Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Benzene Market - Global Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global benzene market, valued at USD 50.56 MMT in 2022, is set to experience robust growth with a projected CAGR of 4.60% through 2028. Several key drivers and market trends are contributing to this anticipated growth.
Key Market Drivers:
Growing Demand for Benzene in the Automotive Industry:
- The automotive industry's significant growth is driving the demand for benzene.
- Benzene plays a crucial role in the production of materials and components used in vehicles, such as plastics, polymers, and synthetic rubber.
- The shift towards electric vehicles and advanced automotive technologies further increases the demand for benzene-derived products.
Increasing Demand for Benzene in the Construction Industry:
- Benzene is being increasingly used in the construction sector for various applications, including insulation materials, roofing, and adhesives.
- Benzene-derived compounds are essential for creating lightweight and durable materials required in modern architectural trends.
Growing Demand for Benzene in the Pharmaceutical Industry:
- The pharmaceutical industry relies on benzene and its derivatives for synthesizing various pharmaceutical compounds.
- Benzene's unique properties are beneficial in creating innovative drugs targeting cancer, neurological disorders, and infectious diseases.
- Benzene plays a key role in drug delivery systems and formulations, improving drug bioavailability and patient compliance.
Key Market Challenges:
Fluctuations in Economy:
- Economic fluctuations can lead to price volatility in the benzene market.
- Oversupply during economic downturns and supply shortages during periods of economic expansion can impact prices.
- Geopolitical tensions, trade disputes, and currency fluctuations also influence benzene pricing.
Disruptions in Supply Chain:
- Benzene production depends on crude oil refining and natural gas processing, making the supply chain susceptible to disruptions.
- Transportation delays, regulatory changes, and unforeseen global events like the COVID-19 pandemic can disrupt supply chains.
Key Market Trends:
Growing Focus on Bio-Based Alternatives:
- The market is shifting towards bio-based alternatives to traditional benzene feedstocks to address sustainability and environmental concerns.
- Bio-based feedstocks sourced from renewable sources offer reduced greenhouse gas emissions and a decreased environmental footprint.
- Biotechnological approaches and enzymes are being explored to produce benzene derivatives sustainably.
The global benzene market is poised for significant growth, driven by strong demand from the automotive, construction, and pharmaceutical industries. While challenges such as economic fluctuations and supply chain disruptions exist, the industry's focus on sustainability and bio-based alternatives is a notable trend shaping its future.
Key Market Players
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- Sinopec Corporation
- JX Holdings Inc.
- Mitsubishi Corporation
- Maruzen Petrochemical Co., Ltd.
- The Dow Chemical Company
- Reliance Industries Limited
- BASF SE
- Evonik Industries AG
Report Scope:
In this report, the Global Benzene Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Benzene Market, By Derivative:
- Ethylbenzene
- Aniline
- Phenol
- Alkyl Benzene
- Styrene
- Cumene
- Cyclohexane
- Nitrobenzene
- Others
Benzene Market, By End User:
- Automotive
- Mechanical & Engineering
- Construction
- Chemical
- Oil & Gas
- Petrochemical
- Others
Benzene Market, By Region:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $50.56 MMT |
| Forecasted Market Value (USD) by 2028 | $65.71 MMT |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/nmlt7a
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
