New York, May 10, 2023 (GLOBE NEWSWIRE) -- The global benzene market size was USD 39.8 Billion in 2022. It is projected to surpass around USD 71.5 Billion by 2032, and it is poised to reach a registered CAGR of 6.2% from 2023 to 2032.
Benzene is a highly flammable, colorless liquid material that is widely used in the chemical industry as a starting material for the production of a number of chemical materials like rubber, synthetic fibers, and plastics. The pharmaceuticals, and detergents benzene market is mostly influenced by the overall performance of the global chemical industry, and also by demand and supply factors for benzene.
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Key Takeaway:
- By derivative, in 2022, the market of benzene is dominated by ethylbenzene, which is used in the production of styrene.
- By manufacturing process, the catalytic reforming segment is the most lucrative in the market with a market share of 49.32%.
- By application, benzene is mostly used in the production of plastics such as ABS, nylon, and polystyrene.
- By end-user industry, there are a number of industries of benzene like packaging, pharmaceuticals, agriculture, construction, textiles, and other end-user industries.
- In 2022, the Asia Pacific region is dominant in the market with a market share of 45%.
- APAC is expected to grow with higher potential because of increased industrialization and favorable government policies.
Factors affecting the growth of the Benzene Market
There is a number of factors that affect the growth of the benzene industry. Some of them are as follows,
- Demand for downstream products: The demand for benzene is largely driven by the demand for downstream products such as plastics, resins, synthetic fibers, and rubber. Any growth in these industries will result in increased demand for benzene.
- Economic conditions: The benzene industry is highly sensitive to economic conditions, as it is closely tied to industrial production and consumer spending. A slowdown in the global economy can lead to a reduction in demand for benzene and its downstream products.
- Feedstock availability: Benzene is produced mainly from naphtha, which is a by-product of crude oil refining. Any disruptions in the availability of feedstock can affect the supply and price of benzene.
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Top Trends in Benzene Market
The major consumer of the benzene market is the automotive industry, because of that with the growing demand for vehicles market worldwide, automatically the demand for the benzene market increased as well. Construction is another large consumer of benzene. The chemical is used to produce insulation materials and plastics. The demand for benzene will increase as housing and infrastructure demand increases worldwide. Benzene, a component of electronic components such as plastics and synthetic fibers, is being used to produce more electronics. The demand for benzene will increase with the growing demand for electronic devices around the world.
Market Growth
The benzene market starts its expansion in the last few years and it is expected to continue its growth in upcoming years. The rising demand for downstream products is one of the reasons contributing to the benzene market's expansion. The production of several downstream products, including plastics, resins, synthetic fibers, and rubber, requires benzene as a critical raw element. The benzene market is expanding as a result of the rising demand for these products brought on by population growth and urbanization. The expansion of the benzene market is also being aided by technological developments.
Regional Analysis
Asia Pacific accounted for the largest revenue share in the benzene market in 2022. The growth in end-use industries like the chemical, packaging, automotive, pharmaceutical, and other sectors is to be credited. According to the International Institute for Sustainable Development, in 2021 the chemical industry in Asia Pacific will account for 45% of the global chemical manufacturing. China, India South Korea, and Japan are the major producers and consumers of benzene throughout Asia-Pacific. China, with USD 2,785,449 in imports, is the largest consumer of benzene. South Korea will account for USD 2,254,945 in exports by 2021.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 39.8 Billion |
| Market Size (2032) | US$ 71.5 Billion |
| CAGR (from 2023 to 2032) | 6.2% |
| Asia Pacific Revenue Share | 45% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global benzene market is driven by a combination of factors, like demand and supply dynamics, geopolitical factors, and prices of oil and gas. The global chemical industry influences the demand for benzene, as benzene is starting material for the production of a number of chemicals. Industries like construction, automotive, and electronics are the major consumers of benzene, as it is used in the manufacturing of synthetic fibers, plastics, and other materials.
Market Restraints
The global benzene market has a number of restraints that impact growth and prices. One of the key restraints is regulations for the environment. Benzene is a toxic product and direct exposure to it can cause a number of health problems such as cancer. Hence it has strict regulations for its use and disposal. The availability and cost of feedstocks are also another restraint.
Market Opportunities
The benzene market has a number of growth opportunities throughout the forecast period. One of the major growth opportunities is the rising demand for plastics, particularly in developing economies. Benzene is the main element in the production of various types of plastics including nylon, polyurethane, and polystyrene. Another significant opportunity for the benzene market is in the pharmaceutical industry. Several drugs including painkillers, antidepressants, and antipsychotics are produced from derivatives of benzene. With the increase in the prevalence of chronic diseases and the aging population, there is an increase in demand and hence it boosts the benzene market.
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Report Segmentation of the Benzene Market
Derivative Insight
Ethylbenzene segment is dominant in the market over the forecast period. Ethylbenzene is a colourless liquid that is primarily used in the production of styrene, which is used to make a variety of plastics, resins, and synthetic rubber. The cumene derivative is the fastest-growing segment over the forecast period with a higher CAGR. Cumene is also colourless liquid and is used to produce phenol and acetone. Alkylbenzenes are a group of compounds that are used in detergents and surfactants for a wide range of industrial and consumer applications.
Manufacturing Process Insight
Catalytic reforming segment is the most lucrative in the market with a revenue share of 49.32%. Catalytic reforming means the process of converting a mixture of hydrocarbons into aromatic, octane gasoline components, including benzene. Toluene disproportionation process converts toluene into methane and benzene. In the pyrolysis process, it breaks down organic material into smaller molecules.
Application Insight
Benzene is used in the production of various plastics such as ABS, nylon, and polystyrene. It is used as a solvent for various substances like resins, oils, and waxes. The derivatives of benzene like, alkylbenzene sulfonates are used as surfactants in various cleaning agents and detergents. Alkylbenzenes are used as base oils in motor oils and lubricants. Benzene derivatives are also used in the production of adhesives, fragrances, coatings, and other industrial and consumer products.
End-user Industries Insight
Benzene derivatives like polystyrene and ABS are used in the production of packaging materials including consumer product packaging and food containers. Pharmaceutical drugs are also produced from benzene derivatives like phenol. In agriculture pesticides and herbicides are used to protect crops which are derivatives of benzene. Construction materials such as adhesives, insulation, and coatings are also formed from benzene derivatives. Other industries which use benzene include energy, coatings, paints, food, and beverages.
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Market Segmentation
Based on Derivative
- Ethylbenzene
- Cumene
- Alkylbenzene
- Cyclohexane
- Nitrobenzene
- Other Derivatives
Based on Manufacturing Process
- Catalytic Reforming
- Toluene Disproportionation
- Toluene Hydrodealkylation
- Pyrolysis
- Steam Cracking of Naphtha
- From Biomass
Based on Application
- Plastics
- Solvent
- Chemical Intermediates
- Surfactants
- Rubber Manufacturing
- Detergents
- Explosives
- Lubricants
- Pesticides
- Other Applications
Based on End-user Industries
- Packaging
- Pharmaceuticals
- Agriculture
- Constructions
- Textiles
- Other End-User Industries
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The market is very competitive, with some key players dominating it. Market players adopt various strategic initiatives, such as increasing production capacities and forming technology partnerships to gain an edge.
Some of the major players include:
- Dow
- INEOS Group
- LyondellBasell Industries Holdings B.V.
- BASF SE
- Royal Dutch Shell Plc
- Reliance Industries Limited
- Chevron Phillips Chemical Company LLC
- China Petrochemical Corporation
- Marathon Petroleum Corporation
- LG Chem
- Other Key Players
Recent Development of the Benzene Market
- In 2022: INEOS has agreed to purchase a 50% share in Shanghai SECCO Petrochemical Company Limited. This is a subsidiary company of China Petroleum & Chemical Corporation. SECCO has a current production capacity of 4,2 MMT of petrochemicals, including ethylene propylene polyethylene polypropylene styrene polystyrene butadiene benzene, and toluene. The 200-hectare site is located in the Shanghai Chemical Industry Park. The company will be able to increase its presence in China.
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