceuticals and food processing remained consistent. In China, prices decreased during the early part of the quarter but rose towards the end due to increased demand and low inventory levels. The challenges in the Chinese market have had a same impact on price of India, Vietnam, Indonesia, and Brazil, Mexico, Philippines, and Türkiye as China are a significant exporter to all these countries. By the end of the quarter in China, the price of benzoic acid reached 912 USD per metric ton in March.

In Q2 2024, the Asian benzoic acid market experienced an upward trend primarily driven by strong demand outpacing limited supply, compounded by pressures from domestic and global markets. Furthermore, escalating freight costs, driven by surging crude oil prices, added to the strain on the market and pushed up import expenses. By the end of the quarter in June, the price of Benzoic acid in China settled at 983 USD per metric ton.

In Q3 2024, the benzoic market will continue to experience upward price pressure due to ongoing supply limitations. The growing demand for adhesives, paints, textile and nylon, preservatives will expect to boost the benzoic acid market in the APAC region as well as in Europe region. As of July 2024, benzoic acid prices were fluctuating and reflecting around 0.26% increase from the previous month. In the beginning of the quarter in July, the price of China reached at 1006 USD per metric ton.

In Q4 2024, the Asia-Pacific region will experience upward trend in benzoic acid prices. Key factors driving these price fluctuations include differing demand trends across various countries, particularly influenced by Asia’s strong performance. Additionally, rising raw material prices will affect production costs, while ongoing trade tensions will disrupt regional supply chains. In the short term, the benzoic acid market will experience growth primarily due to rising demand from the paints, preservatives and increased demand from processed food and beverages. In addition, the global production of benzoic acid is expected to increase owing to the rising demand for preservatives from end use industries.

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is your trusted resource for tracking global benzoic acid price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the benzoic acid market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, keeps you fully informed of market dynamics.

In addition, provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With , you gain a competitive edge in understanding all the elements that influence benzoic acid prices worldwide. Stay ahead of the curve with ’s reliable, accurate, and timely benzoic acid market data.

Track 's benzoic acid price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Historically, several events have caused significant fluctuations in benzoic acid prices

Russia-Ukraine Conflict (2022-Present):

Rising Energy Costs: Disruptions in natural gas and crude oil supplies from Russia led to higher energy prices, increasing production costs for benzoic acid.

Feedstock Price Increases: Prices of key raw materials like toluene, derived from crude oil, surged due to geopolitical tensions, affecting benzoic acid production costs.

Supply Chain Disruptions: Trade routes and logistics in Eastern Europe were severely impacted, causing delays and limited availability of benzoic acid and its feedstocks.

Sanctions on Russia: Economic sanctions reduced the supply of key petrochemicals, creating a supply shortage in global markets.

COVID-19 Pandemic (2020):

Surge in Demand for Preservatives: Increased demand for processed and packaged foods during lockdowns drove higher consumption of benzoic acid, a key food preservative.

Supply Chain Disruptions: Global lockdowns and restrictions disrupted transportation, manufacturing, and logistics, causing supply shortages for benzoic acid and its raw materials.

Fluctuations in Feedstock Prices: Prices of toluene, a key feedstock for benzoic acid, were affected by volatility in crude oil prices, which initially plummeted and later stabilized.

Reduced Industrial Activity: Shutdowns in various industrial sectors, such as coatings and plasticizers, reduced demand for benzoic acid, creating an imbalance in certain regions.

Market Speculation and Stockpiling: Uncertainty about supply availability led to speculative buying and stockpiling, further amplifying price volatility.

Geopolitical Tensions (2018-2019):

Trade Wars and Tariffs: The U.S.-China trade war-imposed tariffs on petrochemicals and derivatives, increasing production costs and disrupting global supply chains for benzoic acid.

Crude Oil Price Volatility: Geopolitical conflicts, such as U.S. sanctions on Iran and tensions in the Middle East, led to fluctuations in crude oil prices, directly impacting the cost of toluene, a key feedstock for benzoic acid.

Supply Chain Challenges: Political instability and trade restrictions affected the transportation and availability of raw materials, creating supply shortages in some regions.

Shifting Global Trade Patterns: Manufacturers re-evaluated sourcing strategies due to geopolitical uncertainty, increasing logistics and operational costs for benzoic acid production.

Methodology and Specifications

benzoic acid Pricing Assessment Research Methodology

Data Collection and Sources

Real-Time Market Data: aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions.

On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major Benzoic Acid production hubs. This ground-level intelligence is crucial for understanding localized market dynamics.

Supply Chain Monitoring: We track the entire Benzoic Acid supply chain, from raw material availability (e.g., toluene) to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics.

Event Tracking and Impact Analysis

Geopolitical Tensions: continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact Benzoic Acid prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing.

Natural Disasters and Climate Events: We assess the impact of natural disasters, such as hurricanes or winter storms, on Benzoic Acid production facilities, particularly in vulnerable regions like the U.S. Gulf Coast. These events are factored into our price forecasts and supply outlooks.

Economic Shifts: evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., agrochemicals, textile, and nylon adhesives), to predict shifts in Benzoic Acid demand and corresponding price movements.

Production Capacity and Supply Analysis

Current Production Monitoring: We maintain a comprehensive database of global Benzoic Acid production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately.

Future Capacity Projections: Our research includes detailed forecasts of upcoming Benzoic Acid production capacities, factoring in new plant constructions, expansions, and technological advancements. This helps in predicting future supply trends and potential price stabilization.

Demand Forecasting

Sectoral Demand Analysis: provides in-depth analysis of demand trends across key sectors, including packaging, automotive, and construction. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments.

Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global Benzoic Acid pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations.

Pricing Model Development

Dynamic Pricing Models: utilizes advanced econometric models to forecast Benzoic Acid prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power.

Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most likely scenarios, helping our clients prepare for a range of market outcomes.

Reporting and Client Support

Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations.

Ongoing Support: offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are available to discuss specific market developments and provide tailored advice.

This research methodology ensures that delivers the most accurate, timely, and actionable Benzoic Acid pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.

Specifications

Molecular Weight[g/mol]

122.12

CAS No

65-85-0

HS Code

29163110

Molecular Formula

C6H5COOH

benzoic acid

Benzoic acid, a white crystalline compound with a faint aromatic odour, serves as a key feedstock for various industries. Derived from toluene oxidation, it is widely used in food preservatives, pharmaceuticals, and plasticizers. Its antifungal and antibacterial properties make it essential for food preservation and cosmetic formulations, ensuring product longevity and safety.

Packaging Type

Bags, Bags (India)

Grades Covered

Industrial

Incoterms Used

FOB Shanghai, CIF Santos (China), CIF Nhava Sheva (China), CIF Jakarta (China), CIF Haiphong (China), CIF Manzanillo (China), CIF Manila (China), CIF Mersin (China)

Synonym

Carboxybenzene Benzenecarboxylic Acid Phenylformic Acid

Quotation Terms:

10-15 MT (India) 25-28 MT (Global)

Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.

Property	Specification
Appearance	White crystalline solid
Boiling Point (760 mm Hg)	249.2 °C
Flake Thickness (mm)	1.2
Odour	Faint, slightly aromatic
Specific Gravity (25 °C)	1.2659
Melting Range	121-123 °C

Applications

Benzoic Acid is used mainly as a feedstock/intermediate to make other chemicals including: Sodium Benzoate and Potassium Benzoate: Widely used as food preservatives. Benzyl Benzoate: Used in plasticizers, fragrances, and as a solvent. Benzoyl Chloride: Intermediate to produce dyes, perfumes, and pharmaceuticals. Alkyd Resins: Key component in manufacturing paints, coatings, and varnishes. Caprolactam: Used in the production of nylon and synthetic fibers.

Disclaimer

Benzoic Acid price provided by is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for benzoic acid. disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

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Frequently asked questions

What are the key factors affecting benzoic acid prices in the market? +

The pricing of benzoic acid is influenced by several factors, including raw material costs such as propylene, fluctuations in supply and demand within industries like paints, coatings, and adhesives, as well as external elements like geopolitical events, trade tariffs, and energy prices. These factors combine to create variability in pricing depending on global economic conditions.

How does regional production impact benzoic acid pricing? +

Regional production plays a significant role in benzoic acid pricing. Regions with high production, like Asia-Pacific, tend to have more competitive pricing due to local availability, whereas regions that rely on imports, such as North America and Europe, often face higher costs due to transportation fees, import duties, and potential supply chain disruptions.

What is the latest trend in benzoic acid pricing, and how can I secure better rates? +

The latest pricing trends for benzoic acid often reflect fluctuations in the cost of raw materials and changes in global supply chains. To secure better rates, procurement heads can consider locking in long-term contracts with suppliers, monitoring global price trends and indices, and optimizing bulk purchasing strategies to take advantage of volume discounts.