Global Benzene Market is segmented By Derivative (Alkyl Benzene, Cumene, Ethyl Benzene, Cyclohexane, Nitro Benzene, Others), By Application (Plastics, Detergents, Resins, Synthetic Fibers, Dyes, Pesticides & drugs, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,2024-2031.
Benzene Market Size
The Global Benzene Market reached USD 64 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 81 billion by 2031. The market is growing at a CAGR of 3.0% during the forecast period 2024-2031. Benzene is a colorless, highly flammable liquid with a sweet aroma. It is an aromatic hydrocarbon compound of six carbon atoms arranged in a hexagonal ring with alternating double bonds.
The chemical formula for benzene is C6H6. Benzene is one of the fundamental building blocks of the petrochemical industry and has numerous industrial applications. The growing usage of petrochemicals is a key factor in driving the global benzene market growth.
Benzene Market Summary
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Metrics |
Details |
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CAGR |
3.0% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (USD ) and Volume (Tons) |
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Segments Covered |
Derivative, Application and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Derivative Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Benzene Market Dynamics
The Growing Demand For Polystyrene
Polystyrene is a versatile plastic used in various industries. Polystyrene is widely used for producing disposable cutlery and manufacturing expanded polystyrene (EPS) foam for thermal insulation in the construction industry.
Many automotive interior components are also manufactured using polystyrene. Benzene is a key component in the production of polystyrene and its expanded use will drive the growth of the global market.
The Increasing Usage Of Lightweight Materials In The Automotive Industry
The automotive industry's focus on lightweight materials to enhance fuel efficiency and reduce emissions drives the demand for benzene-derived materials such as polycarbonate and polyurethane.
Automakers are increasing the share of lightweight materials in interior components. As automakers continue to adopt lightweighting strategies, the demand for these materials and thus benzene, is expected to grow.
Benzene Market Segment Analysis
The Global Benzene Market is segmented based on derivative, application and region.
Owing To Their Widespread Usage, Plastics Are Among The Biggest Applications For The Benzene Market
Benzene is the key raw material for the production of various plastics. Benzene is also used to produce polycarbonate, a robust and transparent thermoplastic polycarbonate is widely used for impact-resistant applications like safety goggles, medical devices, and automotive parts. Benzene is used in making styrene. Above mentioned, factors help plastics to dominate the application segment.
Source: DataM Intelligence Analysis (2023)
Global Benzene Market Geographical Share
The Growing Industrialization Of Asia-Pacific
The Asia-Pacific benzene market is expected to witness a higher CAGR of 5.0% globally. The region is a central manufacturing hub for various industries, including petrochemicals, plastics, textiles, automotive, electronics, and consumer goods. Many countries in the region, such as China, India, Japan, South Korea, and Southeast Asian nations, have witnessed significant industrial growth and rapid urbanization. This industrial development has led to a substantial demand for benzene as a critical raw material in producing various chemicals, plastics, and synthetic materials.
Source: DataM Intelligence Analysis (2023)
Benzene Market Players
The major global players include BASF SE, Chevron Phillips Chemical Company LP, BASF SE, PetroChina Company Ltd., Royal Dutch Shell PLC, China Petroleum & Chemical Corporation, SABIC, BP p.l.c., Repsol and LyondellBasell.
Key Developments
- In July 2022, researchers from Tsinghua University in China detailed the development of a new and more efficient process for producing styrene. The commercialization of the new process is expected to increase styrene production and lead to an increased demand for benzene.
- INEOS has agreed to acquire a 50% stake in SECCO, a subsidiary of SINOPEC in China. This will increase their presence in the country and bolster their production capacity of petrochemicals.
In March 2023, Indian Oil Corporation (IOC), an Indian state-owned oil company, announced that it plans to turn its refinery in Haldia, West Bengal, India, into a full-fledged petrochemicals complex. It is expected to create new opportunities for boosting benzene production.
Why Purchase the Report?
- To visualize the global benzene market segmentation based on derivative, application and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of benzene market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Derivative mapping available as Excel consisting of key products of all the major players.
The Global Benzene Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.
Target Audience 2024
- End-User Industries
- Petrochemical Manufacturers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
