USD 44.07 billion
Benzene Market Size, Share, Growth Analysis, By Derivatives(Ethylbenzene, Cumene, Alkylbenzene, Cyclohexane), By Application(Industrial Chemical, Oil & Gas, Rubbers & Plastics, Pharmaceutical), By Region - Industry Forecast 2024-2031
Report ID:
SQSG15B2001 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
68
|Figures:
75
Benzene Market Insights
Benzene Market size was valued at USD 44.07 billion in 2019 and is poised to grow from USD 46.27 billion in 2023 to USD 74.32 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).
Benzene is a typical feedstock for a range of chemicals used in a variety of industries, including textiles, vehicles, and pharmaceuticals. In the production of plastics, resin, nylons, and synthetic fibers, benzene is utilized as an intermediate chemical. Pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation, and biomass toluene disproportionation are the main benzene synthesis processes. Ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and other derivatives are used in the making of these. Plastics, resins, synthetic fibers, and rubber lubricants all use benzene. Further, COVID-19 has had a significant and unprecedented impact, resulting in a negative demand shock for benzene and its derivatives in all regions.
US Benzene Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial Chemical
Fastest Growth
Industrial Chemical
Growth Rate
6.1% CAGR
Global Benzene Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Benzene Market Segmental Analysis
The Global Benzene Market is segmented based on Derivatives, Applications, and Region. Based on the Derivative, the Global Benzene Market is segmented into Ethylbenzene, Cumene, Chlorobenzene, Alkylbenzene, And Others. Based on the Application, the Global Benzene Market is segmented into Industrial Chemicals, Oil & Gas, Rubber & Plastics, pharmaceuticals, And Others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Benzene Market Analysis by Derivatives
During the predicted period, the ethylbenzene segment held the largest share in the global benzene market. In order to generate styrene, which is required to make polystyrene, the petrochemical sector utilizes a significant amount of ethylbenzene as a precursor. Polystyrene is a flexible polymeric substance used in a wide range of applications, including packaging, construction, rubber, automotive, and electronics. The anti-knocking chemical ethylbenzene has a high-octane rating and is used in gasoline.
Several regulatory authorities, however, have set strong restrictions on its use due to its carcinogenic propensity. Furthermore, the substance is widely employed in the industries of paints, inks, pesticides, and tobacco. During the projection period, cumene showed the fastest growth in the forecasted period. Cumene is then used to make polymers and resins such as polystyrene, phenol-formaldehyde, and polycarbonates in a variety of industrial processes. Cumene has few direct applications, but its derivatives have a wide range of uses in industries including plastics, synthetic rubber, and coatings. It is also utilized as a thinner for paints, lacquers, and enamels due to its high solubility.
Benzene Market Analysis by Application
Based on application, the Benzene Market is divided into industrial chemicals, oil & gas, rubbers & plastics, pharmaceutical, and others. During the projection period, industrial chemicals account for a significant portion of the Benzene Market . Benzene and its derivatives are employed in most sectors to generate compounds that can be used in plastic, resins, and nylon.
Many pain medicines contain benzene derivatives, this contains analgesic drugs like aspirin, ibuprofen, naproxen, and rofecoxib among others which are used to treat pain, and reduce fever and inflammation. Phenylpropanolamine, which is produced from benzene, has been used as a decongestant to treat nasal congestion. However, due to the finding of side effects such as an increased risk of strokes in patients, the United States Food and Drug Administration (FDA) has issued a public notice regarding the substance. Apart from that, polystyrene is frequently utilized in the health care business to build medical equipment due to the relative ease of sterilizing. Test kits, test tubes, Petri dishes, and diagnostic components are just a few of the medical equipment made from polystyrene. Styrene is a chemical that is widely utilized in the manufacture of Styrene-Butadiene Rubber (SBR). SBR is largely used in the manufacture of tires for automobiles and light vehicles.
SBR has unique qualities like reduced rolling friction, excellent braking traction, and abrasion resistance, making it a perfect material for meeting the tire industry's high performance and durability standards. SBR is also used to make conveyor belts, hoses, gaskets, wire insulation, and shoe bottoms, in addition to tires.
Global Benzene Market by Application, 2021 (%)
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Benzene Market Regional Insights
In terms of regional analysis of the global benzene market, Asia Pacific holds a significant market share. Benzene and its derivatives are used in several application sectors, including rubber and plastics, adhesives, paints, medicines, and petrochemicals. The industry is expected to thrive because these application industries are expected to expand to satisfy rising consumer demand, especially in emerging economies like India and China.
North America is predicted to rise at a high rate because of increased demand from the burgeoning petrochemical sector. Benzene is a widely used feedstock in the petrochemical industry for the production of a variety of chemicals, and it is primarily produced through catalytic reforming and steam cracking of crude oil. Because of technological advancements, the region's upstream petroleum sector has grown dramatically in the previous decade, particularly in the production of shale oil using hydraulic fracturing. There has been increased focus by investors on their efforts on the construction of new petrochemical complexes in the region since oil and gas production has outpaced domestic fuel demand. Benzene Market growth is expected to be aided by rising demand from the burgeoning petrochemical sector, as well as the abundance of surplus crude oil.
Europe is expected to grow gradually, because of the strict rules controlling the use of benzene in consumer goods. Styrene and phenol prices are rising because of increased demand from the automotive, pharmaceutical, and plastics industries. The regional market for benzene and its derivatives is mature, and demand is expected to remain constant. However, rigorous regulations imposed by the European Chemicals Agency (ECHA) and other regulatory bodies are anticipated to impede regional Benzene Market expansion.
Latin America and the Middle East and Africa are likely to grow slowly because of their underdeveloped chemical industries. Due to increased spending in the petrochemical industry, the Middle East is expected to expand during the projection period. The petrochemical industry will be a major oil consumer during the projection period, according to the International Energy Association. Oil-producing countries, such as Saudi Arabia, are well aware of this and are putting significant resources into strengthening their domestic petrochemical sector in order to capture a piece of this growing Benzene Market. Anticipating a shift in oil consumption from fuel to petrochemicals, the petrochemical sector is predicted to draw significant investment and expand, which would likely boost benzene market growth.
Global Benzene Market By Geography, 2021 - 2028
- Largest
- Fastest
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Benzene Market Dynamics
Benzene Market Driver
- Benzene Market growth will be fueled by rising demand for styrene polymers from a variety of end-use industries: Styrene is used in a variety of industries, including construction, automotive, packaging, and electronics, in polymerized or co-polymerized form. Polystyrene, a polymerized variant of styrene that comes in solid, foam, and film forms, uses the majority of styrene produced globally. Polystyrene is frequently used in the packaging sector because of its outstanding durability, lightweight, flexibility, and moisture resistance. Emerging economies like India and China have experienced a substantial expansion in the e-commerce sector over the last decade. As a result of greater purchasing power and improved accessibility provided by e-commerce giants such as Alibaba, Amazon, and Flipkart, this expansion is likely to continue.
- India's e-commerce industry is one of the world's fastest-growing. India's online retail sector is expected to account for 37% of the total organized retail sector by 2030, according to the National Investment Promotion and Facilitation Agency. More people are likely to shop online as internet and smartphone usage improves, as well as novel marketing methods. the Packaging industry is projected to increase at the same time because the e-commerce sector is likely to increase over the forecast period, propelling the market forward.
Benzene Market Restraint
- Exposure to Benzene Has Negative Effects on Market Growth: Growing health and environmental concerns over benzene exposure are anticipated to limit industry growth. Benzene has been classified as carcinogenic to humans by the International Agency for Research on Cancer (IARC). Short-term exposure can result in narcosis, eye irritation, and skin irritation, whereas long-term exposure can result in major health problems. The maximal short-term exposure limit is 5 ppm for 15 minutes during the workday. These standards are met in the United States and the United Kingdom, and Europe has its own set of identical standards to which manufacturers must conform to safeguard the safety of their workers. Like other synthetic polymers, benzene-derived polymers and resins have a degradability issue, resulting in plastic pollution.
- The desire for eco-friendly alternatives to these styrene polymers has been progressively increasing as consumer awareness has grown. Stricter health and environmental laws are projected to limit the use of derivatives, limiting industry development overall.
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Benzene Market Competitive Landscape
The global benzene market is highly consolidated, with only a few major firms involved. The majority of market participants are involved in R&D operations in order to investigate new product development and increase product demand. Furthermore, most businesses are employing a variety of marketing methods in order to acquire a competitive advantage in the marketplace. Furthermore, the majority of the products manufactured to adhere to government restrictions.
Benzene Market Top Player's Company Profiles
- Chevron Phillips Chemical Company LLC.
- Mitsubishi Chemical Corporation
- ExxonMobil
- Royal Dutch Shell
- SABIC
- Dow Chemical Company
- Total S.A.
- BASF SE
- LyondellBasell Industries N.V.
- China Petrochemical Corporation (Sinopec)
- China National Petroleum Corporation (CNPC)
- BP p.l.c.
- Toray Industries, Inc.
- Indian Oil Corporation Limited
- Reliance Industries Limited
- Formosa Plastics Group
- LOTTE Chemical Corporation
- Braskem
- Mitsui Chemicals, Inc.
- Idemitsu Kosan Co., Ltd.
Benzene Market Recent Developments
- In April 2021, Iran became self-sufficient in benzene production. The Iranian petrochemical industry now totally covers local demand for benzene, according to a statement from the Iranian Oil Ministry, and it will no longer require benzene imports. In March, the Bu Ali Sina Petrochemical Company (BSPC) reached its maximum output of 85,610 thousand tonnes of benzene, achieving 100% of its capacity.
- In January 2021, Sinopec and Lyondell Basell completed a joint venture in China to produce propylene oxide and styrene monomers. Both companies agreed to form a 50-50 joint venture to meet China's growing demand for propylene oxide and styrene monomer.
Benzene Key Market Trends
- Emphasizing eco-friendly methods of manufacturing benzene. For instance, North Carolina State University researchers created a novel catalyst in March 2021 that greatly enhances yield in styrene manufacture while reducing energy usage and greenhouse gas (GHG) emissions. The conversion takes place at a temperature of 500-600 degrees Celsius, which is similar to that of traditional procedures. The researchers say, however, that the unique procedure produces a yield of 91%, which is far higher than the 54% obtained by traditional processes. This can drastically lower the process's carbon impact because the same conversion may be performed with less fuel. The new process responds to growing environmental concerns and the move toward environmentally friendly manufacturing. As governments throughout the world impose stronger environmental regulations, manufacturers are likely to turn to more energy-efficient technologies like these. This can be a very important aspect in the future for the markets as not just international forums but governments of many countries especially in regions like Europe, APAC, etc. have been focusing on promoting eco-friendly methods of manufacturing. This isn’t just energy efficient but cost-efficient as well and will benefit manufacturers heavily in the future.
Benzene Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, emerging economies like India and China have experienced a substantial expansion in the e-commerce sector over the last decade. As a result of greater purchasing power and improved accessibility provided by e-commerce giants such as Alibaba, Amazon, and Flipkart, this expansion is likely to continue. Furthermore, because of increased demand from the burgeoning petrochemical sector, North America is predicted to rise at a high rate.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 44.07 billion |
| Market size value in 2031 | USD 74.32 billion |
| Growth Rate | 6.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Benzene Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Benzene Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Benzene Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Benzene Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Benzene Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Benzene Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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