New York, USA, February 9, 2023 (GLOBE NEWSWIRE) — Benzene Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Benzene market Information by Derivative, Application and Region: Forecast to 2030”, the market is estimated to grow at a CAGR of 6.12% to reach USD 65.72 billion by 2030.
Market overview
Another name for benzene is an industrial chemical obtained from crude oil. In the production of materials such as plastics, resins, dyes, detergents, medicines and pesticides, benzene is widely used. An increasing demand for benzene-derived products is being observed in potential end-user industries such as agriculture, household cleaning products, automotive and others. These elements are considered the main drivers of the expansion of the benzene market.
Additionally, the rise in COVID cases and medical emergencies has increased the demand for benzene-based drugs such as paracetamol. The benzene industry has also been affected by these causes.
In the pharmaceutical sector, intermediates derived from benzene such as chlorobenzene are widely used. These elements have contributed to the overall rise of the benzene industry during the epidemic. In addition, expanding e-commerce industries have increased demand for packaging made from polystyrene, an intermediate derived from benzene. During the pandemic, the food packaging and commodity sectors grew, fueling the expansion of the benzene market.
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Scope of the report:
| Report attribute | Details |
| Market size in 2030 | 65.72 billion dollars |
| CAGR | 6.12% (2022-2030) |
| base year | 2021 |
| Forecast period | 2022–2030 |
| Historical data | 2020 |
| Forecast units | Value (millions of dollars) |
| Coverage of the report | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | By derivative, application and region |
| Geographies covered | North America, Europe, Asia-Pacific and Rest of the World (RoW) |
| Main drivers of the market | The automotive industry is continuously increasing with the introduction of a new range of electric vehicles. |
| The availability of crude oil is acting as a driving factor to increase the demand for benzene in the region. |
Competitive landscape:
- Chevron Phillips Chemical Company LLC
- BASF SE
- Royal Dutch Shell PLC
- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation
- LG Chem.
- Total S.A
- Dow Chemical Company
- Among others.
Market dynamics
market forces
The increase in the benzene market in recent years has been largely driven by the growing demand for polystyrene and styrene copolymers for industrial processes used in the automotive, construction, packaging and other industries.
Growing population and rising disposable incomes are having a significant impact on demand for potential end-user industries such as the automotive, construction and packaging industries. Epoxy resins and polycarbonate make heavy use of phenolic resins and bisphenol A as raw materials. These elements have also had an effect on the recent general expansion of the benzene industry.
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Market possibilities
During the forecast period, the global demand for styrene polymers for end-user sectors such as textile, packaging, building and construction is expected to drive the global expansion of the industry. With improving economic situations, developed nations are eager to improve their infrastructure and construction practices.
During the forecast period, these elements are also expected to support the expansion of the benzene market.
Ongoing efforts to expand downstream and the growing number of petrochemical plants are creating profitable opportunities for the global expansion of the benzene industry.
Market restrictions: The US Department of Health and Human Services has banned the use of benzene for industrial purposes and has classified it as a human carcinogen. Exposure to ethylbenzene over time irritates the eyes and creates throat problems. These elements are considered to be the main growth inhibitors of the benzene market.
The recent expansion of the benzene sector has also been hampered by disrupted sales of textiles, consumer electronics, home appliances and consumer goods.
Benzene performance has been affected by some feedstock issues, particularly in the western regions. The output of these industries has been drastically reduced as a result of the significant impact of the lighter feedstock on performance. This has been seen as the main obstacle to the expansion of the benzene market.
Because improper exposure to benzene can cause a number of health problems, the government has established strict laws and controls on its use. In addition, one of the biggest obstacles to the expansion of the benzene industry is believed to be the fluctuation in the price of crude oil in recent years.
Segment Overview:
On the basis of derivatives, the benzene market is segmented into ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and others.
On the basis of applications, the benzene market is segmented into aerosol paints, coatings, wood stains, varnishes, automotive, diesel, rubber lubricants, dyes, and detergents.
On the basis of end-user industries, the benzene market is segmented into Construction, Textile, Transportation, Electrical, Electronics, and Others.
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Regional analysis:
Due to its global consumption of more than 50%, the Asia-Pacific region now dominates the benzene market. As a result of increased demand for chemical derivatives such as nitrobenzene, cumene, and cyclohexane, the demand for benzene is also expected to grow slightly in regions such as North America and Europe. Similar to Europe, North America is also experiencing increased demand for benzene as a result of potential end-user industries such as the construction and textile sectors. However, due to the strict environmental laws of the government, the growth of the benzene market in Europe is considerably lower.
However, China is also using a lot of benzene in the automotive sector; by 2025, China is expected to produce more than 704 million tires annually, in addition to more than 20,000 extra-large industrial tires and more than 54,000 aviation tires. China’s benzene sector is expected to expand more widely as a result of the country’s growing demand for automotive products.
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