After reaching a low of 498 U.S. dollars per metric ton in 2020, the global price of benzene has increased rapidly over the last two years, reaching an average of 1,107 U.S. dollars per metric ton in 2022. With a monthly average price of 1,392 U.S. dollars per metric ton in June 2022. This is almost three times more than the price registered in the same month two years earlier.
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 58.4 million metric tons in 2021 and it is expected to reach almost 75 million metric tons by 2029. Regarding the market value of the petrochemical compound, it stood at over 90 billion U.S. dollars in 2021 and is forecast to increase by more than 30 percent in 2029. In 2020, South Korea, India, and Germany were the largest exporters of benzene worldwide.
Price of benzene worldwide from 2017 to 2022
(in U.S. dollars per metric ton)
Characteristic
Price in U.S. dollars per metric ton
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Krungsri Research. (March 10, 2023). Price of benzene worldwide from 2017 to 2022 (in U.S. dollars per metric ton) [Graph]. In Statista. Retrieved June 30, 2024, from https://www.statista.com/statistics/1171072/price-benzene-forecast-globally/
Krungsri Research. "Price of benzene worldwide from 2017 to 2022 (in U.S. dollars per metric ton)." Chart. March 10, 2023. Statista. Accessed June 30, 2024. https://www.statista.com/statistics/1171072/price-benzene-forecast-globally/
Krungsri Research. (2023). Price of benzene worldwide from 2017 to 2022 (in U.S. dollars per metric ton). Statista. Statista Inc.. Accessed: June 30, 2024. https://www.statista.com/statistics/1171072/price-benzene-forecast-globally/
Krungsri Research. "Price of Benzene Worldwide from 2017 to 2022 (in U.S. Dollars per Metric Ton)." Statista, Statista Inc., 10 Mar 2023, https://www.statista.com/statistics/1171072/price-benzene-forecast-globally/
Krungsri Research, Price of benzene worldwide from 2017 to 2022 (in U.S. dollars per metric ton) Statista, https://www.statista.com/statistics/1171072/price-benzene-forecast-globally/ (last visited June 30, 2024)
Price of benzene worldwide from 2017 to 2022 (in U.S. dollars per metric ton) [Graph], Krungsri Research, March 10, 2023. [Online]. Available: https://www.statista.com/statistics/1171072/price-benzene-forecast-globally/