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In 2022, the benzene market size was estimated at USD 40.09 billion. According to projections, the global benzene market will increase from USD 40.89 billion in 2023 to USD 65.79 billion in 2030, with a compound annual growth rate (CAGR) of 8.12% over the forecast period (2023 - 2030). As styrene is used to make tires and many body pieces for both gasoline- and diesel-powered vehicles as well as electric vehicles, there is a surge in demand for benzene.
The increasing consumption of phenol and the rising demand for methylene diphenyl diisocyanate are two key drivers driving the growth of the global benzene market during the projected period of 2023 to 2030. The market is growing significantly due to rising demand for polyester in industries including textiles, packaging, and automobiles.
The advent of a new range of electric vehicles has also led to an increase in demand for benzene as styrene is used in the production of tires and various body sections of both diesel or gasoline-powered vehicles as well as electric vehicles. The automotive industry is growing continuously. Niti Aayog claims that India is one of the nations with the fastest-growing automotive industries, with a compound annual growth rate of 4% from 2011 to 2020. Additionally, the National Bureau of Statistics of China estimates that 807.47 million tires were produced in the nation in 2020. As a result, there is a rise in the demand for benzene as a result of rising automotive demand in various nations.
Benzene, a chemical compound that occurs in nature, is colorless or very slightly colored yellow when it is liquid. This highly flammable substance, commonly referred to as a human carcinogen, has been connected to a wide range of unfavorable side effects and health problems in those who have been exposed to it at high levels for extended periods of time. Furthermore, industrial operations are the main source of benzene found in the environment. The most often used applications for benzene include the production of pharmaceuticals, plastics, rubber, and colors.
When carbon-rich materials begin to burn but aren't completely consumed by the fire, it also occurs in the natural world. It can also be present in the smoke from cigarettes, volcanoes, and forest fires. Benzene is also frequently used as a solvent in a wide range of industrial, commercial, and academic applications. Additionally, practically every product used in the printing industry contains benzene. Products that include this chemical are available and are used specifically to clean printing equipment, extending the equipment's life and functionality.
The advent of a new range of electric vehicles has also led to an increase in demand for benzene as styrene is used in the production of tires and various body sections of both diesel or gasoline-powered vehicles as well as electric vehicles. The automotive industry is growing continuously. Niti Aayog claims that India is one of the nations with the fastest-growing automotive industries, with a compound annual growth rate of 4% from 2011 to 2020. Additionally, the National Bureau of Statistics of China estimates that 807.47 million tires were produced in the nation in 2020. As a result, there is a rise in the demand for benzene as a result of rising automotive demand in various nations. Around 40% of petrochemical production, according to the International Energy Agency (IEA) in 2018, was done in the United States. Thus, the expansion of the petrochemical sector in the United States and North America as well as the accessibility of crude oil are pushing up benzene demand in the region.
Additionally, the majority of the styrene used in the production of rubber tires, plastic packaging, a number of automotive parts (instrument panels, knobs, trim, energy-absorbing door panels, and sound-dampening foam), and electronic equipment is made from ethylbenzene. Therefore, each of these elements helps to fuel the rising ethylbenzene demand.
Report Coverage
Global Benzene research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Benzene report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Benzene competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Benzene market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Benzene market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Benzene market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), BASF SE (Germany), Repsol (Spain), Royal Dutch Shell Plc (Netherlands) and China Petroleum & Chemical Corporation (China), Haldia Petrochemicals Limited (India), PTT Global Chemical Public Company Limited (Thailand), Indian Oil Corporation Ltd (India), GS Caltex Corporation (South Korea), Reliance Industries Limited (India), Arsol Aromatics GmbH & Co. KG (Germany), ExxonMobil Corporation (USA),
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Benzene market based on the below-mentioned segments:
Global Benzene Market, By Derivative
Alkyl Benzene
Cumene
Cyclohexane
Ethyl Benzene
Nitro Benzene
Aniline
Toluene
Phenol
Styrene Others
Global Benzene market, By Application
Solvent
Chemical Intermediates
Surfactants
Plastics
Rubber Manufacturing
Detergent
Explosives
Lubricants
Pesticides
Anti-Knock Additives
Others
Global Benzene market, Regional Analysis
The increasing consumption of phenol and the rising demand for methylene diphenyl diisocyanate are two key drivers driving the growth of the global benzene market during the projected period of 2023 to 2030. The market is growing significantly due to rising demand for polyester in industries including textiles, packaging, and automobiles.
The advent of a new range of electric vehicles has also led to an increase in demand for benzene as styrene is used in the production of tires and various body sections of both diesel or gasoline-powered vehicles as well as electric vehicles. The automotive industry is growing continuously. Niti Aayog claims that India is one of the nations with the fastest-growing automotive industries, with a compound annual growth rate of 4% from 2011 to 2020. Additionally, the National Bureau of Statistics of China estimates that 807.47 million tires were produced in the nation in 2020. As a result, there is a rise in the demand for benzene as a result of rising automotive demand in various nations.
Benzene, a chemical compound that occurs in nature, is colorless or very slightly colored yellow when it is liquid. This highly flammable substance, commonly referred to as a human carcinogen, has been connected to a wide range of unfavorable side effects and health problems in those who have been exposed to it at high levels for extended periods of time. Furthermore, industrial operations are the main source of benzene found in the environment. The most often used applications for benzene include the production of pharmaceuticals, plastics, rubber, and colors.
When carbon-rich materials begin to burn but aren't completely consumed by the fire, it also occurs in the natural world. It can also be present in the smoke from cigarettes, volcanoes, and forest fires. Benzene is also frequently used as a solvent in a wide range of industrial, commercial, and academic applications. Additionally, practically every product used in the printing industry contains benzene. Products that include this chemical are available and are used specifically to clean printing equipment, extending the equipment's life and functionality.
The advent of a new range of electric vehicles has also led to an increase in demand for benzene as styrene is used in the production of tires and various body sections of both diesel or gasoline-powered vehicles as well as electric vehicles. The automotive industry is growing continuously. Niti Aayog claims that India is one of the nations with the fastest-growing automotive industries, with a compound annual growth rate of 4% from 2011 to 2020. Additionally, the National Bureau of Statistics of China estimates that 807.47 million tires were produced in the nation in 2020. As a result, there is a rise in the demand for benzene as a result of rising automotive demand in various nations. Around 40% of petrochemical production, according to the International Energy Agency (IEA) in 2018, was done in the United States. Thus, the expansion of the petrochemical sector in the United States and North America as well as the accessibility of crude oil are pushing up benzene demand in the region.
Additionally, the majority of the styrene used in the production of rubber tires, plastic packaging, a number of automotive parts (instrument panels, knobs, trim, energy-absorbing door panels, and sound-dampening foam), and electronic equipment is made from ethylbenzene. Therefore, each of these elements helps to fuel the rising ethylbenzene demand.
Report Coverage
Global Benzene research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Benzene report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Benzene competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Benzene market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), BASF SE (Germany), Repsol (Spain), Royal Dutch Shell Plc (Netherlands) and China Petroleum & Chemical Corporation (China), Haldia Petrochemicals Limited (India), PTT Global Chemical Public Company Limited (Thailand), Indian Oil Corporation Ltd (India), GS Caltex Corporation (South Korea), Reliance Industries Limited (India), Arsol Aromatics GmbH & Co. KG (Germany), ExxonMobil Corporation (USA), |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Benzene Market from 2021 to 2030.
- Market Forecast for Benzene Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Benzene competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Benzene
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Benzene market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Benzene market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), BASF SE (Germany), Repsol (Spain), Royal Dutch Shell Plc (Netherlands) and China Petroleum & Chemical Corporation (China), Haldia Petrochemicals Limited (India), PTT Global Chemical Public Company Limited (Thailand), Indian Oil Corporation Ltd (India), GS Caltex Corporation (South Korea), Reliance Industries Limited (India), Arsol Aromatics GmbH & Co. KG (Germany), ExxonMobil Corporation (USA),
Primary Target Market
- Market Players of Benzene
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Benzene market based on the below-mentioned segments:
Global Benzene Market, By Derivative
Alkyl Benzene
Cumene
Cyclohexane
Ethyl Benzene
Nitro Benzene
Aniline
Toluene
Phenol
Styrene Others
Global Benzene market, By Application
Solvent
Chemical Intermediates
Surfactants
Plastics
Rubber Manufacturing
Detergent
Explosives
Lubricants
Pesticides
Anti-Knock Additives
Others
Global Benzene market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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