From 2021 to 2028, the Global Benzene Market is predicted to grow at a CAGR of 3.4%, from US$ 62 Billion in 2020 to US$ 81 Billion in 2028.

Benzene is an organic chemical compound that is clear, colorless, and highly combustible. It's an aromatic chemical with a pleasant scent. Benzene has the chemical formula C6H6, which means it has six carbon (C) atoms and six hydrogen (H) atoms. Benzene was once nearly entirely derived from coal tar; but, since around 1950, petroleum-based techniques have largely superseded these methods. Moreover, half of all benzene generated is converted into ethylbenzene, styrene, and polystyrene each year. The manufacture of phenol is the next most common usage of benzene.

Market Dynamics

The growth of the benzene market is driven by increasing demand for styrene polymers, growing phenol consumption, and a rising need for methylene diphenyl diisocyanate. In addition, the increasing use of benzene as a solvent, intermediary, and fuel has increased demand for the benzene business. Benzene is a common solvent in many industrial, commercial, and research applications. Benzene-containing products are utilized as solvents by manufacturers at various stages of the manufacturing process, and it is also used in the creation of chemical and plastic products. Benzene is also utilized in the manufacture of tires and rubber, as well as adhesives used to adhere bottoms to shoes. Detergents, pesticides, insecticides, herbicides, and dyes are among the other chemical compounds made from benzene. Many people and corporations utilize benzene as a fuel because of its high-octane rating and natural availability. It's been utilized as a gasoline additive to assist fuel burn more efficiently in some cases.

Benzene manufacturing and use, as well as its derivatives, are extremely hazardous to human health and the environment, causing significant harm to both. As a result, the government's strict restrictions stifle the expansion of the benzene analyzer market, posing a substantial constraint. Acrylonitrile-butadiene-styrene (ABS), polystyrene, latexes, styrene-butadiene elastomers, styrene-acrylonitrile (SAN) resins, and unsaturated polyester resins are among the goods made from styrene. Furthermore, an increase in downstream sector investments and research and development efforts are two aspects that are expected to provide various potential prospects for the market between 2021 and 2028.

Market Insights

Derivatives, applications, and regions are the segmentation of the global benzene market. Ethylbenzene, alkylbenzene, cumene, cyclohexane, aniline, maleic anhydride, chlorobenzene, and others are covered under the derivatives segment. By derivatives segment, the ethylbenzene segment dominated the utmost shares in 2020. Ethylbenzene is present in natural goods such as coal tar and petroleum, as well as in produced items like inks, insecticides, and paints. It's mostly used to create styrene, a chemical. Other uses include as a solvent, in fuels, and the production of other compounds. This compound is primarily utilized in the manufacture of styrene. It's also used as a solvent, as well as a component of asphalt and naphtha, and as a fuel additive.

Furthermore, the application segment is divided into plastics, adhesives, synthetic fiber, resins, paints, coatings, dyes, detergents, drugs, pesticides, and others. In 2020, the plastics category dominated the market in terms of value. The plastic segment is growing due to the increased use of benzene and its derivatives in the production of plastic for automotive parts, as well as the presence of several significant automotive players across the world.

Benzene Market Regional Overview

North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa (ME&A) are the segments of the global benzene market. Among all the regions, Asia-Pacific was and is expected to be the largest consumer of benzene and all its downstream derivatives. In addition, rising demand from end-users such as packaging, construction, electronics, and home appliances, all of which increase demand for styrene, contributes to the impressive growth of the APAC benzene market. China leads the world in benzene production and consumption, with the strongest growth rate over the projection period. In addition, the use of polyurethane foams in bedding has increased, resulting in increasing benzene consumption in the region.

Global Benzene Segment Analysis

Market By Derivatives

·         Ethylbenzene

·         Cumene

·         Alkylbenzene

·         Aniline

·         Chlorobenzene

·         Cyclohexane

·         Maleic Anhydride

·         Others

Market By Application

·         Resins

·         Plastics

·         Dyes

·         Rubber Lubricants

·         Synthetic Fiber

·         Detergents

·         Drugs

·         Pesticides

·         Others

Benzene Market Competitive Landscape

This section of the report identifies the market's major players. BASF SE, BP Plc, China Petroleum & Chemical Corporation, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, LG Chem, Royal Dutch Shell PLC, Saudi Basic Industries Corporation, The Dow Chemical Company, and Total S.A. are the key companies mentioned in the research.

Benzene Market Regional Overview