Asia-Pacific: Benzene Market 2024

Benzene Market Size in Asia-Pacific

The Asia-Pacific benzene market dropped to $X in 2022, waning by -8.6% against the previous year. The total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +73.6% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Benzene Production in Asia-Pacific

In value terms, benzene production declined slightly to $X in 2022 estimated in export price. Overall, production showed a mild curtailment. The pace of growth was the most pronounced in 2017 when the production volume increased by 16% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Benzene Exports

Exports in Asia-Pacific

In 2022, shipments abroad of benzene increased by 4.8% 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 +4.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 22%. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, benzene exports skyrocketed to $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +150.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 112%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

South Korea represented the main exporting country with an export of about X tons, which finished at 41% of total exports. India (X tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Japan (8.4%), Brunei Darussalam (7.8%) and Thailand (6.7%). Malaysia (X tons) and Singapore (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +9.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest benzene supplying countries in Asia-Pacific were South Korea ($X), India ($X) and Japan ($X), together comprising 76% of total exports.

India, with a CAGR of +8.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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-Pacific amounted to $X per ton, with an increase of 13% against the previous year. Over the period under review, the export price, however, showed a mild slump. The growth pace was the most rapid in 2021 an increase of 73%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat 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-Pacific

In 2022, purchases abroad of benzene increased by 4.1% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports posted a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 43%. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, benzene imports expanded remarkably to $X in 2022. In general, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 129% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, China (X tons) was the main importer of benzene, achieving 72% of total imports. It was distantly followed by Taiwan (Chinese) (X tons), achieving an 18% share of total imports. Singapore (X tons), Malaysia (X tons) and Indonesia (X tons) took a little share 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, 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. From 2012 to 2022, the share of China increased by +48 percentage points.

In value terms, China ($X) constitutes the largest market for imported benzene in Asia-Pacific, comprising 76% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 13% share of total imports. It was followed by Singapore, with a 3.2% 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: Taiwan (Chinese) (-2.2% per year) and Singapore (-4.5% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, growing by 5% against the previous year. Overall, the import price, however, showed a pronounced slump. The growth pace was the most rapid in 2021 an increase of 74% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: 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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