GCC: Market for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) 2024

Market Size for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in GCC

In 2021, the GCC benzol, toluol and xylol market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, showed a deep reduction. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in GCC

In value terms, benzol, toluol and xylol production totaled $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 63% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Exports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Exports in GCC

In 2021, exports of benzol (benzene), toluol (toluene) and xylol (xylenes) in GCC rose modestly to X tons, picking up by 1.9% against the year before. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +7.7% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 86% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, benzol, toluol and xylol exports dropped to $X in 2021. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 84% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia prevails in exports structure, reaching X tons, which was near 96% of total exports in 2021. Oman (X tons) took a relatively small share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +5.3% from 2012 to 2021. At the same time, Oman (+152.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +152.5% from 2012-2021. While the share of Oman (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-3.8 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest benzol, toluol and xylol supplier in GCC, comprising 96% of total exports. The second position in the ranking was held by Oman ($X), with a 2.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia was relatively modest.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, declining by -9.6% against the previous year. Over the period under review, the export price saw a abrupt descent. The pace of growth appeared the most rapid in 2017 when the export price increased by 1%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Oman stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-5.1%).

Imports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Imports in GCC

In 2021, approx. X tons of benzol (benzene), toluol (toluene) and xylol (xylenes) were imported in GCC; jumping by 54% on the previous year's figure. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 153%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, benzol, toluol and xylol imports surged to $X in 2021. Overall, imports showed a slight increase. The growth pace was the most rapid in 2016 with an increase of 120%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the one major importers of benzol (benzene), toluol (toluene) and xylol (xylenes), namely the United Arab Emirates, represented more than two-thirds of total import.

The United Arab Emirates was also the fastest-growing in terms of the benzol (benzene), toluol (toluene) and xylol (xylenes) imports, with a CAGR of +6.5% from 2012 to 2021. While the share of the United Arab Emirates (+6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported benzol (benzene), toluol (toluene) and xylol (xylenes) in GCC.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +2.5%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, jumping by 26% against the previous year. In general, the import price, however, recorded a pronounced decline. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -3.7% per year.

Source: IndexBox Platform