WASHINGTON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Global Benzene Market is valued at USD 25.1 Billion in 2021 and is projected to reach a value of USD 36.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.2% over the forecast period 2022-2028.
The Benzene market is one of the key important economic sectors, and stable growth is anticipated. Despite the industry's turbulence, various factors could influence its growth or decline. To understand the industry thoroughly, this study evaluates present trends and projected future changes. It also includes information on the major companies in the market and their growth plans.
The report offers a thorough analysis of global suppliers and producers, as well as their present situation and prospects for the future. Additionally, it details factors driving the global need for Benzene, such as growing investment requirements, advancing technology, and new laws.
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Benzene Market Overview
According to Vantage Market Research, some of the main factors are projected to accelerate the Benzene market demand in the coming years. The growing demand for Benzene from end-use industries such as automotive, electronics, and construction drives the market growth. The high use of Benzene as a key ingredient in producing different products and materials such as resins, dyes, plastics, rubber, detergents, synthetic fiber, and others further drives the market growth.
We forecast that the ethylbenzene category in Benzene market sales will account for more than 40% in 2021 and is estimated to witness significant growth during 2022-2028. The key factors for category growth include the high demand for ethylbenzene from the styrene industry, as Benzene is a major feedstock in styrene manufacturing. Moreover, the high demand for Benzene as a solvent and fuel additive further drives the market demand in the coming years.
Asia Pacific dominated the Benzene market and is estimated to witness the highest CAGR in the coming years. The presence of key market players in the region and the enhanced government initiatives to support the chemical industry will drive market growth in the coming years. Besides, North America is anticipated to witness a considerable share in the coming years due to the growing petrochemical, packaging, and pharmaceutical industries.
Growing Demand for Styrene Polymers
The increased demand for styrene to manufacture polystyrene for use in the packaging industry is due to its lightweight, moisture resistance, and flexible properties to drive the market growth. Moreover, the increased demand for styrene from the automotive industry to manufacture tires further drives the market growth in the coming years.
Rising Demand for Domestic Cleaning Products
The high demand for domestic cleaning products is another key factor driving the market growth. Linear alkyl benzene is majorly used as a raw ingredient to manufacture linear Alkyl Benzene sulfonate (L.A.S.); hence the demand for Benzene is increasing. The growing demand for household cleaning products, including linear alkyl benzene, will drive the market's growth in the coming years.
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Global Benzene Market Segmentation:
Vantage Market Research Has Studied the Global Benzene Market with Detailed Segmentation on the Basis of End Use, Application, Derivatives, Manufacturing Process and Key Regions.
Global Benzene Market Segmentation
By Manufacturing Process
By End Use
Oil and Gas
Rubber and Plastics
Middle East & Africa
Top Trends in the Global Benzene Market
One trend that Vantage Market Research (V.M.R.) expects to see in the Benzene industry is the cheap and green styrene production process. The increased demand for environment-friendly products across industries, as well as strict government regulations to, drive the market growth. In 2021, North Carolina State University researchers presented a new compound that increases the yield in the manufacturing of styrene along with reducing greenhouse gas (GHG) emissions and energy consumption.
Another trend that V.M.R. predicts will continue in the Benzene industry is Europe to witness steady growth shortly. The region's strict government guidelines for Benzene to use in consumer goods and mature end-use industries such as automotive, plastic, packaging, and others are the key factors for the stable market growth in the region.
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Top Report Findings
Based on manufacturing process, the catalytic reforming category is projected to witness lucrative growth during 2022-2028. The major factors for the growth include the high use of this process in the manufacturing of aromatic chemicals and octane gasoline.
Based on End Use, the industrial chemical category dominated the Benzene market, which is anticipated to continue in the near future. The growing demand for Benzene from different industrial applications such as explosives, paints, medicines, dyes, resins, and detergents will drive the category growth in the coming years.
Royal Dutch Shell PLC stated in January 2022 that it would change its name from Royal Dutch Shell PLC to Shell PLC.
Hengyi Petrochemical planned to construct a Benzene plant in February 2021 as part of its refining and petrochemical development project on Brunei's Pulau Muara Besar to increase the annual capacity from 500 kiloton to 800 kiloton. The company wants to expand its petrochemical segment through this action.
Iran became self-sufficient in the manufacture of Benzene in April 2021. The Iranian oil ministry announced that the country's petrochemical sector is now fully able to supply local Benzene demand, eliminating the need for imports. In March, the Bu Ali Sina Petrochemical Company (BSPC) produced 85,610 thousand tonnes of Benzene, or 100% of its maximum capacity.
Sinopec and Lyondell Basell launched a joint venture in China to manufacture propylene oxide and styrene monomer in January 2021. Both businesses committed to forming a 50/50 joint venture to primarily meet growing domestic Chinese market demand for propylene oxide and styrene monomer. The joint venture will construct a new facility in Zhenhai, Ningbo, China, capable of producing 600 kilotons of styrene monomer annually using the cutting-edge technology of Lyondell Basell.
Top 10 Players Generates More Than 45% of the Global Benzene Market Revenue
The report also found that the largest players in the Benzene market are technology providers such as BASF SE (Germany), Braskem (Brazil), Reliance Industries Limited (India), Shell P.L.C. (U.K.), SABIC (Saudi Arabia). These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include SIBUR (Russia), Chevron Phillips Chemical Company L.L.C. (U.S.), China Petroleum & Chemical Corporation (China), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), Flint Hills Resources L.L.C. (U.S.), Hengyi Industries Sdn Bhd (Brunei), INEOS Group Ltd. (U.K.), L.G. Chemicals Company (South Korea), LyondellBasell Industries Holdings B.V. (Netherlands), Marathon Petroleum Company (U.S.), Maruzen Petrochemical (Japan), Mitsubishi Chemical Corporation (Japan) and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
Industrial Chemicals Category in Benzene Market to Generate Over 35% Revenue
Benzene is an expensive investment. Vantage Market Research has analyzed the market for Benzene to understand its current state and potential future growth factors. Based on application Benzene market is divided into: Industrial Chemicals, Pharmaceuticals, Oil and Gas, Rubber and Plastics, and Other End-Uses.
During the forecast period, the market for Benzene is anticipated to experience the highest CAGR for the pharmaceuticals category. The key factors to drive the market growth include the high demand for benzene-based drugs such as anesthetics, analgesics, anti-inflammatory agents, and anticancer drugs.
On the other hand, the industrial chemicals category is anticipated to grow significantly over the forecast period. This is due to the growing demand for Benzene from different paints and coatings industries and the high demand for styrene.
Top Players in the Global Benzene Market
BASF SE (Germany)
Reliance Industries Limited (India)
Shell P.L.C. (U.K.)
SABIC (Saudi Arabia)
Chevron Phillips Chemical Company L.L.C. (U.S.)
China Petroleum & Chemical Corporation (China)
Eastman Chemical Company (U.S.)
Exxon Mobil Corporation (U.S.)
Flint Hills Resources L.L.C. (U.S.)
Hengyi Industries Sdn Bhd (Brunei)
INEOS Group Ltd. (U.K.)
L.G. Chemicals Company (South Korea)
LyondellBasell Industries Holdings B.V. (Netherlands)
Marathon Petroleum Company (U.S.)
Maruzen Petrochemical (Japan)
Mitsubishi Chemical Corporation (Japan)
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Benzene Market Forecast Report (2022-2028).
Porter’s Five Forces Analysis for the Global Benzene Market:
Bargaining Power of Suppliers: The product suppliers of benzene market are high in number and are larger and more globalized. So, there will be less threat from the suppliers. Thus, the bargaining power of suppliers is low.
Bargaining Power of Buyers: Buyers demand different types of benzene kits that are accurate and cost effective. This has increased the pressure on the benzene providers to offer the best benzene market. This gives the buyers the option to freely choose benzene products that best fit their preference. Thus, the bargaining power of the buyers is high.
Threat of New Entrants: Companies entering the benzene market are adopting various innovations such as developing benzene that are available for home testing. Thus, the threat of the new entrants is moderate.
Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Eurofins Scientific and Invitae Corporation. These companies are launching their value-added services in the international market and strengthening the footprint worldwide. Therefore, competitive rivalry in the market is high.
Scope of the Report:
Market Size in 2021
USD 22.8 Billion
Revenue Forecast by 2028
USD 83.2 Billion
24.1% from 2022 to 2028
2022 to 2028
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