The Global Benzene Market accounted for US$ 62 Bn in 2020 and is expected to reach over US$ 81 Bn by 2028 with a considerable CAGR of 3.4% during the forecast period of 2021 to 2028.
Benzene is a colorless or light-yellow liquid at room temperature having a pleasant odor and is extremely flammable. Benzene evaporates quickly into the air and its vapor being heavier than air can sink to the ground in low-lying areas. It is a critical feedstock for the production of various chemicals, which are then used in a variety of industries including building and construction, textile, electrical and electronics, and automotive.
Benzene is produced by both natural and human processes. Volcanoes and forest fires are natural sources of benzene while it is also found in natural sources such as crude oil, gasoline, and cigarette smoke. In the United States, benzene is widely used. It is one of the top 20 chemicals in terms of production volume. Some industries use benzene to create other chemicals, such as plastics, resins, nylon, and synthetic fibers. Benzene is also used in the production of some lubricants, rubbers, dyes, detergents, drugs, and pesticides
Global Benzene Market Growth Factors
Benzene demand in the global market has increased due to increased consumption of Benzene derivatives in the automotive industry for the production of synthetic rubber. Furthermore, an increase in the demand for polyester is a critical factor driving market growth, as is an increase in crude oil production, low feedstock costs, and an economical commodity product. Among the major factors driving the benzene market in Asia-Pacific are an increase in phenol consumption and an increase in demand for methylene diphenyl diisocyanate. The rising demand for Cumene to produce acetone for use in the automotive and architectural industries is also propelling the global benzene market forward.
Health effects of exposure to benzene
Human benzene exposure has been linked to a number of short- and long-term negative health effects and disorders, including cancer and aplastic anemia. Exposure can occur both at work and at home as a result of the widespread use of benzene-containing petroleum products such as motor fuels and solvents. Because benzene is highly volatile, most exposure occurs through inhalation. However, raised public awareness regarding sources of exposure to benzene and risk mitigation measures and continuous educational activities to discourage the use of benzene or petrol for cleaning and degreasing in industry and domestically are major concern of organizations. Such factors are hampering the growth of global benzene market.
|Market Size 2020||US$ 62 Bn|
|Market Forecast 2028||US$ 81 Bn|
|CAGR||3.4 % During 2021 - 2028|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Derivatives, By Applications and Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Tereos Starch & Sweeteners, Ingredion Inc, Roquette Freres, Cargill Inc., Archer Daniel Midland, SPI Pharma, Merck KGaA, Kasyap Sweeteners, Ltd., DuPont, Pfizer Inc., Tate & Lyle and among others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
10 hrs of free customization and expert consultation
Market by Derivatives
Based on the derivatives, the ethylbenzene segment will dominate the market in 2020. Ethylbenzene is a high-yielding aromatic hydrocarbon that is primarily used in the production of styrene. Styrene is a building-block chemical used in the manufacture of many products that have improved the quality of everyday life. Worldwide, about 60% of all styrene becomes polystyrene a plastic which comes in several forms, including solid, foam, and film. In addition to its intended use, ethylbenzene can be found in low concentrations in fuels and in automobile exhaust. In the United States alone, hundreds of metric tons of ethylbenzene are produced each year. Ethylbenzene is primarily used in the production of another chemical, styrene. Other applications include use as a solvent, in fuels, and in the production of other chemicals.
Market by Applications
Based on the applications, the plastics segment holds the largest market shares in 2020. Benzene is primarily used as a feedstock, or raw material to make other industrial chemicals, such as ethylbenzene, cumene and cyclohexane, which are then reacted and used in the manufacture of a variety of materials and plastics such as polystyrene, ABS, and nylon. Benzene is also used as a solvent in the chemical and pharmaceutical industries.
Benzene Market Regional Overview
Middle East & Africa
The Asia-Pacific region consumes the most benzene. It is also expected to be the fastest growing market due to rising demand from end users such as packaging, construction, and electronics, and home appliances, all of which increase demand for styrene. Because of the increased use of plastic in automotive applications and the growing use of polyurethane foams in the furniture industry, China is the leading producer and consumer in Asia-Pacific. Moreover, an increase in pygas production and gasoline consumption will further spur the demand for benzene in the key Asia Pacific region. Benzene is a plentiful commodity, and it served as one of the low-cost feedstocks fueling the burgeoning petrochemicals industry in Asia's developing economies.
The benzene market is consolidated in nature. Some of the major players in the market include BASF SE, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Royal Dutch Shell PLC, and LG Chem, China Petroleum & Chemical Corporation, The Dow Chemical Company, Total S.A., among others.
The estimated value of global Benzene market in 2020 was accounted to be US $ 62 Mn.
The projected CAGR of Benzene during the analysis period of 2021 to 2028 is 3.4%.
The prominent players of the global Benzene market involve BASF SE, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Royal Dutch Shell PLC, and LG Chem, China Petroleum & Chemical Corporation, The Dow Chemical Company, Total S.A., among others.
Asia pacific held the dominating share for Benzene during the analysis period of 2021 to 2028
North America region exhibited fastest growing CAGR for Benzene during the analysis period of 2021 to 2028
Rising demand for polyster, low cost of feedstock, and economical commodity product are the prominent factors that fuel the growth of global Benzene market
Based on Derivatives, Ethylbenzene segment held the maximum share for Benzene market in 2020