Asia: Benzene Market 2024

Benzene Market Size in Asia

The Asian benzene market reduced slightly to $X in 2022, with a decrease of -2.1% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Benzene Production in Asia

In value terms, benzene production shrank to $X in 2022 estimated in export price. Over the period under review, production showed a mild curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 15% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Benzene Exports

Exports in Asia

In 2022, shipments abroad of benzene increased by 4.2% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 22% against the previous year. The volume of export peaked at X tons in 2018; afterwards, it flattened through to 2022.

In value terms, benzene exports skyrocketed to $X in 2022. Total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +139.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 107%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

In 2022, South Korea (X tons), distantly followed by India (X tons), Japan (X tons), Brunei Darussalam (X tons) and Thailand (X tons) represented the major exporters of benzene, together generating 81% of total exports. Malaysia (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +22.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), India ($X) and Japan ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 71% share of total exports. Brunei Darussalam, Thailand, Malaysia and Oman lagged somewhat behind, together accounting for a further 19%.

Among the main exporting countries, Oman, with a CAGR of +18.1%, saw 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 Asia amounted to $X per ton, with an increase of 11% against the previous year. Overall, the export price, however, continues to indicate a mild descent. The pace of growth was the most pronounced in 2021 an increase of 69%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-1.0%), while the other leaders experienced a decline in the export price figures.

Benzene Imports

Imports in Asia

In 2022, the amount of benzene imported in Asia contracted to X tons, waning by -7.8% against the previous year. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 +11.6% against 2020 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 25%. Over the period under review, imports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, benzene imports fell slightly to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +101.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 109% against the previous year. As a result, imports reached the peak of $X, and then dropped slightly in the following year.

Imports by Country

China represented the key importer of benzene in Asia, with the volume of imports finishing at X tons, which was approx. 69% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), making up a 17% share of total imports. The following importers - Singapore (X tons), Kuwait (X tons), Malaysia (X tons) and Indonesia (X tons) - together made up 9.7% 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, Kuwait (+13.7%) and Taiwan (Chinese) (+3.0%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-3.6%) and Indonesia (-7.3%) illustrated a downward trend over the same period. While the share of China (+52 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (-1.8 p.p.), Singapore (-4.4 p.p.), Indonesia (-6 p.p.) and Taiwan (Chinese) (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported benzene in Asia, comprising 73% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by Singapore, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +20.5%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-2.2% per year) and Singapore (-4.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, surging by 4.5% against the previous year. Over the period under review, the import price, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2021 when the import price increased by 73%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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