Benzene Price Trend

Benzene Prices December 2023

The price of benzene in the United States for Q4 2023 reached 1007 USD/MT in December. The major ports in the United States reached their projected peak in import cargo volume for the year, causing moderate demand for benzene from downstream sectors.

The price trend for benzene in South Korea decreased in Q4 2023, reaching USD 861/MT in December 2023. The decrease in benzene content imported from South Korea to China was less intense compared to the previous year, stating a weak demand in China.

In Saudi Arabia, benzene prices were stable, with moderate supply and demand. The country mainly imported benzene from Asian countries.

Brazil’s benzene prices experienced fluctuations as there were complications and challenges in meeting its domestic demand for oil. The Q4 2023 benzene price was USD 835/MT, reflecting a lower production rate.

Benzene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Benzene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of benzene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of benzene at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of benzene price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing benzene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Benzene Market Analysis

The global benzene market size reached US$ 64.1 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 86.1 Billion, at a projected CAGR of 3.20% during 2023-2032.

• The rising occurrence of various pest or insect related diseases in plants is impelling the growth of the market. Benzene in widely employed for the manufacturing of various effective insecticides and pesticides, such as hexachlorobenzene. According to the National Institute of Food and Agriculture and the United States Department of Agriculture, between 20% to 40% of global crop production is lost to pests every year. This is further driving the demand for pesticides among farmers to improve crop yield.
• Apart from this, the increasing utilization of benzene in the pharmaceutical industry to manufacture paracetamol is propelling the market growth. Paracetamol is a popular drug often consumed to get rid of mild to moderate pain, fever, and headaches. On the basis of the report presented by the Consumer Healthcare Products Association, Acetaminophen, which is also known as paracetamol, is the most common drug ingredient in the United States, and it is found in more than 600 different medicines, including prescription and over-the-counter (OTC) pain relievers, fever reducers, and sleeping pills as well as cough, cold, and allergy medicines.
• The growing employment of benzene in the production of styrene is supporting the market growth. Commercially, styrene is manufactured by the alkylation of benzene and ethylene to make ethylbenzene, followed by the dehydrogenation of ethylbenzene to styrene utilizing large feeding streams over the iron oxide-based catalyst. Styrene is extensively used as a monomer in the polymer industry for the creation of plastics, rubbers, and various types of resins. The report presented by Our World in Data in 2023 stated that plastic production increased sharply over the last 70 years and produced 450 million tons. This is also responsible for driving the demand for benzene for the manufacturing of styrene.
• Moreover, benzene derivatives play a crucial part in the production of rubbers, which are widely employed for the manufacturing of tires and various other rubber products. Furthermore, the increasing demand for benzene in the production of industrial solvents is bolstering the market growth.

Benzene News

The report covers the latest developments, updates, and trends impacting the global benzene market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in benzene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the benzene price trend.

Latest developments in the benzene industry:

• In 2023, BASF SE announced that its Yeosu site in Korea has successfully created the first biomass balanced (BMB) methylene diphenyl diisocyanate (MDI). BASF has now manufactured biomass balanced MDI, made with biomass-balanced benzene.
• In 2021, Covestro received its first delivery of 2,000 metric tons of sustainable benzene from Total and set a milestone on its efforts towards a circular economy.

Product Description

Benzene is a colorless liquid chemical compound that evaporates into the air spontaneously and imparts a sweet characteristic odor. It is highly flammable and can be manufactured from both natural and human activities. it is miscible with alcohol, chloroform, ether, carbon disulfide, acetone, oils, carbon tetrachloride, and glacial acetic acid. It is effective in dissolving or thinning other substances, enhancing product application and performance.

It is also employed in the pharmaceutical industry for the production of medicines like paracetamol which are widely consumed for curing fever and pain. It is also used for the production of detergents, which are necessary for thoroughly cleaning and washing fabrics and clothes. It is necessary for the formulation of aniline, which is a vital ingredient in dyes and is also used in petroleum refining.

Regional Coverage

The report provides a detailed analysis of the benzene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the benzene price trend.

Global Benzene Price

The report offers a holistic view of the global benzene pricing trends in the form of benzene price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of benzene but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed benzene demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Benzene Price

The European region has experienced a bearish price trend owing to inadequate demand and excess supply. The overall outlook remained negative despite a moderate supply. Moreover, the slow pace in the intermediate goods, energy, and durable and non-durable consumer goods caused the decline in demand for benzene in the region. The downstream sectors like styrene and cumin also portrayed a weak demand perspective throughout the quarter.

This analysis can be extended to include detailed benzene price information for a comprehensive list of countries.

North America Benzene Price

In North America, the benzene market has witnessed a decline with moderate supply and demand. Moreover, global difficulties in the petrochemical industry influenced trade dynamics of various chemical products like benzene. Apart from this, various major container ports in the United States had already reached their projected peak in the import cargo volume for the year and this in return resulted in moderate demand for benzene from various downstream sectors like styrene and cumene.

Specific benzene historical data within the United States and Canada can also be provided.

Middle East and Africa Benzene Price

The benzene market in the Middle East and Africa (MEA) region showcased a bearish sentiment owing to weaker demand, recent increase in port imports, and ongoing price declines. Moreover, there was a decline in the production of benzene and a subdued demand outlook for styrene, cumene, and various other aromatic chemicals. The decline in benzene production was also associated with a sluggish pace in manufacturing of both durable and non-durable consumer goods.

In addition to region-wise data, information on benzene prices for countries can also be provided.

Asia Pacific Benzene Price

The benzene pricing in the Asia Pacific region experienced a bearish situation with a weak demand and overall production costs. Moreover, buyers showed hesitancy owing to unfavorable buying situations, anticipating heightened supply in Asia due to congestion in the Panama Canal and heightened run rates in toluene disproportionation (TDP) units. Domestic and international buyers experienced difficulties in accepting prevailing offer levels, provided that downstream customers were cutting order quantities.

This benzene price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Benzene Price

The analysis of benzene prices in Latin America experienced stable and moderate supply and low to moderate demand from downstream businesses throughout Q4 2023. The market remained bearish owing to weak performance in the retail sector and reduced demand from end-use manufacturing units. The incline in prices of upstream naphtha impacted the production expenses of benzene. Furthermore, the quarter ended on a positive note due to an initial expansion in the manufacturing sector present in Brazil.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of benzene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting benzene price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The benzene price charts ensure our clients remain at the forefront of the industry.