Near-term oversupply gives way to a tighter global market by early next decade, with sharp derivative capacity growth in China absorbing more product. Global supply of benzene remains dominated by refining and olefins production. Lighter feedslates among steam crackers is eroding overall benzene recovery, although some new Asia-based naphtha cracker projects mitigate this somewhat in the mid 2020s. Reformer operations trend lower in our forecast as gasoline demand drops. Incremental supply growth largely comes as a co-product of paraxylene production, and the PX market faces a period of oversupply and lowered output early next decade as new Chinese units enter the global system. The global market imbalance continues to grow, with both China and the US increasingly reliant on trade to fill a growing net deficit. European benzene consumption remains flat in the forecast, though domestic recovery will move lower and keep the region short.