Benzene Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH998 | Last Updated On: Jun 24 2022 | Available Formats

> Global Benzene Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Benzene Market is segmented By Derivative (Alkyl Benzene, Cumene, Ethyl Benzene, Cyclohexane, Nitro Benzene, Others), By Application (Plastics, Detergents, Resins, Synthetic Fibers, Dyes, Pesticides & drugs, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,2022-2029

 

Market Overview

The Global "Benzene Market" is expected to grow at a CAGR during the forecast period (2022-2029).

  • Benzene is a colorless and flammable liquid. Benzene is a large-volume commodity petrochemical that is primarily produced in oil refineries and steam crackers, or it can be produced as a by-product in the p-xylene production.
  •  Benzene is used in many commercial, industrial, and research operations as a solvent. Thus, the demand for this product in various end-user sectors is expected to propel the global benzene market growth over the forecast period.

Market Dynamics

  • Growth in end-user industries such as automotive, packaging, textile, oil & gas, and other sectors are expected to boost the market. In the automotive industry, it is used in the manufacturing of car parts, which is estimated to fuel the growth of the market.
  • Thus, growth in automobile production is expected to drive the global benzene market. Also, increasing consumption of ethylbenzene derivative which is a raw material for the production of polystyrene, which is used in the food packaging, and other industry sectors. Additionally, rising crude oil production across the globe is anticipated to drive the benzene market.

Market Segmentation

  • Based on the derivative type the global benzene market is broadly segmented as ethylbenzene, cumene, cyclohexane,nitrobenzene, alkyl benzene, and others. Among all derivative types, ethylbenzene accounted for a significant market share and is expected to grow at a high CAGR over the forecast period. Growth of the derivative type is dependent on the production of styrene, as ethylbenzene is the basic raw material for the production of styrene. Styrene is being increasingly consumed for the production of consumer electronics, like portable speakers, cassette tape housing. Thus, growth in the usage of consumer electronics is expected to propel this segment. Also, the rising demand from the construction and packaging industry for styrene derivatives is expected to propel the market.

Geographical Analysis

  • The global Benzenemarket is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region accounted for a major market share and is projected to grow at a high CAGR of XX% during the forecast period. Benzene is found in crude oil gasoline, due to the expanding oil & gas industry in this region.
  • Additionally, the presence of huge oil & gas reserves in this region. Also, this region is also expected to be the fastest-growing market during the forecasted period, with increasing demands for end-users like electronics and home appliances, packaging, and construction in China, India, and ASEAN countries.
  • For instance, according to the National Bureau of Statistics of China, in December 2018, approximately 12 million metric tons of gasoline was produced in China.

Competition Analysis

  • Significant players in the global benzene market are BASF SE, Chevron Phillips Chemical Company LP, Exxon Mobil Corporation, PetroChina Company Ltd., Royal Dutch Shell PLC, China Petroleum & Chemical Corporation, SABIC, BP p.l.c., and Repsol, and others.
  • The product launches, collaboration, and product agreements, and other key developments are the dominating strategies adopted by the market players to enhance their product portfolio in the global benzene market. In August 2017, Exxon Mobil Corporation acquired one of the world’s largest aromatics facilities on Jurong Island in Singapore.
  • In November 2017, Saudi Arabian oil giant Saudi Aramco and Saudi Basic Industries Corp (SABIC), the petrochemical manufacturer agreed to build a $20 billion complex for conversion of crude oil to chemicals like benzene, polyethylene, xylene, polypropylene, and other products.

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