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After reaching a low of *** U.S. dollars per metric ton in 2020, the global price of benzene increased rapidly over the following two years, before again declining to an average of *** U.S. dollars per metric ton in 2024. 

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 million metric tons in 2022 and it is expected to reach over ** million metric tons by 2024. Regarding the market value of the petrochemical compound, it stood at over billion U.S. dollars in 2022 and is forecast to rise considerably to some * billion U.S. dollars. In 2021, South Korea, India, and Thailand were the largest exporters of benzene worldwide.