U.S.: Benzene Market 2024

Benzene Market Size in the U.S.

The U.S. benzene market rose sharply to $X in 2022, surging by 5.5% against the previous year. Overall, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.9% against 2020 indices. Benzene consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Benzene Production in the U.S.

In value terms, benzene production amounted to $X in 2022. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 53% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Benzene Exports

Exports from the U.S.

Benzene exports from the United States plummeted to X tons in 2022, which is down by -56.1% on 2021. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 420%. As a result, the exports reached the peak of X tons, and then shrank significantly in the following year.

In value terms, benzene exports fell significantly to $X in 2022. In general, exports recorded a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 370% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), Canada (X tons) and Belgium (X tons) were the main destinations of benzene exports from the United States, together accounting for 96% of total exports. These countries were followed by the UK, which accounted for a further 3.6%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +108.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzene exported from the United States were the Netherlands ($X), Canada ($X) and Belgium ($X), with a combined 96% share of total exports. These countries were followed by the UK, which accounted for a further 3.7%.

The UK, with a CAGR of +100.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average benzene export price amounted to $X per ton, increasing by 3.6% against the previous year. Over the period under review, the export price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2019 when the average export price increased by 48% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Belgium ($X per ton) and the UK ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (-1.9%), while the prices for the other major destinations experienced a decline.

Benzene Imports

Imports into the U.S.

After two years of decline, purchases abroad of benzene increased by 12% to X tons in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 22% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, benzene imports soared to $X in 2022. In general, imports, however, saw a slight downturn. The growth pace was the most rapid in 2021 with an increase of 50%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest supplier of benzene to the United States, with a 48% share of total imports. Moreover, benzene imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The Netherlands (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.8% per year) and the Netherlands (+4.9% per year).

In value terms, South Korea ($X) constituted the largest supplier of benzene to the United States, comprising 50% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by Canada, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled +1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.9% per year) and Canada (-4.2% per year).

Import Prices by Country

The average benzene import price stood at $X per ton in 2022, increasing by 29% against the previous year. Overall, the import price, however, continues to indicate a mild decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Canada ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :