World - Benzene - Market Analysis, Forecast, Size, Trends And Insights
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The global benzene market is projected to see growth in consumption and value over the period from 2022 to 2030. Market performance is expected to accelerate, with a forecasted CAGR of +1.3% in volume and +3.1% in value. Although consumption dropped slightly in 2022, the market is anticipated to reach 71M tons and $97.1B by 2030. The United States, India, and Japan were the top consumers in 2022, while China led in production and imports. The market saw fluctuations in imports and exports, with notable growth in India's exports and China's imports. Overall, the global benzene market is dynamic and evolving, with various countries playing key roles in production, consumption, and trade.
Market Forecast
Driven by increasing demand for benzene worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 71M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $97.1B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Benzene
In 2022, global consumption of benzene dropped slightly to 65M tons, declining by -2.9% compared with 2021. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, global consumption reached the peak volume at 74M tons in 2018; however, from 2019 to 2022, consumption failed to regain momentum.
The global benzene market size reduced to $76B in 2022, declining by -7.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $90.3B. From 2017 to 2022, the growth of the global market failed to regain momentum.
Consumption By Country
The countries with the highest volumes of consumption in 2022 were the United States (13M tons), India (6.5M tons) and Japan (4M tons), with a combined 36% share of global consumption. China, Brazil, Bangladesh, Indonesia, Turkey, Belgium, the UK, Russia, Iran and Thailand lagged somewhat behind, together comprising a further 30%.
From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.9%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, the United States ($11.4B) led the market, alone. The second position in the ranking was taken by India ($4.8B). It was followed by China.
From 2012 to 2022, the average annual growth rate of value in the United States totaled -1.8%. In the other countries, the average annual rates were as follows: India (-1.3% per year) and China (+22.6% per year).
In 2022, the highest levels of benzene per capita consumption was registered in Belgium (142 kg per person), followed by the United States (38 kg per person), Japan (32 kg per person) and the UK (21 kg per person), while the world average per capita consumption of benzene was estimated at 0.1 kg per person.
In Belgium, benzene per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-1.5% per year) and Japan (+1.0% per year).
Production
World Production of Benzene
In 2022, global benzene production shrank to 65M tons, which is down by -2.2% compared with the year before. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 5.6% against the previous year. Over the period under review, global production reached the maximum volume at 74M tons in 2018; however, from 2019 to 2022, production failed to regain momentum.
In value terms, benzene production shrank slightly to $72.6B in 2022 estimated in export price. In general, production saw a mild downturn. The most prominent rate of growth was recorded in 2018 when the production volume increased by 7.9%. Over the period under review, global production reached the maximum level at $89.9B in 2014; however, from 2015 to 2022, production remained at a lower figure.
Production By Country
The countries with the highest volumes of production in 2022 were the United States (12M tons), India (8.1M tons) and Japan (4.5M tons), with a combined 37% share of global production. South Korea, Brazil, Bangladesh, Indonesia, Turkey, the UK, Thailand, Russia, Iran and Germany lagged somewhat behind, together accounting for a further 30%.
From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +3.6%), while production for the other global leaders experienced more modest paces of growth.
Imports
World Imports of Benzene
In 2022, global benzene imports dropped slightly to 9.5M tons, which is down by -2.4% on the previous year's figure. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 23%. As a result, imports reached the peak of 9.7M tons, and then shrank modestly in the following year.
In value terms, benzene imports reached $9.9B in 2022. In general, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +121.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 106% against the previous year. Over the period under review, global imports hit record highs at $10.4B in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.
Imports By Country
China was the largest importer of benzene in the world, with the volume of imports accounting for 3.3M tons, which was approx. 35% of total imports in 2022. It was distantly followed by the United States (1,261K tons), Belgium (945K tons), Taiwan (Chinese) (699K tons), Saudi Arabia (664K tons) and the Netherlands (522K tons), together creating a 43% share of total imports. The following importers - Germany (348K tons), Italy (251K tons), Spain (206K tons), France (186K tons) and Portugal (177K tons) - together made up 12% of total imports.
China was also the fastest-growing in terms of the benzene imports, with a CAGR of +22.4% from 2012 to 2022. At the same time, Portugal (+4.5%), Italy (+2.4%), Belgium (+2.1%), Taiwan (Chinese) (+1.3%) and Saudi Arabia (+1.2%) displayed positive paces of growth. France, the United States, the Netherlands and Spain experienced a relatively flat trend pattern. By contrast, Germany (-2.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +29 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($3.4B) constitutes the largest market for imported benzene worldwide, comprising 35% of global imports. The second position in the ranking was held by the United States ($1.4B), with a 14% share of global imports. It was followed by Belgium, with an 11% share.
In China, benzene imports expanded at an average annual rate of +20.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-1.9% per year) and Belgium (+1.2% per year).
Import Prices By Country
The average benzene import price stood at $1,046 per ton in 2022, picking up by 10% against the previous year. In general, the import price, however, recorded a slight setback. The most prominent rate of growth was recorded in 2021 an increase of 67%. Global import price peaked at $1,328 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($1,233 per ton), while Saudi Arabia ($695 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+0.2%), while the other global leaders experienced a decline in the import price figures.
Exports
World Exports of Benzene
In 2022, overseas shipments of benzene increased by 2.3% to 9.7M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 22% against the previous year. The global exports peaked at 10M tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.
In value terms, benzene exports rose notably to $10.1B in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 103%. The global exports peaked at $10.8B in 2014; however, from 2015 to 2022, the exports failed to regain momentum.
Exports By Country
In 2022, South Korea (2.6M tons), distantly followed by India (1,557K tons), the Netherlands (725K tons), Germany (580K tons), Japan (533K tons) and Brunei Darussalam (490K tons) were the major exporters of benzene, together constituting 66% of total exports. The following exporters - Thailand (421K tons), the UK (350K tons), Belgium (314K tons), Malaysia (251K tons), Poland (169K tons) and Canada (163K tons) - together made up 17% of total exports.
From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +9.5%), while the other global leaders experienced more modest paces of growth.
In value terms, the largest benzene supplying countries worldwide were South Korea ($2.7B), India ($1.7B) and the Netherlands ($792M), with a combined 51% share of global exports.
In terms of the main exporting countries, India, with a CAGR of +8.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
In 2022, the average benzene export price amounted to $1,035 per ton, surging by 12% against the previous year. Overall, the export price, however, showed a mild shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 67%. Over the period under review, the average export prices reached the maximum at $1,253 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($1,116 per ton), while the UK ($694 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-0.0%), while the other global leaders experienced a decline in the export price figures.
This report provides an in-depth analysis of the global benzene market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20141223 - Benzene
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Company coverage:
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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