Westford, USA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Benzene Market will reach a value of USD 74.32 Billion by 2031, with a CAGR of 6.1% during the forecast period (2024-2031). One of the most important factors contributing to the ever-growing demand for benzene is the rising consumption of styrene in many industries, such as electronics, automotive, and packaging. There are numerous applications for styrene, which is made from ethylbenzene, a derivative of benzene. The vast bulk of the product is used to produce polystyrene, which is employed in the packaging industry due to its toughness, flexibility, and ability to withstand moisture.
Browse in-depth TOC on the " Benzene Market"
Pages – 157
Tables – 68
Figures – 75
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Benzene Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 46.27 Billion |
| Estimated Value by 2031 | USD 74.32 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Derivatives, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Demand for benzene derivatives |
| Key Market Opportunities | Development of green chemistry |
| Key Market Drivers | Increasing demand in chemical manufacturing |
Ethylbenzene Derivatives to Hold Significant Growth due to its Essential Role in Producing Styrene
Ethylbenzene derivatives represent a significant share of the global benzene market owing to their importance in styrene manufacturing on which the production of numerous plastics and synthetic rubber relies. The growing consumption of ethylbenzene, as a direct result of the surge in demand for these products in the automotive, construction, and packaging sectors, further cements the position of the compound in the market.
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Industrial Chemical Application to Lead the Market due to Benzene's Extensive Use in Producing Essential Chemicals
The reason for this significant share of the industrial chemical application in the global benzene market is that benzene serves as a precursor in the production of many important chemicals such as cumene, phenol and aniline. This demand is driven growth in the downstream sectors in including, but not limited to, plastics adhesives as well as resins, thus creating a positive chain reaction that fuels the overall loss of benzene through industrial processes.
Asia Pacific to Dominate the Market due to its Expanding Chemical Manufacturing Industries
Asia Pacific dominates the global benzene market due to rapid industrialization, urbanization, and expanding chemical manufacturing industries, particularly in China and India. The region’s high demand for benzene derivatives in sectors like automotive, construction, and electronics drives consumption, while favorable government policies and investments in infrastructure further support benzene production growth, reinforcing its market leadership.
Benzene Market Insight
Drivers:
- Rising demand for styrenic polymers
- Production of plastics and synthetic rubber
- Benzene is used in the synthesis of various pharmaceuticals
Restraints:
- Benzene being carcinogen, leading to stringent regulations
- Fluctuations in the prices of crude oil and natural gas
- Occupational exposure to benzene can hinder production
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Prominent Players in Benzene Market
- Chevron Phillips Chemical Company LLC.
- Mitsubishi Chemical Corporation
- ExxonMobil
- Royal Dutch Shell
- SABIC
- Dow Chemical Company
- Total S.A.
- BASF SE
- LyondellBasell Industries N.V.
- China Petrochemical Corporation (Sinopec)
- China National Petroleum Corporation (CNPC)
- BP p.l.c.
- Toray Industries, Inc.
- Indian Oil Corporation Limited
- Reliance Industries Limited
- Formosa Plastics Group
- LOTTE Chemical Corporation
- Braskem
- Mitsui Chemicals, Inc.
- Idemitsu Kosan Co., Ltd.
Key Questions Answered in Global Benzene Market Report
- What is the projected value of the global benzene market by 2031?
- Which region dominates the global benzene market due to expanding chemical manufacturing industries?
- Why do ethylbenzene derivatives hold significant growth in the global benzene market?
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This report provides the following insights:
Analysis of key drivers (Growing textile industry & the demand for synthetic fibers, shift towards lightweight materials in various industries, increases the demand for benzene derivatives), restraints (Global economic fluctuations & recessions, limited growth potential of the market, increased compliance costs), opportunities (Innovations in sustainable & green chemistry, ongoing research and development activities, expansion of the electronics sector), and challenges (Competition from petrochemical alternatives, cyclical nature of the benzene market) influencing the growth of benzene market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the benzene market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the benzene market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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