GCC: Benzene Market 2024

Benzene Market Size in GCC

In 2022, the GCC benzene market decreased by -41.5% to $X, falling for the fourth consecutive year after two years of growth. Overall, consumption recorded a abrupt setback. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Benzene Production in GCC

In value terms, benzene production declined modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate notable growth. The growth pace was the most rapid in 2015 with an increase of 91% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Benzene Exports

Exports in GCC

Benzene exports reduced to X tons in 2022, with a decrease of -6.9% against the previous year. In general, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 198% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, benzene exports declined sharply to $X in 2022. Over the period under review, exports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 130%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Oman (X tons) was the major exporter of benzene, mixing up 53% of total exports. It was distantly followed by Saudi Arabia (X tons), the United Arab Emirates (X tons) and Kuwait (X tons), together comprising a 47% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to benzene exports from Oman stood at +22.3%. At the same time, Saudi Arabia (+23.7%), the United Arab Emirates (+16.2%) and Kuwait (+6.0%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +23.7% from 2012-2022. From 2012 to 2022, the share of Oman and Saudi Arabia increased by +15 and +8.7 percentage points, respectively.

In value terms, Oman ($X) remains the largest benzene supplier in GCC, comprising 52% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 23% share of total exports. It was followed by Kuwait, with a 14% share.

In Oman, benzene exports expanded at an average annual rate of +18.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+19.1% per year) and Kuwait (+3.4% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, reducing by -13% against the previous year. In general, the export price showed a perceptible shrinkage. The pace of growth was the most pronounced in 2021 when the export price increased by 37%. 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 remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Kuwait ($X per ton) and Oman ($X per ton), while the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-2.5%), while the other leaders experienced a decline in the export price figures.

Benzene Imports

Imports in GCC

In 2022, purchases abroad of benzene decreased by -80.8% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, imports faced a deep setback. The pace of growth was the most pronounced in 2017 when imports increased by 26% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, benzene imports reduced markedly to $X in 2022. Overall, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 60% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Kuwait dominates imports structure, recording X tons, which was approx. 87% of total imports in 2022. It was distantly followed by Qatar (X tons), committing an 8.8% share of total imports. The United Arab Emirates (X tons) held a little share of total imports.

Kuwait was also the fastest-growing in terms of the benzene imports, with a CAGR of +13.7% from 2012 to 2022. At the same time, Qatar (+3.2%) displayed positive paces of growth. By contrast, the United Arab Emirates (-22.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Kuwait and Qatar increased by +82 and +7.5 percentage points, respectively.

In value terms, Kuwait ($X) constitutes the largest market for imported benzene in GCC, comprising 85% of total imports. The second position in the ranking was held by Qatar ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Kuwait totaled +12.6%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+0.7% per year) and the United Arab Emirates (-26.8% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with a decrease of -14.5% against the previous year. Overall, the import price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 75%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform