United Kingdom: Benzene Market 2024

Benzene Market Size in the UK

The UK benzene market dropped sharply to $X in 2022, which is down by -17.9% against the previous year. Overall, consumption continues to indicate a noticeable descent. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Benzene Production in the UK

In value terms, benzene production contracted to $X in 2022 estimated in export price. Overall, production saw a deep setback. The pace of growth appeared the most rapid in 2021 with an increase of 25%. Benzene production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Benzene Exports

Exports from the UK

In 2022, the amount of benzene exported from the UK soared to X tons, picking up by 51% on the previous year's figure. In general, exports, however, continue to indicate a abrupt descent. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, benzene exports soared to $X in 2022. Overall, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 44% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for benzene exports from the UK, with a 77% share of total exports. Moreover, benzene exports to the Netherlands exceeded the volume sent to the second major destination, France (X tons), sixfold. Portugal (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to -5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-3.5% per year) and Portugal (+11.4% per year).

In value terms, the Netherlands ($X) remains the key foreign market for benzene exports from the UK, comprising 63% of total exports. The second position in the ranking was held by France ($X), with an 18% share of total exports. It was followed by Portugal, with a 9.1% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands amounted to -10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-5.4% per year) and Portugal (+8.0% per year).

Export Prices by Country

The average benzene export price stood at $X per ton in 2022, falling by -15.5% against the previous year. Overall, the export price continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 36%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Belgium ($X per ton), while the average price for exports to the Netherlands ($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 the United States (+0.7%), while the prices for the other major destinations experienced a decline.

Benzene Imports

Imports into the UK

In 2022, overseas purchases of benzene decreased by -31% to X tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a slight descent. The growth pace was the most rapid in 2013 when imports increased by 32%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, benzene imports contracted markedly to $X in 2022. Over the period under review, imports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2021 with an increase of 43% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest benzene supplier to the UK, with a 46% share of total imports. Moreover, benzene imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Russia (X tons), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-6.1% per year) and Russia (+84.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of benzene to the UK, comprising 45% of total imports. The second position in the ranking was taken by Germany ($X), with a 19% share of total imports. It was followed by Russia, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-6.5% per year) and Russia (+95.2% per year).

Import Prices by Country

In 2022, the average benzene import price amounted to $X per ton, growing by 16% against the previous year. Over the period under review, the import price, however, showed a slight setback. The most prominent rate of growth was recorded in 2021 an increase of 67%. Over the period under review, average import prices attained the maximum 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 Belgium ($X per ton), while the price for India ($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 (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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