Benzene Price Trend and Forecast: Top 10 Leading Trading Countries and Regions - Latest Edition [2026]

The EMR pricing report on Benzene provides insights into the top 10 leading trading countries and regions.

In 2024, benzene prices exhibited notable regional disparities among the top 10 producing and trading countries, influenced by factors such as feedstock costs, downstream demand, and logistical challenges. China, maintaining its position as a leading producer and consumer, experienced price volatility due to fluctuating naphtha costs and subdued demand from downstream sectors such as styrene and phenol. In early 2025, the benzene market is expected to stabilise with steady demand and rising supply from Asia. Prices stay range-bound as trade strategies and feedstock flexibility become key to competitiveness.

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During 2024, global benzene markets saw cautious buying amid price volatility. South Korea faced declining exports and inventory buildup, while the U.S. stayed stable with steady demand. Europe struggled with high energy costs, which reduced its competitiveness. India, Southeast Asia, and Latin America aimed to benefit from trade shifts but faced logistical and cost challenges. China remained the key driver of global pricing trends.

Benzene Price Forecast

The global benzene market in 2024 experienced notable price volatility, driven by regional demand-supply imbalances, fluctuating crude oil prices, and geopolitical uncertainties. In North America, benzene prices declined during the third quarter, influenced by weakened demand from downstream sectors such as styrene monomer and phenol, alongside stable production costs and increased refinery outputs. Conversely, the Asia-Pacific region faced challenges with constrained supply, particularly in China, where environmental regulations and reduced refinery throughput limited benzene availability. Japan faced competitive pressures from lower-priced imports, impacting domestic production margins. Despite these challenges, demand from end-use industries like plastics, resins, and synthetic fibres remained steady. Looking ahead, benzene prices are anticipated to remain robust through 2025, supported by sustained demand in the automotive and construction sectors. However, ongoing regulatory reforms, environmental considerations, and geopolitical factors may influence regional production and pricing dynamics. Industry players are investing in cleaner production technologies and exploring alternative feedstocks to mitigate cost pressures and meet growing demand.

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Global Trade and Supply Chain Implications

In 2024, the global trade and supply chain dynamics for benzene were shaped by sharp fluctuations in regional demand, trade redirections, and persistent logistical disruptions. China, one of the world’s largest benzene importers, recorded a significant surge in imports, particularly in September when volumes rose by 27% year-on-year. This was attributed to elevated domestic prices and limited export opportunities to the U.S., which made South Korean exporters shift their focus to Chinese buyers. However, this influx of cargo led to inventory build-ups in East China’s ports, putting downward pressure on regional prices. Meanwhile, the United States saw a drop in benzene export opportunities due to reduced Chinese demand and trade tensions, leading to a supply glut and subsequent domestic price declines. U.S. supply chains also faced stress from port strikes and transit constraints, including delays caused by droughts impacting the Panama Canal.

In Europe, benzene markets remained vulnerable due to heavy reliance on imports from the U.S. and Asia. Rising energy costs and inflation, combined with tightening environmental regulations—such as the EU's Carbon Border Adjustment Mechanism—introduced new costs and compliance burdens for international suppliers. These disruptions highlighted the fragility of benzene’s global trade network, which was increasingly sensitive to geopolitical tensions and environmental risks. As a result, the industry has started emphasising regional production resilience and diversification strategies to shield against future supply shocks and maintain pricing stability.

Feedstock Analysis

In 2024, benzene production costs were significantly influenced by fluctuations in feedstock prices, particularly naphtha and toluene. Naphtha, a primary feedstock for benzene, experienced price volatility due to shifting crude oil markets and refining margins. This volatility directly impacted benzene pricing, as producers grappled with balancing production costs against market demand. Similarly, toluene, used in processes like hydrodealkylation and disproportionation to produce benzene, saw price variations influenced by its demand in gasoline blending and other applications. These feedstock dynamics, coupled with energy price fluctuations, played a pivotal role in shaping the cost structure of benzene production throughout the year.

Additionally, regional factors contributed to the complexity of benzene feedstock economics. In Asia, the decline in naphtha prices, driven by reduced demand and oversupply, led to decreased benzene production costs. Conversely, in Europe, high energy costs and environmental regulations increased production expenses, prompting some producers to explore alternative feedstocks like ethane. These regional disparities underscored the importance of feedstock selection and market adaptability in maintaining competitive benzene production amid a volatile global economic landscape.

Demand and Supply Outlook for Benzene

In 2024, the global demand for benzene experienced a downturn, primarily due to weakened consumption in key downstream industries such as styrene, cumene, and phenol. This decline was particularly evident in Asia, where cautious purchasing behaviour and inventory build-ups led to suppressed market activity. Despite the overall sluggish demand, certain sectors like automotive and electronics provided some support, with the Asia-Pacific region remaining the largest consumer, accounting for over 55% of global benzene usage. However, economic uncertainties and fluctuating end-user demand introduced volatility, affecting the stability of benzene consumption across various regions.

On the supply side, 2024 witnessed significant capacity expansions, notably in China, which added approximately 3 million tons of new ethylbenzene-styrene monomer (EBSM) production capacity. This surge in production, coupled with stable output levels in other regions, led to an oversupplied market, exerting downward pressure on prices. In contrast, North America faced challenges with reduced operating rates in styrene monomer plants, averaging around 71-72% of capacity, due to high production costs and tame demand. Looking ahead to 2025, the benzene market is expected to remain under pressure from persistent supply-demand imbalances, with limited near-term capacity rationalisations and ongoing economic headwinds influencing market dynamics.

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