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North America:

The fourth quarter of 2023 saw the Benzoic Acid market in the North American region experience significant fluctuations and was characterized by various factors that influenced both market dynamics and pricing. At the beginning of October, a surge in demand from the automotive and electronic industries created an imbalance between supply and demand. This sudden increase in demand reduced inventory levels and put pressure on inflation. Additionally, rising costs of raw materials such as natural gas also contributed to the rise in benzoic acid prices.

Check benzoic acid price in real time:  https://www.analystjapan.com/Pricing-data/benzoic-acid-3

During this period, the economic situation in the United States also played an important role in shaping market sentiment. Economic recovery and stable interest rates, combined with strong demand from the auto and electronics industries, increased inflation pressures. However, lower demand for items such as fertilizers and food packaging materials held back price growth.

Analysis of US price trends this quarter showed a correlation between increased demand and higher prices. US benzoic acid prices decreased by 27% year-on-year. Additionally, it was down 16% quarter-on-quarter. A price comparison between the first half and the second half of the quarter showed a 13% decline.

In conclusion, the North American region, especially the United States, experienced price increases due to strong demand from the automotive and electronic industries.

Asia Pacific:

The benzoic acid market in the APAC region will face significant challenges in the fourth quarter of 2023, with significant price fluctuations. During this period, various factors influenced market dynamics. The price increase at the beginning of the fourth quarter was primarily due to a surge in demand from end users. At the same time, reduced capacity at toluene manufacturers has tightened supplies and limited inventories. The sudden surge in demand has raised benzoic acid production costs due to concerns of shortages. To maintain profitability, manufacturers have had to adjust their pricing strategies. In addition, strategic bulk purchases by market participants to replenish inventory contributed to the price hike. However, in November, there was a noticeable decline in benzoic acid demand, leading to overstocks and subsequent price declines. This is mainly due to the sluggish economic recovery in China, a major consumer of benzoic acid. Additionally, the price of toluene, a raw material used in benzoic acid production, continued to decline, contributing to the overall price decline. Supply constraints were also observed as manufacturers operated at reduced capacity.

In China, benzoic acid prices decreased by an average of 3.35% quarter-on-quarter. The domestic market faced an oversupply of local goods and weak trade orders, resulting in a gradual decline in prices. Demand from downstream industries remained moderate to low, and suppliers maintained sufficient inventory to meet overall offtake requirements. Notably, there were no factory closures reported during the quarter. As a key player in the market, China experienced lower prices and a moderate demand outlook from downstream industries. The quarter ended at benzoic acid price USD 1070/MT FOB Shanghai.

Check benzoic acid price in real time:  https://www.analystjapan.com/Pricing-data/benzoic-acid-3

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