Global Benzene Market Size, Forecast, and Trend Highlights Over 2025-2037
Benzene Market size was valued at USD 45.5 billion in 2024 and is projected to reach USD 79.1 billion by the end of 2037, rising at a CAGR of 4.8% during the forecast period from 2025 to 2037. In 2025, the industry size of benzene is estimated at USD 47.5 billion.
The benzene market is witnessing substantial growth, largely fueled by its rising application in diverse end-use sectors. Significantly, the expansion of the automotive industry plays a crucial role in driving this demand. Benzene plays a crucial role in the production of synthetic rubber and plastics that are used in the manufacturing of vehicles. For example, China, a leading automotive manufacturer, produced over 28 million vehicles in 2023, which is directly linked to elevated benzene consumption. Furthermore, the increasing demand for electronic devices and construction materials further enhances the requirement for benzene-based products, such as resins and adhesives, thus accelerating market growth.
The benzene supply chain is defined by a multifaceted network that encompasses the procurement of raw materials, manufacturing processes, and global distribution channels. Asia-Pacific, with a particular emphasis on China and South Korea, holds significant importance within this framework. In the year 2021, China recorded imports of benzene valued at approximately USD 2.80 billion, whereas South Korea's exports were around USD 2.26 billion. The Producer Price Index (PPI) for chemicals and related products, focusing on aromatics, was reported at 287.09 in August 2024, indicating the economic challenges impacting production costs. At the same time, investments in research (R&D are essential for improving production efficiency and fostering sustainable alternatives, thereby securing the industry's long-term sustainability and competitive edge.
Benzene Sector: Growth Drivers and Challenges
Growth Drivers
- Rising demand for sustainable and renewable chemicals: The global benzene market for green chemicals is anticipated to increase by $11 billion by the year 2027, driven by the rising demand for bio-based and renewable chemical feedstocks. Alternatives to benzene derived from soy and biomass are becoming more popular, bolstered by government subsidies and consumer preferences. This transition benefits producers who are investing in renewable resources and sustainable production methods, thereby enhancing the benzene market's environmentally friendly segment.
- Growth in automotive and construction sectors: The growing automotive and construction sectors are the main consumers of benzene, owing to its significance in the production of plastics, synthetic rubbers, and resins. In 2023, global vehicle production surpassed 81 million units, which has increased the demand for benzene in the manufacturing of lightweight components. The expansion of the construction industry, particularly in Asia-Pacific and North America, enhances the utilization of benzene in adhesives and coatings. It is anticipated that the growth in this sector will continue to support benzene consumption until 2037.
1. Global Benzene Trade Dynamics and Market Recovery
The dynamics of global benzene trade indicate a significant dominance of Asia-Pacific, particularly with the increase in exports between Japan and China, driven by the demand for electronic chemicals. In 2021, Asia-Pacific accounted for 46% of the overall global chemical trade, which was estimated to be worth $1.9 trillion. Additionally, U.S. exports of specialty chemicals to Europe experienced an annual growth of 8% from 2018 to 2023, reaching a total of $13 billion in 2023. In 2022, the trade reached a total of $3.6 trillion and preserved the Asia-Pacific’s dominant status. The table below presents benzene chemical trade data from 2019 to 2024, highlighting key trade routes and patterns. It provides insights into regional import-export volumes and their impact on global benzene market dynamics.
Benzene Chemical Trade Data (2019–2024)
|
Year |
Country of Origin |
Destination Country |
Shipment Value (Billion $) |
Trade Route |
Notable Growth / Decline (%) |
|
2019 |
Japan |
China |
4.2 |
Japan → China |
+5.3% annual growth (2019-2022) |
|
2020 |
Global |
Global |
-11% overall decline |
- |
COVID-19 pandemic impact |
|
2021 |
Asia-Pacific |
Global |
1.9 trillion (45% global) |
Asia-Pacific trade routes |
Largest global trade share |
|
2022 |
U.S. |
Europe |
13 |
U.S. → Europe |
+7% CAGR (2018-2023) |
|
2023* |
Japan |
China |
4.7 |
Japan → China |
Continued growth driven by electronics |
|
2024* |
Europe |
North America |
8.6 |
Europe → North America |
Projected growth +3.6% |
Key Trade Routes & Insights
|
Trade Route |
% Share of Global Chemical Trade (2021) |
Shipment Value ($ Trillion) |
Comments |
|
Asia-Pacific |
46% |
1.9 |
Largest regional market |
|
Europe → N. America |
21% |
0.9 |
Steady growth, specialty focus |
|
Japan → Asia |
11% |
0.5 |
Electronics demand booster |
Trade Patterns & Impact
|
Pattern/Policy |
Statistic |
Source |
|
Specialty chemicals growth (US-Europe) |
+7% CAGR (2018-2023), $13B in 2023 |
U.S. Census Bureau (.gov) |
|
COVID-19 disruption |
-11% global trade in 2020 |
WTO (.org) |
|
Post-pandemic recovery |
$3.6 Trillion global trade in 2022 |
UN Comtrade (.org) |
2. Benzene Market Synopsis (2018–2023)
The global benzene market underwent considerable variations between 2018 and 2023, driven by multiple factors including raw material expenses, geopolitical occurrences, and environmental policies. In 2021, the import price index for chemical manufacturing products in the United States rose by 12.9%, indicating heightened costs within the sector. Conversely, in 2023, the index fell by 3.2%, representing the most significant annual decline since 2014.
Benzene Price History and Unit Sales Volumes (2018–2023)
|
Year |
Country of Origin |
Destination Country |
Shipment Value (Billion $) |
Trade Route |
Notable Growth / Decline (%) |
|
2019 |
Japan |
China |
4.2 |
Japan → China |
+5.3% annual growth (2019-2022) |
|
2020 |
Global |
Global |
-11% overall decline |
- |
COVID-19 pandemic impact |
|
2021 |
Asia-Pacific |
Global |
1.9 trillion (45% global) |
Asia-Pacific trade routes |
Largest global trade share |
|
2022 |
U.S. |
Europe |
13 |
U.S. → Europe |
+7% CAGR (2018-2023) |
|
2023* |
Japan |
China |
4.7 |
Japan → China |
Continued growth driven by electronics |
|
2024* |
Europe |
North America |
8.6 |
Europe → North America |
Projected growth +3.6% |
Regional Price Trends and Outlook
|
Region |
2021 Price (USD/MT) |
2022 Price (USD/MT) |
2023 Price (USD/MT) |
2024 Outlook |
|
North America |
1,060 |
1,110 |
1,060 |
Stable |
|
Europe |
1,110 |
1,160 |
1,110 |
Slight Decline |
|
Asia |
1,010 |
1,060 |
1,010 |
Moderate Increase |
3. Top Benzene Chemical Companies & Industry Trends (2018–2022)
The benzene chemical sector faced fluctuations between 2018 and 2022, with global supply chain interruptions in 2020 leading to a decrease in operating profits. Mitsubishi Chemical Holdings emerged as a leader in Japan, reporting robust sales and profits in 2022. In 2021, Sumitomo Chemical's investments in research and development enhanced the sales of specialty chemicals. Firms such as BASF, Sinopec, and Dow demonstrated consistent growth. The table below summarizes benzene price history and unit sales volumes from 2018 to 2023, detailing regional price trends. It offers a market outlook based on historical data and regional demand fluctuations.
Ranked Top 15 Benzene Chemical Companies (2018–2022)
|
Company |
Region |
2022 Sales ($B) |
2022 Operating Profit ($B) |
5-Year Sales CAGR (%) |
Notes on Growth/Innovation |
|
BASF |
Europe |
79 |
8.3 |
4.6 |
Strong recovery post-2020, focus on specialty chemicals |
|
Sinopec |
China |
66 |
6.6 |
5.1 |
Expanded petrochemical capacity, steady profit growth |
|
Dow Chemical |
U.S. |
56 |
7.1 |
3.9 |
Invested heavily in sustainable products |
|
Mitsubishi Chemical |
Japan |
31 |
3.3 |
4.3 |
R&D focus on bioplastics, strong profit rebound |
|
Sumitomo Chemical |
Japan |
29 |
3.1 |
5.2 |
R&D-driven specialty chemical growth |
|
LyondellBasell |
U.S. |
26 |
2.8 |
3.6 |
Investment in high-margin polymers |
|
SABIC |
Saudi Arabia |
23 |
2.6 |
4.1 |
Diversified product portfolio |
|
LG Chem |
South Korea |
21 |
2.3 |
4.8 |
Specialty chemicals and battery materials |
|
Reliance Industries |
India |
19 |
2.1 |
6.1 |
Aggressive capacity expansion |
|
INEOS |
Europe |
18 |
1.9 |
3.8 |
Focus on petrochemical integration |
|
Formosa Plastics |
Taiwan |
16 |
1.6 |
4.0 |
Polymer production expansion |
|
Shell Chemicals |
Europe |
15 |
1.7 |
3.5 |
Sustainability initiatives |
|
Covestro |
Europe |
14 |
1.4 |
4.2 |
R&D investment in advanced materials |
|
LG Household & Health |
South Korea |
12 |
1.2 |
4.4 |
Specialty chemicals focus |
|
Mitsui Chemicals |
Japan |
11 |
1.1 |
4.6 |
Innovation in performance materials |
Challenges
- Pricing pressure from volatile raw material costs: Benzene prices are closely associated with the prices of crude oil and naphtha feedstock, which vary in response to geopolitical tensions and trade tariffs. The World Trade Organization (WTO) reported a 12% increase in benzene prices in 2022, attributed to disruptions in the supply chain within the Middle East.
- Market access barriers and tariffs: Trade tariffs and import quotas in nations such as India and the United States establish obstacles to the unrestricted trade of benzene. For instance, in 2021, the United States implemented a 6% tariff on benzene imports by Section 232, which limited competitive imports.
Benzene Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.8% |
|
Base Year Market Size (2024) |
USD 45.5 billion |
|
Forecast Year Market Size (2037) |
USD 79.1 billion |
|
Regional Scope |
|
Benzene Segmentation
Application (Petrochemicals, Polymers, and Specialty Chemicals)
Petrochemicals are projected to account for a 40% share of the global benzene market, primarily leading in benzene consumption due to their significant role in the production of styrene, ethylbenzene, and cumene, which are vital intermediates for plastics, resins, and synthetic fibers. The increasing global demand for plastics, particularly in the packaging and construction sectors, propels the growth of this sub-segment. As reported by the U.S. Energy Information Administration, petrochemical production is anticipated to increase by 3.9% annually until 2037, driven by the ongoing trends of industrialization and urbanization across the globe.
End use Industry (Packaging, Automotive, Consumer Electronics, and Pharmaceuticals)
The packaging sector is anticipated to capture a 35% share of the global benzene market, primarily fueled by polyethylene sourced from benzene. This sub-segment is expected to be the fastest-growing end-use category, driven by the surge in e-commerce and the implementation of food safety regulations. According to the U.S. Environmental Protection Agency (EPA.gov), there is a growing regulatory focus on sustainable packaging, which is fostering innovation and increasing the demand for high-performance polyethylene materials. The packaging industry in the Asia-Pacific area is anticipated to expand at a compound annual growth rate (CAGR) of 5.3%, indicating the preferences of consumers in the region.
Our in-depth analysis of the benzene market includes the following segments:
|
Application |
|
|
End use |
|
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Customize this ReportBenzene Industry - Regional Synopsis
North America Market Statistics
In the year 2037, North America, comprising the United States and Canada, is projected to represent around 40% of the worldwide benzene market revenue, propelled by strong industrial demand and rigorous environmental regulations. Significant factors contributing to this growth include heightened demand from the automotive and packaging sectors, along with advancements in sustainable chemical processes. Additionally, trends indicate an increase in government investment in clean energy and chemical safety, which further enhances market stability.
In 2022, the U.S. government allocated $2.5 billion towards clean energy chemical production, marking a 16% increase from 2020 and underscoring a growing focus on green chemistry and pollution reduction. Approximately 1.3% of the federal chemical industry initiatives budget is dedicated to benzene-related chemical safety and sustainability programs. The EPA’s Green Chemistry program facilitated the adoption of over 50 new sustainable chemical processes in 2023, resulting in a 21% reduction in hazardous benzene waste since 2021. Additionally, federal investments of around $301 million annually support advanced semiconductor materials, including Gallium Arsenide wafers, vital for electronics and chemical sensor applications.
Asia Pacific Market Analysis
The benzene market in Asia-Pacific (APAC) is expected to account for around 32% of the global benzene market, driven by rapid industrialization and the growth of end-use industries including automotive, packaging, and electronics. Governments throughout APAC are increasingly channeling investments into green chemistry and sustainable manufacturing, aided by more stringent environmental regulations. For instance, the Ministry of Ecology and Environment in China has indicated a 26% increase in spending on sustainable chemical processes between 2018 and 2023. Additionally, advancements in Gallium Arsenide wafer production and chemical safety initiatives in Japan and South Korea further enhance the growth prospects of this market. The table below benzene market demand, size, and government spending across key APAC countries. It highlights industry growth in drivers, budget allocations for chemical initiatives, and regional market potential.
Benzene Market Demand, Size, and Government Spending in Key APAC Countries
|
Country |
Key Government Bodies |
Recent Data & Spending Examples |
|
Japan |
METI, MOE, JCIA, NEDO |
In 2024, Japan allocated 3.6% of its industrial budget to benzene chemical initiatives, increasing funding by $0.5B since 2022. METI funds GaAs wafer R&D with $150M annually. |
|
China |
Ministry of Ecology and Environment, NDRC, CPCIF, ChemChina |
Benzene chemical tech spending rose by 35% over 5 years, with over 1.6 million firms adopting sustainable processes in 2023. |
|
India |
Ministry of Chemicals & Fertilizers, DST, FICCI, ICC |
Government investment in GaAs wafer technology grew by 29% from 2015-2023, reaching $1.3 billion annually; 2.4 million companies use green chemical methods (2023). |
|
Malaysia |
MOSTI, Dept. of Environment, MPA |
Chemical companies adopting benzene tech doubled from 2013 to 2023; government green chemistry funding rose by 45% in the same period. |
|
South Korea |
ME, KITECH, KCIC |
Green chemistry investment increased by 40% (2020–2024); over 700 new companies integrated sustainable chemical solutions. |
By the year 2037, China is projected to command the largest share of the benzene market revenue in Asia-Pacific, propelled by its extensive manufacturing infrastructure, governmental dedication to environmentally friendly chemical technologies, and swift industrial growth. Authorities such as the Ministry of Ecology and Environment have increased their financial support, with the implementation of sustainable chemical processes now encompassing more than 1.6 million businesses as of 2023. Strategic measures that promote clean energy and circular economy frameworks enhance demand across the packaging, automotive, and electronics industries, thereby solidifying China's leading position in the benzene market.
Companies Dominating the Benzene Landscape
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The benzene market is primarily controlled by large multinational chemical corporations that utilize vertical integration, invest in research and development, and implement sustainability initiatives. Major participants are concentrating on increasing production capacity, embracing environmentally friendly technologies, and forming strategic alliances to boost their market presence in the face of strict environmental regulations. Innovation and geographic diversification continue to be essential competitive strategies on a global scale. Th table below lists the top 15 global benzene manufacturers, detailing their market share and country of origin, highlighting key players driving the industry worldwide.
Top 15 Global Benzene Manufacturers
|
Company Name |
Country of Origin |
Estimated Market Share (%) |
|
ExxonMobil Chemical |
USA |
8.6 |
|
BASF SE |
Germany (Europe) |
8.0 |
|
Sinopec Group |
China (Asia) |
7.6 |
|
LyondellBasell Industries |
USA |
6.9 |
|
Shell Chemicals |
Netherlands (Europe) |
6.1 |
|
Mitsubishi Chemical Corporation |
Japan |
5.4 |
|
Reliance Industries Limited |
India |
xx |
|
SABIC |
Saudi Arabia |
xx |
|
LG Chem |
South Korea |
xx |
|
Formosa Plastics Corporation |
Taiwan (Asia) |
xx |
|
INEOS Group |
UK (Europe) |
xx |
|
Petronas Chemicals Group |
Malaysia |
xx |
|
Covestro AG |
Germany (Europe) |
xx |
|
Chevron Phillips Chemical |
USA |
xx |
|
Braskem |
Brazil (Latin America) |
xx |
Here are a few areas of focus covered in the competitive landscape of the benzene market:
In the News
- In January 2024, ExxonMobil introduced its Signature Polymers brand, highlighting cutting-edge recycling technologies and sustainable polyolefin products. This initiative enhances the company's position in the realm of sustainable plastics, due to global circular economic trends and the rising demand for environmentally friendly materials, as reported by Packaging Strategies.
- In September 2023, BASF introduced its initial biomass balance plastic additives, namely Irganox 1010 BMBcert and Irganox 1076 FD BMBcert, which have received certification from TÜV Nord by the ISCC PLUS standard. This development incorporates renewable feedstock into the manufacturing process, thereby promoting sustainable plastic production, as stated by Spherical Insights.
Author Credits: Rajrani Baghel
- Report ID: 2251
- Published Date: Jun 10, 2025
- Report Format: PDF, PPT
