Global Benzene Market was valued at USD 22.40 Billion in 2021, and it is expected to reach a value of USD 27.74 Billion by 2028

 



Global Benzene Market was valued at USD 22.40 Billion in 2021, and it is expected to reach a value of USD 27.74 Billion by 2028, at a CAGR of 3.1% over the forecast period (2022 - 2028).

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Benzene is a typical feedstock for a range of chemicals used in a variety of industries, including textiles, vehicles, and pharmaceuticals. In the production of plastics, resin, nylons, and synthetic fibers, benzene is utilized as an intermediate chemical. Pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation, and biomass toluene disproportionation are the main benzene synthesis processes. Ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and other derivatives are used in the making of these. Plastics, resins, synthetic fibers, and rubber lubricants all use benzene. Further, COVID-19 has had a significant and unprecedented impact, resulting in a negative demand shock for benzene and its derivatives in all regions.

Global Benzene Market Segmental Analysis

The Global Benzene Market is segmented based on Derivatives, Applications, and Region. Based on the Derivative, the Global Benzene Market is segmented into Ethylbenzene, Cumene, Chlorobenzene, Alkylbenzene, And Others. Based on the Application, the Global Benzene Market is segmented into Industrial Chemicals, Oil & Gas, Rubber & Plastics, pharmaceuticals, And Others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

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Analysis by Derivatives

During the predicted period, the ethylbenzene segment held the largest share in the global benzene market. In order to generate styrene, which is required to make polystyrene, the petrochemical sector utilizes a significant amount of ethylbenzene as a precursor. Polystyrene is a flexible polymeric substance used in a wide range of applications, including packaging, construction, rubber, automotive, and electronics. The anti-knocking chemical ethylbenzene has a high-octane rating and is used in gasoline.

Several regulatory authorities, however, have set strong restrictions on its use due to its carcinogenic propensity. Furthermore, the substance is widely employed in the industries of paints, inks, pesticides, and tobacco. During the projection period, cumene showed the fastest growth in the forecasted period. Cumene is then used to make polymers and resins such as polystyrene, phenol-formaldehyde, and polycarbonates in a variety of industrial processes. Cumene has few direct applications, but its derivatives have a wide range of uses in industries including plastics, synthetic rubber, and coatings. It is also utilized as a thinner for paints, lacquers, and enamels due to its high solubility.

Analysis by Application

Based on application, the Benzene Market is divided into industrial chemicals, oil & gas, rubbers & plastics, pharmaceutical, and others. During the projection period, industrial chemicals account for a significant portion of the Benzene Market . Benzene and its derivatives are employed in most sectors to generate compounds that can be used in plastic, resins, and nylon.

Many pain medicines contain benzene derivatives, this contains analgesic drugs like aspirin, ibuprofen, naproxen, and rofecoxib among others which are used to treat pain, and reduce fever and inflammation. Phenylpropanolamine, which is produced from benzene, has been used as a decongestant to treat nasal congestion. However, due to the finding of side effects such as an increased risk of strokes in patients, the United States Food and Drug Administration (FDA) has issued a public notice regarding the substance. Apart from that, polystyrene is frequently utilized in the health care business to build medical equipment due to the relative ease of sterilizing. Test kits, test tubes, Petri dishes, and diagnostic components are just a few of the medical equipment made from polystyrene. Styrene is a chemical that is widely utilized in the manufacture of Styrene-Butadiene Rubber (SBR). SBR is largely used in the manufacture of tires for automobiles and light vehicles.

SBR has unique qualities like reduced rolling friction, excellent braking traction, and abrasion resistance, making it a perfect material for meeting the tire industry's high performance and durability standards. SBR is also used to make conveyor belts, hoses, gaskets, wire insulation, and shoe bottoms, in addition to tires.

 

Top Player's Company Profiles

·       China National Petroleum Corporation (Beijing, China)

·       Dow (Michigan, U.S.)

·       SABIC (Riyadh, Saudi Arabia)

·       Exxon Mobil Corporation (Texas, U.S.)

·       LyondellBasell Industries Holdings B.V. (Texas, U.S.)

·       Maruzen Petrochemical Co., Ltd. (Tokyo, Japan)

·       BASF SE (Ludwigshafen, Germany)

·       China Petrochemical Corporation (Beijing, China)

·       Royal Dutch Shell Plc. (The Hague, Netherlands)

·       Ineos Group Ltd. (London, U.K.)

 

Recent Developments

In April 2021, Iran became self-sufficient in benzene production. The Iranian petrochemical industry now totally covers local demand for benzene, according to a statement from the Iranian Oil Ministry, and it will no longer require benzene imports. In March, the Bu Ali Sina Petrochemical Company (BSPC) reached its maximum output of 85,610 thousand tonnes of benzene, achieving 100% of its capacity.

In January 2021, Sinopec and Lyondell Basell completed a joint venture in China to produce propylene oxide and styrene monomers. Both companies agreed to form a 50-50 joint venture to meet China's growing demand for propylene oxide and styrene monomer.

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