USD 44.07 billion
Report ID: SQSG15B2001 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 68 | Figures: 75
Benzene Market size was valued at USD 44.07 billion in 2021 and is poised to grow from USD 46.27 billion in 2022 to USD 74.32 billion by 2030, growing at a CAGR of 6.1% in the forecast period (2023-2030).
Benzene is a typical feedstock for a range of chemicals used in a variety of industries, including textiles, vehicles, and pharmaceuticals. In the production of plastics, resin, nylons, and synthetic fibers, benzene is utilized as an intermediate chemical. Pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation, and biomass toluene disproportionation are the main benzene synthesis processes. Ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and other derivatives are used in the making of these. Plastics, resins, synthetic fibers, and rubber lubricants all use benzene. Further, COVID-19 has had a significant and unprecedented impact, resulting in a negative demand shock for benzene and its derivatives in all regions.
US Benzene Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 44.07 billion
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The Global Benzene Market is segmented based on Derivatives, Applications, and Region. Based on the Derivative, the Global Benzene Market is segmented into Ethylbenzene, Cumene, Chlorobenzene, Alkylbenzene, And Others. Based on the Application, the Global Benzene Market is segmented into Industrial Chemicals, Oil & Gas, Rubber & Plastics, pharmaceuticals, And Others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Benzene Market Analysis by Derivatives
During the predicted period, the ethylbenzene segment held the largest share in the global benzene market. In order to generate styrene, which is required to make polystyrene, the petrochemical sector utilizes a significant amount of ethylbenzene as a precursor. Polystyrene is a flexible polymeric substance used in a wide range of applications, including packaging, construction, rubber, automotive, and electronics. The anti-knocking chemical ethylbenzene has a high-octane rating and is used in gasoline.
Several regulatory authorities, however, have set strong restrictions on its use due to its carcinogenic propensity. Furthermore, the substance is widely employed in the industries of paints, inks, pesticides, and tobacco. During the projection period, cumene showed the fastest growth in the forecasted period. Cumene is then used to make polymers and resins such as polystyrene, phenol-formaldehyde, and polycarbonates in a variety of industrial processes. Cumene has few direct applications, but its derivatives have a wide range of uses in industries including plastics, synthetic rubber, and coatings. It is also utilized as a thinner for paints, lacquers, and enamels due to its high solubility.
Benzene Market Analysis by Application
Based on application, the Benzene Market is divided into industrial chemicals, oil & gas, rubbers & plastics, pharmaceutical, and others. During the projection period, industrial chemicals account for a significant portion of the Benzene Market . Benzene and its derivatives are employed in most sectors to generate compounds that can be used in plastic, resins, and nylon.
Many pain medicines contain benzene derivatives, this contains analgesic drugs like aspirin, ibuprofen, naproxen, and rofecoxib among others which are used to treat pain, and reduce fever and inflammation. Phenylpropanolamine, which is produced from benzene, has been used as a decongestant to treat nasal congestion. However, due to the finding of side effects such as an increased risk of strokes in patients, the United States Food and Drug Administration (FDA) has issued a public notice regarding the substance. Apart from that, polystyrene is frequently utilized in the health care business to build medical equipment due to the relative ease of sterilizing. Test kits, test tubes, Petri dishes, and diagnostic components are just a few of the medical equipment made from polystyrene. Styrene is a chemical that is widely utilized in the manufacture of Styrene-Butadiene Rubber (SBR). SBR is largely used in the manufacture of tires for automobiles and light vehicles.
SBR has unique qualities like reduced rolling friction, excellent braking traction, and abrasion resistance, making it a perfect material for meeting the tire industry's high performance and durability standards. SBR is also used to make conveyor belts, hoses, gaskets, wire insulation, and shoe bottoms, in addition to tires.
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In terms of regional analysis of the global benzene market, Asia Pacific holds a significant market share. Benzene and its derivatives are used in several application sectors, including rubber and plastics, adhesives, paints, medicines, and petrochemicals. The industry is expected to thrive because these application industries are expected to expand to satisfy rising consumer demand, especially in emerging economies like India and China.
North America is predicted to rise at a high rate because of increased demand from the burgeoning petrochemical sector. Benzene is a widely used feedstock in the petrochemical industry for the production of a variety of chemicals, and it is primarily produced through catalytic reforming and steam cracking of crude oil. Because of technological advancements, the region's upstream petroleum sector has grown dramatically in the previous decade, particularly in the production of shale oil using hydraulic fracturing. There has been increased focus by investors on their efforts on the construction of new petrochemical complexes in the region since oil and gas production has outpaced domestic fuel demand. Benzene Market growth is expected to be aided by rising demand from the burgeoning petrochemical sector, as well as the abundance of surplus crude oil.
Europe is expected to grow gradually, because of the strict rules controlling the use of benzene in consumer goods. Styrene and phenol prices are rising because of increased demand from the automotive, pharmaceutical, and plastics industries. The regional market for benzene and its derivatives is mature, and demand is expected to remain constant. However, rigorous regulations imposed by the European Chemicals Agency (ECHA) and other regulatory bodies are anticipated to impede regional Benzene Market expansion.
Latin America and the Middle East and Africa are likely to grow slowly because of their underdeveloped chemical industries. Due to increased spending in the petrochemical industry, the Middle East is expected to expand during the projection period. The petrochemical industry will be a major oil consumer during the projection period, according to the International Energy Association. Oil-producing countries, such as Saudi Arabia, are well aware of this and are putting significant resources into strengthening their domestic petrochemical sector in order to capture a piece of this growing Benzene Market. Anticipating a shift in oil consumption from fuel to petrochemicals, the petrochemical sector is predicted to draw significant investment and expand, which would likely boost benzene market growth.
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The global benzene market is highly consolidated, with only a few major firms involved. The majority of market participants are involved in R&D operations in order to investigate new product development and increase product demand. Furthermore, most businesses are employing a variety of marketing methods in order to acquire a competitive advantage in the marketplace. Furthermore, the majority of the products manufactured to adhere to government restrictions.
Benzene Market Top Player's Company Profiles
Benzene Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, emerging economies like India and China have experienced a substantial expansion in the e-commerce sector over the last decade. As a result of greater purchasing power and improved accessibility provided by e-commerce giants such as Alibaba, Amazon, and Flipkart, this expansion is likely to continue. Furthermore, because of increased demand from the burgeoning petrochemical sector, North America is predicted to rise at a high rate.
|Market size value in 2021||USD 44.07 billion|
|Market size value in 2030||USD 46.27 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Benzene Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Benzene Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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