Hungary: Benzene Market 2024

Benzene Market Size in Hungary

The Hungarian benzene market surged to $X in 2022, jumping by 18% against the previous year. Overall, consumption, however, showed a perceptible shrinkage. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Benzene Production in Hungary

In value terms, benzene production dropped modestly to $X in 2022 estimated in export price. Overall, production saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 14% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Benzene Exports

Exports from Hungary

In 2022, the amount of benzene exported from Hungary dropped markedly to X tons, which is down by -24.1% on the previous year. Overall, exports recorded a mild reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 58% against the previous year. As a result, the exports reached the peak of X tons, and then declined sharply in the following year.

In value terms, benzene exports reduced markedly to $X in 2022. Over the period under review, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2021 when exports increased by 121%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Germany (X tons) was the main destination for benzene exports from Hungary, accounting for a 50% share of total exports. Moreover, benzene exports to Germany exceeded the volume sent to the second major destination, the Czech Republic (X tons), threefold. The third position in this ranking was held by France (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany stood at -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (-0.6% per year) and France (+1.2% per year).

In value terms, Germany ($X) remains the key foreign market for benzene exports from Hungary, comprising 52% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a 17% share of total exports. It was followed by France, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany stood at -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (-1.5% per year) and France (-0.7% per year).

Export Prices by Country

In 2022, the average benzene export price amounted to $X per ton, rising by 8.8% against the previous year. In general, the export price, however, showed a slight contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-0.7%), while the prices for the other major destinations experienced a decline.

Benzene Imports

Imports into Hungary

In 2022, after four years of growth, there was significant decline in overseas purchases of benzene, when their volume decreased by -94.2% to X tons. Over the period under review, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 756%. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped sharply in the following year.

In value terms, benzene imports reduced dramatically to $X in 2022. In general, imports continue to indicate a slight decrease. The pace of growth was the most pronounced in 2020 when imports increased by 300%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Germany (X kg), the United States (X kg) and Belgium (X kg) were the main suppliers of benzene imports to Hungary, with a combined 100% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +32.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of benzene to Hungary, comprising 81% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (0.0% per year) and Belgium (+96.7% per year).

Import Prices by Country

The average benzene import price stood at $X per ton in 2022, surging by 160% against the previous year. In general, the import price, however, saw a sharp slump. The most prominent rate of growth was recorded in 2020 an increase of 221% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+48.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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