Global Benzene Market is valued at USD 35.69 Billion in 2021 and expected to reach USD 55.06 Billion by 2028 with a CAGR of 6.39% over the forecast period.
Global Benzene Market: Global Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028, Escalating demand for ethylbenzene and recent developments across the world are the major factors driving the growth of the Global Benzene Market.
Benzene is identified as an organic chemical compound that contains the molecular formula, C₆H₆. The molecule of benzene is composed of six carbon atoms amalgamated in a planar ring together with one hydrogen atom involved in each respectively. Benzene is an extremely flammable, colorless, clear, and volatile, liquid aromatic hydrocarbon with an odor like gasoline. Benzene is originated in crude oils and as a by-product of oil-refining procedures. It is manufactured unsurprisingly by volcanoes and forest fires. The molar mass of benzene is 78.11 g/mol and the boiling point is around 80.1 °C. The benzene is soluble in acetone, alcohol, acetic acid, carbon tetrachloride, chloroform, diethyl ether.
Benzene positions in the top 20 chemicals for manufacture volume. It is a broadly used industrial chemical. Certain productions use benzene to produce other chemicals that are used to produce resins, plastics, nylon, and synthetic fibers. Also, benzene is utilized to manufacture some kinds of rubbers, lubricants, detergents, drugs, dyes, and pesticides. Benzene has also originated inadequate application in medicine which is used for the treatment of definite blood disorders, like polythemia, and malignant lymphoma. It is also used in the engineering of resins, adhesives, and other artificial fibers such as nylon, styrene, and Styrofoam. Benzene was first exposed in 1825 in illuminating gas by the English scientist Michael Faraday. From cylinders of compressed illuminating gas, he extracted benzene which had been composed of the pyrolysis of whale oil.
The global benzene market was destructively impacted by COVID-19 in 2020. Automotive industrialized units were on a momentary halt due to the pandemic scenario, which diminished the demand for products like injection-molded vehicle parts, foam seatings, nylon tires, and paints, which are prepared from benzene-derived intermediates like styrene, nylon, and phenol resins, therefore, forming a deleterious impact on the global benzene market demand.
The Global Benzene Market is segmented on the basis on the derivative, manufacturing process, applications, and region & country level. Based on derivative, the Benzene market is classified as ethylbenzene, cumene, cyclohexane, nitrobenzene, linear alkylbenzene, maleic anhydride, and others. Based on the manufacturing process, the market is categorized as pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation, and from biomass. Based on applications, the benzene market is categorized as solvent, chemical intermediates, surfactant, plastic, rubber manufacturing, detergent, explosive, lubricants, pesticides, anti-nock additives, and others.
The regions covered in global Benzene Market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of Benzene is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Global Benzene Market reports cover prominent players like
News: CEPSA Revamped Spanish Linear Alkyl Benzene Plant
June 6th, 2019; Spanish petrochemicals producer CEPSA has upgraded its chemical plant in Puente Mayorga (Cadiz, Spain), made its the first linear alkyl benzene (LAB) facility in the world to replace hydrofluoric (HF) technology with the Detal process.
Several factors are contributing to the growth of the benzene market across the world such as growing phenol and styrene polymer consumption in plastic and resin processing, augmenting the demand for benzene in the production of various several useful derivatives such as ethylbenzene, cumin, phenol, and others. Thus, the increasing applications of benzene in various sectors is one of the major factors driving the market growth. Ethylbenzene is an extremely inflammable colorless liquid with an aromatic odor. It is generally used in the production of styrene. Styrene polymers are mostly used in many products such as disposable medical products, televisions, IT equipment, and many. The demand for styrene is noticeably boosting owing to augmented demand for rubber tires.
For instance; China is estimated to manufacture 704 million tires by 2025 per year, comprising 148 million truck/bus radial tires, 12 million agricultural tires, 527 million passenger radial tires, 29 million bias truck tires, 20,000 extra-large industrial tires, and 54,000 aircraft tires. Furthermore, by 2025, China will harvest about 120.7 million motorcycle tires and 420 million bicycle tires per annual. The production of ethylbenzene eventually enhances along with enlarging demand for rubber tires worldwide. Thus, heightening the demand for ethylbenzene is supplementing the growth of the benzene market throughout the world in the future.
Additionally, recent developments in this field are also supplementing the growth of the benzene market worldwide. For instance; in February 2021, Hengyi Petrochemical intended to make a benzene plant to upsurge the capacity from 500 kilotons to 800 kilotons annually under its purifying and petrochemical growth project more to strengthen its petrochemical business in Pulau Muara Besar of Brunei. As well, SIBUR is scheduled to reconstruct its benzene parting plant with the overview of an extractive distillation unit at its Kstovo site in Russia, which will permit the departure of non-aromatic hydrocarbons as a product and raise the output of the service in March 2020.
However, benzene and its derivatives such as ethylbenzene and chlorobenzene show severe harmful effects on human health and the environment which may impede the growth of the benzene market globally. Despite that, downstream development or forthcoming plants in the petrochemical business may generate opportunities for the further growth of the global benzene market in the future.
On a geographic basis, Asia Pacific is expected to witness the fastest growth in the global Benzene market owing to the growing demand for styrene and ethylbenzene, cumulative production capacities of petrochemical products, and many more. The ever-growing production volume of benzene is likely to fuel the benzene market growth in the Asia Pacific. For instance; according to the National Center for Biotechnology Information 2018; China, Japan, and Korea are deliberated as top countries producing the highest quantities of benzene throughout the world. Approximately 5.91 million metric tons of benzene were manufactured in South Korea in 2020. China consumes around half of the total benzene produced globally. To produce plastics, resins, nylon, synthetic fibers, and some types of lubricants, rubbers, dyes detergents, drugs, and pesticides, benzene is widely used in Asian countries.
North America is projected to witness a significant growth in the global Benzene market owing to the increasing use of styrene in the region. Styrene is utilized in the manufacture of numerous products, such as acrylonitrile-butadiene-styrene (ABS), polystyrene, styrene-acrylonitrile (SAN), latexes, styrene-butadiene elastomers, unsaturated polyester resins among others. The derivative of benzene ethylbenzene is mainly used in the manufacturing of styrene. The demand for styrene-based polymers and copolymers is relatively increasing in the automotive industry owing to its lightweight nature.
For instance; according to the American Chemistry Council (ACC), the fuel budget of a vehicle can expand by 6-8% by dropping the weight of a vehicle by 10%. The manufacturing volume of styrene in the U.S. amounted to roughly 4.68 million metric tons in 2019. As the production volume of styrene increases, the demand for derivatives of benzene augments ramblingly. Hence, the increasing use of styrene in the region is the major contributor to the growth of the benzene market in North America.
Rest of South America
|2018 - 2021
|2021 - 2028
|Market Size in 2020:
|USD 35.69 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 55.06 Billion
|Tables, Charts & Figures:
Royal Dutch Shell Plc., China National Petroleum Corporation, Saudi Basic Industries Corporation, ExxonMobil Corporation, JX Holdings, Total, GS Caltex, BASF SE, BP Plc, Chevron Corp, Dow Inc, Eastman Chemical Co, INEOS Group Holdings SA, LyondellBasell Industries NV, Mitsubishi Chemical Corp., others.
|By Derivatives, By Manufacturing Process, By Applications
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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