New York, May 11, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the benzene and its derivatives market is poised for strong expansion and is expected to reach USD 60.03 Billion by 2030. The market, which was valued at USD 34.52 billion in 2022, is predicted to grow at a compound annual growth rate of 6.3% during the period 2023-2030. The report highlights the increasing deployment of benzene and its derivatives in plastics, oil & gas, and specialty chemicals, among other applications, which is accelerating global market growth. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Benzene and its derivatives market.
Benzene and its derivatives are employed in the specialty chemicals industry to ensure the efficient synthesis of specialty plastics, specialty agriculture chemicals, and others. Government initiatives for the trade of chemicals, increasing joint ventures, and others are the favorable factors accelerating the production growth of specialty chemicals. Thus, the growth of specialty chemicals production is accelerating the overall market growth.
For instance, in March 2023, Croda India, a leading manufacturer of specialty chemicals announced the development of a new manufacturing in Gujarat, India. Hence, the demand for Benzene and its derivatives is rising at the global level, which spurring the market growth. Furthermore, the growth in the plastics production activities will create a lucrative opportunity for the demand of benzene and its derivatives as it is utilized as an essential raw material. For instance, according to the recent data published by Plastics Europe, in 2020, the production growth of polyethylene terephthalate (PET) in Europe was 4.14% in comparison with 2020. Thus, the surge in plastics production is projected to create a potential growth opportunity for benzene and its derivatives in the upcoming years.
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However, the health hazards related to the usage of benzene and its derivatives are restraining the adoption of benzene and its derivatives in various products manufacturing. This factor is posing as a major bottleneck for the global benzene and its derivatives market size growth during the projected forecast period.
Global Benzene and its derivatives Market Segmentation Details:
Based on Derivative Type, the ethylbenzene segment accounted for the highest market share in 2022. Ethylbenzene is majorly deployed as an intermediate in the manufacturing process of polystyrene, which, in turn, is utilized in the production of chemicals, rubbers, and other products. Thus, the increase in the production activities associated with the chemicals, rubbers, and other products is accelerating the growth in the demand for ethylbenzene, thereby favoring the global benzene and its derivatives market growth.
Based on Application, the specialty chemicals segment accounted for the highest market share in the year 2022. Benzene and its derivates are employed as a critical material in the manufacturing and synthesis of various specialty chemicals, such as specialty polymers, specialty building & construction chemicals, and others. The increasing construction activities at the global level, the booming electronics productions, and others are accelerating the growth of specialty chemicals, which, in turn, is accelerating the benzene and its derivatives market growth.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. Benzene and its derivatives are majorly deployed in specialty chemicals in countries such as China and India. This, in turn, is driving the benzene and its derivatives market growth.
In August 2022, Baker Hughes, a leading specialty chemicals manufacturer at the global level opened its new manufacturing facility in Singapore. Thus, the growing specialty chemicals production in the Asia Pacific is driving the demand for benzene and its derivatives, thereby augmenting the overall market growth.
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Zinc Chloride Market Research Covarages:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 60.03 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Exxon Mobil Corporation, LyondellBasell, Akshar Chemical India Private Limited, BASF SE, Dow Inc, Royal Dutch Shell plc, Saudi Basic Industries Corporation, Total S.A., Henan GP Chemicals Co., Ltd, and Fengchen Group Co., Ltd |
| By Derivative Type |
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| By Application |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography |
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Key Market Takeaways
- The global Benzene and its derivatives market size is estimated to exceed USD 60.03 billion by 2030 with an astonishing CAGR of 6.3% during the forecast period (2023-2030).
- By derivative type, the ethylbenzene segment held the leading share in the benzene and its derivatives market in 2022.
- In the context of application, the specialty chemicals segment is expected to contribute significant shares to the growth of Benzene and its derivatives market statistics during the forecast period.
- Asia Pacific accounted for the major share in the benzene and its derivatives market growth in terms of value and volume due to growing specialty chemical industry, particularly in countries such as China, India, and others.
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Competitive Landscape
As per the research Exxon Mobil Corporation, LyondellBasell, and Akshar Chemical India Private Limited, among others are major market players that comprise the latest market circumstances. These companies have strong manufacturing capabilities and a strong presence in the market through their diverse product portfolios and distribution networks. Furthermore, the benzene and its derivatives market are expected to grow steadily due to rising demand from plastic and specialty chemicals in key market regions such as Asia Pacific, North America, and Europe regions which are estimated to further spur the market size growth in the upcoming years. Additionally, the capacity expansion for the production of benzene and its derivatives to meet the growing demand for suitable solutions in various end-use industries is anticipated to increase the competition in the market.
Recent Developments
- In February 2021, Hengyi Petrochemical Co announced the development of construction of the second phase of Brunei, its refinery, and integrated petrochemical project. The project will make the company produce 500,000 tons of Benzene per year.
List of Major Global Benzene and Its Derivatives Market:
- Exxon Mobil Corporation
- LyondellBasell
- Akshar Chemical India Private Limited
- BASF SE
- Dow Inc
- Royal Dutch Shell plc
- Saudi Basic Industries Corporation
- Total S.A.
- Henan GP Chemicals Co., Ltd
- Fengchen Group Co., Ltd
Global Benzene and Its Derivatives Market Segmentation:
- By Derivative Type
- Ethylbenzene
- Naphthalene
- Cumene
- Cyclohexane
- Phenol
- Chlorobenzene
- Nitrobenzene
- Alkylbenzene
- Others
- By Application
- Petrochemical
- Plastic
- Rubber
- Textile
- Specialty Chemicals
- Others
Frequently Asked Questions in the Benzene and its Derivatives Market Report
What was the market size of the benzene and its derivatives industry in 2020?
What will be the potential market valuation for the benzene and its derivatives industry by 2030?
What are the key factors driving the growth of the benzene and its derivatives market, as well as the opportunities that may impact the market’s future development?
What is the dominating segment in the benzene and its derivatives market by grade?
Based on current market trends and future predictions, which geographical region will have the fastest impact on the benzene and its derivatives market's growth in the coming years?
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