Global Benzene Market

Benzene Market Size, Share, Growth Analysis, By Derivatives(Ethylbenzene, Cumene), By Application(Industrial Chemical, Oil & Gas) - Industry Forecast 2024-2031


Report ID: SQSG15B2001 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 68 | Figures: 75

Benzene Market News

  • In April 2021, Iran became self-sufficient in benzene production. The Iranian petrochemical industry now totally covers local demand for benzene, according to a statement from the Iranian Oil Ministry, and it will no longer require benzene imports. In March, the Bu Ali Sina Petrochemical Company (BSPC) reached its maximum output of 85,610 thousand tonnes of benzene, achieving 100% of its capacity.
  • In January 2021, Sinopec and Lyondell Basell completed a joint venture in China to produce propylene oxide and styrene monomers. Both companies agreed to form a 50-50 joint venture to meet China's growing demand for propylene oxide and styrene monomer.
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Benzene Market size was valued at USD 44.07 billion in 2019 and is poised to grow from USD 46.27 billion in 2023 to USD 74.32 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).

The 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. '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.'

Benzene Market growth will be fueled by rising demand for styrene polymers from a variety of end-use industries: Styrene is used in a variety of industries, including construction, automotive, packaging, and electronics, in polymerized or co-polymerized form. Polystyrene, a polymerized variant of styrene that comes in solid, foam, and film forms, uses the majority of styrene produced globally. Polystyrene is frequently used in the packaging sector because of its outstanding durability, lightweight, flexibility, and moisture resistance. 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.

Emphasizing eco-friendly methods of manufacturing benzene. For instance, North Carolina State University researchers created a novel catalyst in March 2021 that greatly enhances yield in styrene manufacture while reducing energy usage and greenhouse gas (GHG) emissions. The conversion takes place at a temperature of 500-600 degrees Celsius, which is similar to that of traditional procedures. The researchers say, however, that the unique procedure produces a yield of 91%, which is far higher than the 54% obtained by traditional processes. This can drastically lower the process's carbon impact because the same conversion may be performed with less fuel. The new process responds to growing environmental concerns and the move toward environmentally friendly manufacturing. As governments throughout the world impose stronger environmental regulations, manufacturers are likely to turn to more energy-efficient technologies like these. This can be a very important aspect in the future for the markets as not just international forums but governments of many countries especially in regions like Europe, APAC, etc. have been focusing on promoting eco-friendly methods of manufacturing. This isn’t just energy efficient but cost-efficient as well and will benefit manufacturers heavily in the future.

In terms of regional analysis of the 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.

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Global Benzene Market

Product ID: SQSG15B2001

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