According to the latest report by IMARC Group, titled "Benzene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global benzene market reached a value of US$ 59.6 Billion in 2021. Benzene refers to an organic chemical compound that is a by-product of oil-refining processes, solvents and chemical intermediates. It is a colorless liquid aromatic hydrocarbon with highly flammable, volatile properties and a gasoline-like odor. It is generally derived from various sources, including forest fires, cigarette smoke, gasoline and volcanoes. Besides this, it is also extracted from crude oil via using chemicals, pressure and heat in the refinery for separating the benzene content. The growing adoption of synthetic fabrics across the globe owing to their lustrous and resistant property to chemicals and oils is creating a positive demand for benzene.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Benzene Market Trends:
The global market is primarily driven by the increasing product demand from the pharmaceutical industry. This is supported by the rising demand for benzene-derived intermediates in the manufacturing of drugs, which is creating a positive market outlook. Moreover, the widespread adoption of packaging materials across industrial verticals is propelling the demand for benzene across the globe. Additionally, the growing investments by private and public agencies in the expansion of petrochemical infrastructure are impacting the market growth favorably. Furthermore, the escalating adoption of styrene in the production process of polystyrene resin, latex and synthetic rubber, is, in turn, catalyzing the uptake of benzene. Besides this, the widespread usage of styrene in the manufacturing of vehicles is acting as another major growth-inducing factor. Other factors, including rapid industrialization, the increasing utilization of benzene derivatives for producing paints and lacquers, the augmenting preference for thinners and furniture wax, and extensive research and development (R&D) activities conducted by key players, are also influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 74.7 Billion by 2027, exhibiting a CAGR of 3.7% during 2022-2027.
- On the basis of the derivative, the market has been categorized into ethylbenzene, cumene, cyclohexane, nitrobenzene, linear alkylbenzene, maleic anhydride and others.
- Based on the manufacturing process, the market has been segmented into pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation and from biomass.
- On the basis of the application, the market has been classified into plastics, resins, synthetic fibers, rubber lubricants and others.
- Based on the region, the market has been divided into Asia Pacific (China, India, Japan and South Korea), Europe (Germany, UK, France and Italy), North America (the United States and Canada), the Middle East and Africa (Saudi Arabia and South Africa) and Latin America (Brazil and Argentina).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include BASF, Sinopec, Royal Dutch Shell, China National Petroleum Corporation, DuPont, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, JX Holdings, BP, Borealis AG, Braskem, Repsol and Arsol Aromatics GmbH & Co. KG.
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