Eastern Asia: Benzene Market 2024

Benzene Market Size in Eastern Asia

The East Asian benzene market declined modestly to $X in 2022, remaining constant against the previous year. The market value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Benzene Production in Eastern Asia

In value terms, benzene production declined to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 30%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Benzene Exports

Exports in Eastern Asia

In 2022, overseas shipments of benzene increased by 8.5% to X tons, rising for the second consecutive year after three years of decline. Total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +18.7% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 23%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, benzene exports soared to $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +146.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 99%. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

South Korea was the key exporting country with an export of around X tons, which resulted at 80% of total exports. It was distantly followed by Japan (X tons), constituting a 17% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

Exports from South Korea increased at an average annual rate of +5.1% from 2012 to 2022. At the same time, Taiwan (Chinese) (+29.4%) and Japan (+2.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +29.4% from 2012-2022. From 2012 to 2022, the share of South Korea and Taiwan (Chinese) increased by +3.5 and +2.6 percentage points, respectively.

In value terms, South Korea ($X) remains the largest benzene supplier in Eastern Asia, comprising 81% of total exports. The second position in the ranking was taken by Japan ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea stood at +3.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+0.7% per year) and Taiwan (Chinese) (+23.1% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, rising by 14% against the previous year. Overall, the export price, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2021 an increase of 82% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-1.3%), while the other leaders experienced a decline in the export price figures.

Benzene Imports

Imports in Eastern Asia

In 2022, overseas purchases of benzene increased by 9.9% to X tons, rising for the second consecutive year after two years of decline. Overall, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 47% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, benzene imports expanded significantly to $X in 2022. Over the period under review, imports saw a resilient increase. The growth pace was the most rapid in 2021 with an increase of 143%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China was the main importing country with an import of around X tons, which finished at 78% of total imports. It was distantly followed by Taiwan (Chinese) (X tons), mixing up a 19% 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. From 2012 to 2022, the share of China increased by +43 percentage points.

In value terms, China ($X) constitutes the largest market for imported benzene in Eastern Asia, comprising 83% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +20.5%.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by 4.1% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decline. The pace of growth was the most pronounced in 2021 an increase of 76% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.5%).

Source: IndexBox Platform

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