Global Cyclic Hydrocarbons Market to Grow at a CAGR of +1.2% until 2030, Reaching 131M tons

IndexBox has just published a new report: World - Cyclic Hydrocarbons - Market Analysis, Forecast, Size, Trends and Insights.

The market for cyclic hydrocarbons is on an upward consumption trend, with a forecasted CAGR of +1.2% in volume and +3.3% in value from 2024 to 2030. This growth is expected to bring the market volume to 131M tons and the market value to $164.6B by the end of 2030.

Market Forecast

Driven by increasing demand for cyclic hydrocarbons worldwide, the market is expected to continue an upward consumption trend over the next six-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for the period from 2024 to 2030, which is projected to bring the market volume to 131M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2024 to 2030, which is projected to bring the market value to $164.6B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Cyclic Hydrocarbons

After three years of decline, consumption of cyclic hydrocarbons increased by 3% to 122M tons in 2024. The total consumption volume increased at an average annual rate of +1.5% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked at 123M tons in 2020; however, from 2021 to 2024, consumption stood at a somewhat lower figure.

The global cyclic hydrocarbons market size stood at $135.8B in 2024, rising by 7.5% 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. Over the period under review, the global market hit record highs at $138.8B in 2014; however, from 2015 to 2024, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were South Korea (19M tons), China (18M tons) and the United States (17M tons), together comprising 44% of global consumption.

From 2013 to 2024, the biggest increases were recorded for the United States (with a CAGR of +7.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest cyclic hydrocarbons markets worldwide were the United States ($21.8B), South Korea ($19.5B) and China ($18.6B), with a combined 44% share of the global market.

Among the main consuming countries, the United States, with a CAGR of +6.4%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cyclic hydrocarbons per capita consumption in 2024 were South Korea (368 kg per person), Belgium (210 kg per person) and Japan (92 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +6.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cyclic Hydrocarbons

In 2024, after three years of decline, there was growth in production of cyclic hydrocarbons, when its volume increased by 0.2% to 115M tons. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 19% against the previous year. Over the period under review, global production hit record highs at 120M tons in 2020; however, from 2021 to 2024, production failed to regain momentum.

In value terms, cyclic hydrocarbons production rose modestly to $128B in 2024 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 25% against the previous year. Over the period under review, global production attained the maximum level at $143.4B in 2014; however, from 2015 to 2024, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2024 were South Korea (27M tons), the United States (15M tons) and Japan (15M tons), together accounting for 49% of global production.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the United States (with a CAGR of +4.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cyclic Hydrocarbons

In 2024, approx. 41M tons of cyclic hydrocarbons were imported worldwide; almost unchanged from the year before. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 23% against the previous year. Over the period under review, global imports reached the peak figure at 50M tons in 2018; however, from 2019 to 2024, imports remained at a lower figure.

In value terms, cyclic hydrocarbons imports reached $45.6B in 2024. Over the period under review, imports recorded a pronounced decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 58%. Over the period under review, global imports hit record highs at $64.5B in 2013; however, from 2014 to 2024, imports remained at a lower figure.

Imports By Country

In 2024, China (14M tons) was the largest importer of cyclic hydrocarbons, constituting 34% of total imports. The United States (4.9M tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by India (7.3%), Taiwan (Chinese) (5.7%) and Belgium (5.2%). The following importers - South Korea (1.3M tons), Mexico (1.3M tons), Saudi Arabia (1.1M tons), the Netherlands (1.1M tons) and Hungary (0.8M tons) - together made up 14% of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of cyclic hydrocarbons. At the same time, Hungary (+17.3%), Saudi Arabia (+7.4%), India (+5.4%) and the United States (+4.5%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing importer imported in the world, with a CAGR of +17.3% from 2013-2024. By contrast, Belgium (-1.4%), Mexico (-2.0%), Taiwan (Chinese) (-2.4%), South Korea (-3.0%) and the Netherlands (-5.9%) illustrated a downward trend over the same period. From 2013 to 2024, the share of the United States, India and Hungary increased by +4.9, +3.4 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($14.1B) constitutes the largest market for imported cyclic hydrocarbons worldwide, comprising 31% of global imports. The second position in the ranking was held by the United States ($4.6B), with a 10% share of global imports. It was followed by India, with a 7.6% share.

In China, cyclic hydrocarbons imports decreased by an average annual rate of -4.7% over the period from 2013-2024. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+0.9% per year) and India (+2.4% per year).

Import Prices By Country

In 2024, the average cyclic hydrocarbons import price amounted to $1,119 per ton, with an increase of 5.2% against the previous year. In general, the import price, however, continues to indicate a noticeable decline. The pace of growth was the most pronounced in 2021 when the average import price increased by 52%. Global import price peaked at $1,520 per ton in 2013; however, from 2014 to 2024, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Mexico ($1,384 per ton) and Hungary ($1,356 per ton), while the United States ($935 per ton) and China ($1,020 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (-0.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Cyclic Hydrocarbons

In 2024, the amount of cyclic hydrocarbons exported worldwide dropped to 34M tons, waning by -9.4% compared with the previous year's figure. Overall, exports saw a perceptible slump. The most prominent rate of growth was recorded in 2017 with an increase of 7.8%. Over the period under review, the global exports reached the peak figure at 52M tons in 2018; however, from 2019 to 2024, the exports stood at a somewhat lower figure.

In value terms, cyclic hydrocarbons exports dropped slightly to $38.3B in 2024. In general, exports continue to indicate a noticeable decrease. The growth pace was the most rapid in 2021 with an increase of 59% against the previous year. The global exports peaked at $65.2B in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

Exports By Country

In 2024, South Korea (9.2M tons) was the main exporter of cyclic hydrocarbons, committing 27% of total exports. Japan (3.5M tons) ranks second in terms of the total exports with a 10% share, followed by Saudi Arabia (7.9%), the United States (7.2%), the Netherlands (6.1%), Taiwan (Chinese) (5.7%), Singapore (5.2%) and India (4.7%). The following exporters - Kuwait (1.1M tons) and China (1.1M tons) - each resulted at a 6.7% share of total exports.

From 2013 to 2024, average annual rates of growth with regard to cyclic hydrocarbons exports from South Korea stood at +2.1%. At the same time, China (+9.5%) and Saudi Arabia (+5.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +9.5% from 2013-2024. By contrast, Singapore (-1.2%), Taiwan (Chinese) (-1.8%), Kuwait (-1.9%), India (-2.1%), the United States (-5.1%), Japan (-5.7%) and the Netherlands (-6.0%) illustrated a downward trend over the same period. South Korea (+11 p.p.), Saudi Arabia (+4.6 p.p.) and China (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while the United States, the Netherlands and Japan saw its share reduced by -2.5%, -3% and -4.5% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($9.6B) remains the largest cyclic hydrocarbons supplier worldwide, comprising 25% of global exports. The second position in the ranking was held by Japan ($3.6B), with a 9.3% share of global exports. It was followed by Saudi Arabia, with an 8.3% share.

From 2013 to 2024, the average annual growth rate of value in South Korea was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-8.5% per year) and Saudi Arabia (+3.6% per year).

Export Prices By Country

In 2024, the average cyclic hydrocarbons export price amounted to $1,128 per ton, with an increase of 6.3% against the previous year. In general, the export price, however, recorded a pronounced descent. The growth pace was the most rapid in 2021 an increase of 50%. The global export price peaked at $1,455 per ton in 2013; however, from 2014 to 2024, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in the United States ($1,291 per ton) and China ($1,197 per ton), while Japan ($1,026 per ton) and South Korea ($1,045 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (-1.6%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform