MENA: Benzene Market 2024

Benzene Market Size in MENA

The MENA's benzene market declined to $X in 2022, waning by -9.9% against the previous year. Overall, consumption showed a mild downturn. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Benzene Production in MENA

In value terms, benzene production declined to $X in 2022 estimated in export price. In general, production saw a slight setback. The pace of growth was the most pronounced in 2017 when the production volume increased by 10%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Benzene Exports

Exports in MENA

In 2022, exports of benzene in MENA contracted modestly to X tons, reducing by -4.1% against the previous year's figure. The total export volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when exports increased by 32% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, benzene exports shrank to $X in 2022. Over the period under review, exports continue to indicate a pronounced setback. The pace of growth appeared the most rapid in 2021 with an increase of 66% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Oman (X tons) was the key exporter of benzene, achieving 37% of total exports. Israel (X tons) held the second position in the ranking, followed by Saudi Arabia (X tons), the United Arab Emirates (X tons), Kuwait (X tons) and Iran (X tons). All these countries together held near 58% share of total exports. Algeria (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of +23.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest benzene supplying countries in MENA were Oman ($X), Israel ($X) and Saudi Arabia ($X), together comprising 74% of total exports.

Saudi Arabia, with a CAGR of +19.1%, saw 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 MENA amounted to $X per ton, with a decrease of -5.9% against the previous year. In general, the export price showed a noticeable descent. The most prominent rate of growth was recorded in 2021 when the export price increased by 36%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Algeria ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Algeria (+0.9%), while the other leaders experienced a decline in the export price figures.

Benzene Imports

Imports in MENA

In 2022, supplies from abroad of benzene decreased by -73.2% to X tons, falling for the third consecutive year after three years of growth. Overall, imports showed a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 23%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, benzene imports declined sharply to $X in 2022. Over the period under review, imports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 52%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Kuwait (X tons) represented the major importer of benzene, creating 57% of total imports. Iran (X tons) took the second position in the ranking, followed by Syrian Arab Republic (X tons), Egypt (X tons) and Qatar (X tons). All these countries together took near 39% share of total imports. The United Arab Emirates (X tons) held a relatively small share of total imports.

Imports into Kuwait increased at an average annual rate of +13.7% from 2012 to 2022. At the same time, Syrian Arab Republic (+16.8%), Egypt (+5.6%) and Qatar (+3.2%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing importer imported in MENA, with a CAGR of +16.8% from 2012-2022. By contrast, Iran (-9.8%) and the United Arab Emirates (-22.4%) illustrated a downward trend over the same period. While the share of Kuwait (+53 p.p.), Syrian Arab Republic (+9.8 p.p.), Egypt (+5.5 p.p.), Qatar (+4.7 p.p.) and Iran (+4.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-6.6 p.p.) displayed negative dynamics.

In value terms, Kuwait ($X) constitutes the largest market for imported benzene in MENA, comprising 52% of total imports. The second position in the ranking was held by Iran ($X), with an 18% share of total imports. It was followed by Syrian Arab Republic, with a 14% share.

In Kuwait, benzene imports increased at an average annual rate of +12.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Iran (-9.0% per year) and Syrian Arab Republic (+16.8% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, waning by -9.1% against the previous year. Overall, the import price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2021 an increase of 67% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Syrian Arab Republic ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform