South-Eastern Asia: Benzene Market 2024

Benzene Market Size in South-Eastern Asia

In 2022, the Southeast Asian benzene market increased by 1.3% to $X, rising for the second year in a row after two years of decline. In general, consumption saw a slight setback. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Benzene Production in South-Eastern Asia

In value terms, benzene production declined modestly to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by 20% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Benzene Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of benzene increased by 22% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +2.2% 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 +61.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, benzene exports skyrocketed to $X in 2022. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 117%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Brunei Darussalam (X tons) and Thailand (X tons) represented roughly 59% of total exports in 2022. It was distantly followed by Malaysia (X tons), Singapore (X tons), Vietnam (X tons) and the Philippines (X tons), together creating a 38% share of total exports. Indonesia (X tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +9.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest benzene supplying countries in South-Eastern Asia were Brunei Darussalam ($X), Thailand ($X) and Malaysia ($X), together accounting for 79% of total exports. Singapore, Vietnam, the Philippines and Indonesia lagged somewhat behind, together comprising a further 21%.

In terms of the main exporting countries, the Philippines, with a CAGR of +7.7%, saw the highest growth rate of the value of exports, 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 South-Eastern Asia amounted to $X per ton, growing by 8.1% against the previous year. Overall, the export price, however, recorded a mild curtailment. The most prominent rate of growth was recorded in 2021 an increase of 65% against the previous year. 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.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+2.6%), while the other leaders experienced a decline in the export price figures.

Benzene Imports

Imports in South-Eastern Asia

Benzene imports fell remarkably to X tons in 2022, shrinking by -36.1% compared with 2021 figures. Overall, imports showed a noticeable reduction. The growth pace was the most rapid in 2013 when imports increased by 59%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, benzene imports shrank notably to $X in 2022. In general, imports recorded a deep reduction. The growth pace was the most rapid in 2013 when imports increased by 73%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons), Malaysia (X tons) and Indonesia (X tons) was the major importer of benzene in South-Eastern Asia, achieving 100% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Malaysia (with a CAGR of +0.5%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Singapore ($X), Indonesia ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 100% of total imports.

In terms of the main importing countries, Singapore, with a CAGR of -4.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, rising by 14% against the previous year. In general, the import price, however, showed a slight downturn. The pace of growth appeared the most rapid in 2021 when the import price increased by 64%. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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