Benzene Market Size & Share, by Derivatives (Chlorobenzene, Toluene, Nitrobenzene, Cyclohexane, Cumene, Phenol, Ethyl Benzene, Alkyl Benzene, Aniline) and By Application (Textile, Specialty Chemicals, Building & Construction, Transportation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2251
  • Published Date: Oct 08, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Benzene Market size was over USD 48.21 billion in 2023 and is anticipated to cross USD 104.1 billion by 2036, growing at more than 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of benzene is estimated at USD 50.56 billion.

The market is thriving on the back of growing applications for benzene derivatives driven by the growing end-user industries around the globe, which includes packaging, construction, bulk chemicals and materials, textiles, automotive and several others. Additionally, rising exports of benzene around the globe on the back of increasing demand for benzene by end user organizations is also anticipated to contribute towards the growth of the market.


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Benzene Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Versatile Applications Of Benzene: Benzene is a large volume petrochemical commodity. As such, the hydrocarbon shows diverse applications to produce various chemicals in the chemical industry. Ranging across varied end user industries, for instance, tire or rubber manufacturing, plastics, paint and coatings, printing and others, several forms of benzene including ethylbenzene, cumene, cyclohexane and others are used. Moreover, rising demand for another prime derivative of benzene, known as styrene or polystyrene to be used across the end user industries is also anticipated to contribute towards the growth of the market during the forecast period.
  • Rising Demand For Polyesters: A polyester polymer is made from an acid, benzene-1,4-dicarboxylic acid and an alcohol, ethane-1,2-diol. Owing to many desirable qualities of the polymer, polyesters are used across a wide array of applications. Ranging from knitting fabrics to making bottles, films, dielectric film for capacitors and others, polyesters are widely consumed across manufacturing industries.

    Benzene is one of the key components (benzene-1,4-dicarboxylic acid) used in the chemical process for the formation of a polyester polymer. Increasing demand for polyesters is anticipated to raise the demand for greater consumption of benzene hydrocarbon. Moreover, increasing exports of saturated polyesters around the globe is also anticipated to contribute towards the growth of the market. According to the statistics by International Trade Centre, exports of saturated polyesters increased from USD 7.764 billion in the year 2016 to USD 9.680 billion in the year 2018.

Challenges

  • Detrimental Effects On Exposure To Benzene: Exposure to benzene is known to cause several health-related issues, such as cancer of the white blood cells, blood disorders and abnormalities of genetic material. Owing to such a factor, government of various nations around the globe have come across with stringent norms that recommends ban of benzene for the manufacturing of certain products. For instance, the U.S. Consumer Product Safety Commission (CPSC) endorses the ban of benzene in consumer products. Such a factor is anticipated to hinder the growth of the market during the forecast period.

Benzene Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

6.1%

Base Year Market Size (2023)

USD 48.21 billion

Forecast Year Market Size (2036)

USD 104.1 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Benzene Segmentation

The benzene market is segmented by application into textile, specialty chemicals, building & construction, transportation and others, out of which, specialty chemicals segment is anticipated to hold the largest market share on the back of increasing utilization of benzene as a specialty chemicals across industries to manufacture plastics, resins, synthetic fibers, drugs and pesticides, dyes, rubber lubricants and others.

Our in-depth analysis of the global market includes the following segments:

           By Derivatives

  • Chlorobenzene
  • Toluene
  • Nitrobenzene
  • Cyclohexane
  • Cumene
  • Phenol
  • Ethyl Benzene
  • Alkyl Benzene
  • Aniline
  • Others

             By Application

  • Textile
  • Specialty Chemicals
  • Building & Construction
  • Transportation
  • Others

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Benzene Industry - Regional Synopsis

On the basis of regional analysis, the benzene market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

Asia Pacific industry is predicted to dominate majority revenue share by 2036, led by presence of several end user industries, such as electronics and home appliances, packaging and construction and others in nations such as China, India and ASEAN countries. Moreover, the rise in manufacturing facilities over the years supported by lower labor costs in the region, especially China, is also anticipated to contribute towards the growing demand for several industrial raw materials.

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Benzene-Market
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Companies Dominating the Benzene Landscape

    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Braskem
    • China Petrochemical Corporation
    • Eastman Chemical Company
    • Exxon Mobil Corporation
    • LG Chem
    • JXTG Nippon Oil & Energy Corporation
    • Reliance Industries Limited
    • Mitsubishi Chemical Corporation
    • SK global chemical Co. Ltd.

Author Credits:  Rajrani Baghel


  • Report ID: 2251
  • Published Date: Oct 08, 2024
  • Report Format: PDF, PPT
Benzene Market Report Scope
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