GCC: Benzene Market 2024

Benzene Market Size in GCC

The GCC benzene market contracted to $X in 2022, reducing by X% against the previous year. Overall, consumption, however, recorded a mild decrease. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Benzene Production in GCC

In value terms, benzene production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Benzene Exports

Exports in GCC

In 2022, the amount of benzene exported in GCC shrank significantly to X tons, dropping by X% compared with the year before. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, benzene exports contracted remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Saudi Arabia (X tons) and Oman (X tons) were the key exporters of benzene in GCC, together comprising X% of total exports. It was distantly followed by Kuwait (X tons) and the United Arab Emirates (X tons), together creating a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest benzene supplying countries in GCC were Oman ($X), Saudi Arabia ($X) and Kuwait ($X), together accounting for X% of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, surging by X% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, benzene export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Benzene Imports

Imports in GCC

In 2022, after two years of decline, there was significant growth in supplies from abroad of benzene, when their volume increased by X% to X tons. Total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, benzene imports dropped to $X in 2022. Overall, imports, however, recorded a noticeable curtailment. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia was the main importer of benzene in GCC, with the volume of imports reaching X tons, which was near X% of total imports in 2022. It was distantly followed by Kuwait (X tons), mixing up a X% share of total imports. Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to benzene imports into Saudi Arabia stood at X%. At the same time, Qatar (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Kuwait (X%) illustrated a downward trend over the same period. Kuwait (X p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported benzene in GCC, comprising X% of total imports. The second position in the ranking was held by Kuwait ($X), with an X% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (X% per year) and Qatar (X% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, which is down by X% against the previous year. Overall, the import price recorded a perceptible descent. The pace of growth was the most pronounced in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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