Benzene Market – Increase in the Demand for Styrene Polymers from Several End-Use Industries to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 6.2% from 2022 to 2028

As stated in our extensive report; the Global Benzene Market accounted forUSD 33.5 Billionin 2021.

A significant factor fueling the ever-increasing demand for Benzene is the growing need for styrene in a wide range of end-use sectors, including packaging, automotive, electronics, and others. Styrene, a byproduct of Benzene, has been used across many different sectors. Most of it is used to make polystyrene, a lightweight plastic utilized in the packaging sector because of its adaptability, toughness, and resistance to moisture. In addition, styrene is used in the creation of tires and various body sections of diesel or gasoline-powered vehicles, as well as electric vehicles. Thus, the ongoing growth of the automotive sector has led to a rise in the need for Benzene. To that end, it's a key factor in the expansion of the market.

Segmentation

Based on Derivative, the Benzene Market is segmented into, EthylBenzene, Cumene, AlkylBenzene, Cyclohexane, NitroBenzene, and Others. Based on Manufacturing Process, the Benzene Market is segmented into, Catalytic Reforming, Toluene Disproportionation, Toluene Hydrodealkylation, Pyrolysis, Steam Cracking of Naphtha, and From Biomass. Based on Application, the Benzene Market is segmented into, Plastics, Solvent, Chemical Intermediates, Surfactants, Rubber Manufacturing, Detergents, Explosives, Lubricants, Pesticides, and Others. Based on End-Use, the Benzene Market is segmented into, Packaging, Pharmaceuticals, Agriculture, Constructions, Textiles, Others. Region-wise, the Global Benzene Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Dynamics

One of the major reasons fueling market expansion is the rising use of insulation products in building and renovation projects. Additionally, there has been a rise in demand for consumer products like thinners and furniture wax worldwide due to increased urbanization and rising disposable incomes. Additionally, Benzene is used as a primary solvent in numerous business, industrial, and scientific processes. Detergent manufacturers employ alkyl Benzene, for instance, to create surfactants. Another Benzene derivative, cyclohexane, is a key ingredient in making nylon, a key component in the textile industry. Because of the widespread use of Benzene derivatives in the production of paints and lacquers, the booming paints and coatings industry (PCI) is also a significant growth-inducing driver. IMARC Group's recent study provides a thorough insight into the Global Benzene industry encompassing all its major features. Everything from a high-level overview to specifics on market performance, trends, key drivers and challenges, SWOT, Porter's five forces, value chain, etc. This paper is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are seeking to venture into the Benzene industry in any capacity.

In 2018, the United States accounted for around 40% of the world's petrochemical production, according to the International Energy Agency (IEA). Therefore, the availability of crude oil and the expansion of the petrochemical industry in the United States and North America are contributing to a rise in the demand for Benzene in these areas. Additionally, ethylBenzene, a derivative of Benzene, is used to produce the majority of styrene, which is used in the production of rubber tires, plastic packaging, various automobile parts (instrument panels, knobs, trim, energy-absorbing door panels, and sound-dampening foam), and electronic equipment. Therefore, these reasons all contribute to the rising need for ethylBenzene.

Asia Pacific Region to Take Over the Market

During the forecast period, the Benzene Market in Asia Pacificis anticipated to develop at the quickest rate. The growth of downstream markets like the chemical and packaging industries, the automotive and pharmaceutical sectors, and others in the region is largely responsible for this trend. ISD estimates that in 2021, Asia Pacific's chemical industry contributed some 45% of the world's chemical manufacturing and 7% of the global GDP. The packaging, petrochemical, and pharmaceutical sectors in North America are key end users of the product.

Therefore, their expansion should contribute to the region's growth throughout the projection period. For example, the United States Department of Health and Human Services lists Benzene as one of the country's top 20 most produced chemicals due to its widespread use.

Conclusion

Increase in the demand for styrene polymers from several end-use industries, will have a favorable impact on the overall Benzene Market.

Some of the key players in the Global Benzene Market include- BASF SE (Germany), Braskem (Brazil), Reliance Industries Limited (India), Shell PLC (UK), SABIC (Saudi Arabia), SIBUR (Russia), Chevron Phillips Chemical Company LLC (US), China Petroleum & Chemical Corporation (China), Eastman Chemical Company (US), Exxon Mobil Corporation (US), Flint Hills Resources LLC (US), Hengyi Industries Sdn Bhd (Brunei), INEOS Group Ltd. (UK), LG Chemicals Company (South Korea), LyondellBasell Industries Holdings BV (Netherlands), Marathon Petroleum Company (US), Maruzen Petrochemical (Japan), Mitsubishi Chemical Corporation (Japan) and others.