After reaching a low of 498 U.S. dollars per metric ton in 2020, the global price of benzene increased rapidly over the following two years, before again declinging to an average of 901 U.S. dollars per metric ton in 2022. Uses of benzene Benzene is one of the most common products in the petrochemical industry, accounting for roughly 10 percent of primary petrochemical consumption worldwide. The compound is the simplest aromatic hydrocarbon and it is used widely for the manufacture of organic chemicals with more complex structures. For instance, most of the benzene produced is transformed to ethylbenzene, which is then converted to styrene, and finally, polystyrene. Other important applications include the production of phenol and acetone. Global benzene market The global market volume of benzene amounted to nearly 60.28 million metric tons in 2022 and it is expected to reach over 76 million metric tons by 2023. Regarding the market value of the petrochemical compound, it stood at over 93.85 billion U.S. dollars in 2022 and is forecast to rise considerably to some 121.67 billion U.S. dollars. In 2021, South Korea, India, and Thailand were the largest exporters of benzene worldwide.

Explore the multifaceted factors influencing benzene prices, including crude oil fluctuations, supply-demand dynamics, geopolitical events, and environmental regulations, and their impact on the chemical industry's economic trends.

In 2024, the highest price was recorded in April, reaching 1,058 U.S. dollars per metric ton, while the lowest price occurred in August and September, standing at 960 U.S. dollars per metric ton. Comparing these figures to the same months in previous years, we observe a general increase in prices over time. However, there were notable exceptions, such as November 2023, where the price dropped to 890 U.S. dollars per metric ton, lower than the corresponding month in the previous year. Overall, the data indicates both upward and downward price movements, reflecting the dynamic nature of the benzene market during this period.

Benzene imports into Latvia skyrocketed to 136 kg in 2023, jumping by 167% against 2022.

In 2023, approx. 52 kg of benzene were imported into Morocco; rising by 117% against the year before.

For the fourth consecutive year, Ecuador recorded growth in overseas purchases of benzene, which increased by 8.6% to 930 kg in 2023.

The average price of ethylene worldwide amounted to some 896 U.S. dollars per metric ton in 2023. The global production capacity of ethylene reached approximately 225.52 million tons in 2022. Petrochemical products Ethylene is the most commonly used petrochemical globally. A major part of its production is used to produce polyethylene, a common plastic material that accounts for roughly 30 percent of global thermoplastic production. Other ethylene-derived products include ethylene glycol, ethylene dichloride, and styrene. Apart from ethylene, other widely produced petrochemicals are propylene, methanol, and paraxylene. Together they account for over 80 percent of the global upstream petrochemical capacity. Petrochemical prices Petrochemical prices are highly dependent on the price of oil and related products. Feedstock costs represent the largest share of petrochemical production costs, ahead of fixed costs, power, and transportation. As with oil prices, the price of petrochemical products fell sharply during 2020, following the outbreak of the COVID-19 pandemic. That year, petrochemicals such as ethylene, propylene, or benzene registered the lowest price in recent years, although they picked up shortly after.

In 2023, imports of benzene into Peru surged to 138 kg, increasing by 194% against 2022.

In 2023, imports of benzene into Austria skyrocketed to 426 kg, jumping by 27% on 2022 figures.

After two years of decline, purchases abroad of benzene increased by 0% to 3 kg in 2023.

After two years of decline, supplies from abroad of benzene increased by 1,261% to 381 kg in 2023.

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In 2023, overseas purchases of benzene decreased by -93.2% to 930 kg for the first time since 2019, thus ending a three-year rising trend.

Benzene exports from Lithuania soared to 15 kg in 2022, with an increase of 400% on 2021.

For the fourth consecutive year, Uruguay recorded growth in supplies from abroad of benzene, which increased by 57% to 58 kg in 2023.

Benzene exports from Kenya declined sharply to 157 kg in 2023, shrinking by -20.3% compared with 2022.

In 2023, the amount of benzene imported into Tunisia surged to 206 kg, picking up by 78% against 2022.

In 2023, imports of benzene into the Dominican Republic soared to 60 kg, picking up by 300% against the previous year.

For the third consecutive year, Bolivia recorded decline in supplies from abroad of benzene, which decreased by -17.4% to 19 kg in 2023.

Benzene imports into Norway surged to 74 kg in 2023, with an increase of 517% compared with 2022.