Benzene Market Size (2024 - 2029)

The benzene market is anticipated to experience growth over the forecast period, driven by increasing demand in sectors such as pharmaceuticals and packaging, which utilize benzene-derived intermediates. The recovery from COVID-19 disruptions has further stimulated market demand, particularly for products like styrene polymers in industries such as textile and construction. Despite potential challenges posed by the harmful effects of benzene exposure, the market is poised for expansion, especially with the rising interest in bio-based alternatives. The Asia-Pacific region is expected to dominate in terms of market share and growth rate.

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Market Size of Benzene Industry

Benzene Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 3.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Benzene Market Major Players

*Disclaimer: Major Players sorted in no particular order

Benzene Market Analysis

The benzene market is projected to register a CAGR of more than 3% during the forecast period.

The market was moderately impacted by COVID-19 in 2020. Temporary halts in the automotive manufacturing units minimized the demand for products like nylon tires, foam seating, and paints, which are made from benzene-derived intermediates like nylon, styrene, and phenol resins, thus negatively impacting market demand. However, the sector has been recovering well since restrictions were lifted. The demand for drugs like paracetamol, which consumes benzene-derived intermediates such as chlorobenzene, has increased, thus stimulating market demand in the pharmaceutical sector. Furthermore, the usage of packaging made up of polystyrene, an intermediate derived from benzene, has increased in food and e-commerce applications, which, in turn, has boosted the market demand for benzene.

  • The increasing demand for styrene polymers from various end-user industries, such as textile, packaging, and building and construction, is expected to drive the market's growth.
  • Detrimental effects of benzene exposure may hinder the market's growth.
  • In the coming years, the market may have more chances to make money if the demand for bio-based benzene keeps going up.

During the forecast period, the Asia-Pacific region is expected to have the largest market share and the highest CAGR.

Benzene Industry Segmentation

Benzene is an organic compound with the molecular formula C6H6. It is a clear, colorless, volatile liquid at room temperature and is considered a hazardous and carcinogenic chemical. Benzene is produced from five primary sources, including catalytic reforming of naphtha (reforming), conversion of toluene and/or xylenes to benzene (hydrodealkylation), recovery from ethylene plant pyrolysis gasoline (steam cracking), conversion of toluene to benzene (toluene disproportionation), and conversion of toluene and C9/C10 aromatics to benzene and xylenes (trans alkylation). The benzene market is segmented by derivative and geography. By derivative, the market is segmented into ethylbenzene, cumene, alkylbenzene, cyclohexane, nitrobenzene, and other derivatives (aniline, maleic anhydride, etc.). The report also covers the market size and forecast for the market in 16 countries across major regions. For each segment, the market sizing and forecast have been done based on volume (in kilo tons).

Derivative
Ethylbenzene
Cumene
Alkylbenzene
Cyclohexane
Nitrobenzene
Other Derivatives (Aniline, Maleic Anhydride, Etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Benzene Market Size Summary

The benzene market is anticipated to experience steady growth over the forecast period, driven by increasing demand from various end-user industries such as textiles, packaging, and construction. The market faced challenges during the COVID-19 pandemic, with temporary disruptions in automotive manufacturing affecting the demand for benzene-derived products. However, the market has shown resilience, with a resurgence in demand for pharmaceuticals and packaging materials, which utilize benzene-derived intermediates. The Asia-Pacific region is expected to dominate the market, fueled by robust industrial activities in countries like China, India, and ASEAN nations. The region's growth is supported by the rising demand for styrene polymers, which are integral to numerous applications, including electronics and construction materials.

The market landscape is characterized by a consolidated structure, with major players such as BASF SE, Chevron Phillips Chemical Company LLC, ExxonMobil Corporation, LG Chem, and Shell PLC playing significant roles. The demand for ethylbenzene, a key derivative, remains high due to its applications in manufacturing styrene and as a solvent in fuels. The market's expansion is further bolstered by strategic investments and acquisitions, such as INEOS's stake in Shanghai SECCO Petrochemical Company Limited, which enhances production capabilities in China. Despite potential challenges related to exposure risks, the market is poised for growth, particularly with the increasing interest in bio-based benzene alternatives.

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Benzene Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Styrene Polymers from Various End-user Industries

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Detrimental Effects of Benzene Exposure

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Technological Snapshot

    6. 1.6 Trade Analysis

    7. 1.7 Price Trends

    8. 1.8 Regulatory Policy Analysis

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Derivative

      1. 2.1.1 Ethylbenzene

      2. 2.1.2 Cumene

      3. 2.1.3 Alkylbenzene

      4. 2.1.4 Cyclohexane

      5. 2.1.5 Nitrobenzene

      6. 2.1.6 Other Derivatives (Aniline, Maleic Anhydride, Etc.)

    2. 2.2 Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 India

        3. 2.2.1.3 Japan

        4. 2.2.1.4 South Korea

        5. 2.2.1.5 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Canada

        3. 2.2.2.3 Mexico

      3. 2.2.3 Europe

        1. 2.2.3.1 Germany

        2. 2.2.3.2 United Kingdom

        3. 2.2.3.3 Italy

        4. 2.2.3.4 France

        5. 2.2.3.5 Russia

        6. 2.2.3.6 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 South Africa

        3. 2.2.5.3 Rest of Middle-East and Africa

Benzene Market Size FAQs

The Benzene Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

BASF SE, Chevron Phillips Chemical Company LLC, LG Chem and Shell PLC are the major companies operating in the Benzene Market.

Benzene Market Report Snapshots

Benzene Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)