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

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.