Cyclic Hydrocarbons Market

The global cyclic hydrocarbons market is expected to see an upward consumption trend over the next eight years, with an anticipated CAGR of +0.9% from 2022 to 2030. Market volume is forecasted to reach 112M tons by 2030, while market value is projected to hit $136.5B. Despite a decrease in consumption in 2022, the trend pattern has remained consistent over the analyzed period. Countries like South Korea, Japan, and China lead in consumption, while South Korea, Japan, and the United States are major producers. China is the main importer and exporter of cyclic hydrocarbons. The average import and export prices have seen fluctuations over the years. Overall, the cyclic hydrocarbons market shows promising growth potential from 2022 to 2030.

Market Forecast

Driven by increasing demand for cyclic hydrocarbons worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 112M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $136.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cyclic Hydrocarbons

In 2022, consumption of cyclic hydrocarbons decreased by -3.2% to 105M tons, falling for the second year in a row after three years of growth. The total consumption volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the consumption volume increased by 9.3% against the previous year. As a result, consumption attained the peak volume of 111M tons. From 2021 to 2022, the growth of the global consumption failed to regain momentum.

The global cyclic hydrocarbons market revenue dropped to $110.1B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern. Over the period under review, the global market reached the maximum level at $120.3B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were South Korea (17M tons), Japan (17M tons) and China (14M tons), together accounting for 46% of global consumption. The United States, India, Russia, Belgium, Indonesia, the UK and Thailand lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +8.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($28.3B), China ($15.8B) and Japan ($12.9B) were the countries with the highest levels of market value in 2022, together accounting for 52% of the global market.

Among the main consuming countries, the United States, with a CAGR of +5.6%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cyclic hydrocarbons per capita consumption in 2022 were Belgium (179 kg per person), Japan (132 kg per person) and the United States (41 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +7.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cyclic Hydrocarbons

In 2022, production of cyclic hydrocarbons decreased by -2% to 103M tons, falling for the second year in a row after three years of growth. The total output volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by 14%. Over the period under review, global production reached the maximum volume at 108M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, cyclic hydrocarbons production contracted to $98B in 2022 estimated in export price. Over the period under review, production continues to indicate a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of 11% against the previous year. Over the period under review, global production reached the maximum level at $135.1B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were South Korea (25M tons), Japan (20M tons) and the United States (13M tons), with a combined 56% share of global production. India, Russia, Saudi Arabia, Thailand, Singapore, the Netherlands, the UK, Brunei Darussalam, Iran and Canada lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +5.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cyclic Hydrocarbons

Global cyclic hydrocarbons imports contracted to 43M tons in 2022, falling by -10.4% against the year before. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 22% against the previous year. Over the period under review, global imports attained the maximum at 51M tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cyclic hydrocarbons imports rose remarkably to $51.9B in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 58% against the previous year. Global imports peaked at $64.5B in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, China (16M tons) was the main importer of cyclic hydrocarbons, committing 36% of total imports. It was distantly followed by the United States (3.7M tons), Belgium (3.5M tons), Taiwan (Chinese) (2.4M tons), India (2.4M tons) and the Netherlands (2M tons), together creating a 32% share of total imports. South Korea (1,278K tons), Mexico (1,220K tons), Germany (1,065K tons), Turkey (790K tons), Saudi Arabia (747K tons) and Indonesia (661K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cyclic hydrocarbons imports into China stood at +3.2%. At the same time, Turkey (+6.9%), India (+4.2%), the United States (+4.2%) and Saudi Arabia (+1.4%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the world, with a CAGR of +6.9% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.2%), Taiwan (Chinese) (-1.5%), Germany (-1.6%), Mexico (-3.4%), South Korea (-3.9%) and Indonesia (-4.7%) illustrated a downward trend over the same period. China (+6.3 p.p.) and the United States (+2.1 p.p.) significantly strengthened its position in terms of the global imports, while Mexico, Taiwan (Chinese) and South Korea saw its share reduced by -1.7%, -1.7% and -2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($17.4B) constitutes the largest market for imported cyclic hydrocarbons worldwide, comprising 34% of global imports. The second position in the ranking was held by Belgium ($4.5B), with an 8.7% share of global imports. It was followed by the United States, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Belgium (+0.0% per year) and the United States (+0.9% per year).

Import Prices By Country

The average cyclic hydrocarbons import price stood at $1,194 per ton in 2022, growing by 19% against the previous year. In general, the import price, however, showed a slight shrinkage. The pace of growth was the most pronounced in 2021 when the average import price increased by 51%. Over the period under review, average import prices hit record highs at $1,523 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($1,918 per ton), while Saudi Arabia ($719 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Cyclic Hydrocarbons

Global cyclic hydrocarbons exports dropped to 42M tons in 2022, with a decrease of -8.1% compared with 2021 figures. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 7.9%. The global exports peaked at 52M tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, cyclic hydrocarbons exports expanded remarkably to $47.3B in 2022. Over the period under review, exports continue to indicate a slight reduction. The growth pace was the most rapid in 2021 when exports increased by 58%. The global exports peaked at $63.2B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, South Korea (9M tons), distantly followed by Japan (3.8M tons), the Netherlands (3.1M tons), India (3.1M tons), the United States (2.8M tons), Saudi Arabia (2.8M tons) and Singapore (2.4M tons) represented the major exporters of cyclic hydrocarbons, together constituting 64% of total exports. The following exporters - Taiwan (Chinese) (1.9M tons), Brunei Darussalam (1.8M tons), China (1.5M tons), Belgium (1.5M tons), Germany (1.1M tons) and Thailand (0.8M tons) - together made up 21% of total exports.

Exports from South Korea increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Brunei Darussalam (+1,394.0%), China (+14.2%), India (+5.5%), Saudi Arabia (+4.2%), Taiwan (Chinese) (+4.1%), Singapore (+3.3%) and Belgium (+2.1%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing exporter exported in the world, with a CAGR of +1,394.0% from 2012-2022. By contrast, Japan (-3.5%), Germany (-3.5%), the Netherlands (-4.4%), the United States (-4.8%) and Thailand (-5.3%) illustrated a downward trend over the same period. South Korea (+4.8 p.p.), Brunei Darussalam (+4.4 p.p.), India (+2.9 p.p.), China (+2.6 p.p.) and Saudi Arabia (+2.1 p.p.) significantly strengthened its position in terms of the global exports, while Thailand, Japan, the United States and the Netherlands saw its share reduced by -1.6%, -4.2%, -4.5% and -4.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($9.7B) remains the largest cyclic hydrocarbons supplier worldwide, comprising 21% of global exports. The second position in the ranking was held by the Netherlands ($3.9B), with an 8.2% share of global exports. It was followed by the United States, with an 8.2% share.

In South Korea, cyclic hydrocarbons exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (-5.0% per year) and the United States (-4.3% per year).

Export Prices By Country

The average cyclic hydrocarbons export price stood at $1,129 per ton in 2022, jumping by 18% against the previous year. In general, the export price, however, saw a mild decline. The pace of growth appeared the most rapid in 2021 an increase of 50%. The global export price peaked at $1,453 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($1,442 per ton), while Saudi Arabia ($799 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (+2.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform