Benzene Market Size to Surpass USD 65.72 Billion by 2030,
New York, USA, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Benzene Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Benzene Market Information by Derivative, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 6.12% CAGR to reach USD 65.72 Billion by 2030.
Another name for benzene is an industrial chemical obtained from crude oil. In the production of materials including plastics, resins, dyes, detergents, medicines, and pesticides, benzene is widely employed. A rising demand for benzene-derived goods is being seen in possible end-user industries like agriculture, household cleaning products, automotive, and others. These elements are regarded as the main propellers of the benzene market's expansion.
Additionally, the rise in COVID cases and medical emergencies has increased demand for benzene-based medications like paracetamol. The benzene industry has also been impacted by these causes.
In the pharmaceutical sector, benzene-derived intermediates like chlorobenzene are widely employed. These elements have contributed to the benzene industry's overall rise during the epidemic. Additionally, the expanding e-commerce industries have increased demand for packaging manufactured of polystyrene, a benzene-derived intermediate. During the pandemic, the food packaging and commodities packaging sectors grew, which fueled the expansion of the benzene market.
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|Market Size in 2030||USD 65.72 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Derivative, Application, And Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||The automotive industry is increasing continuously with the introduction of a new range of electric vehicles.|
|The availability of crude oil is acting as a driving factor for increasing the demand for benzene in the region.|
- Chevron Phillips Chemical Company LLC
- BASF SE
- Royal Dutch Shell PLC
- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation
- LG Chem.
- Total S.A.
- Dow Chemical Company
- Among others.
The rise of the benzene market in recent years has been largely fueled by the rising demand for polystyrene and styrene copolymers for industrial processes used in the car, construction, packaging, and other industries.
The growing population and rising disposable income are having a significant impact on demand for potential end-user industries including the automotive, construction, and packaging industries. Epoxy resins and polycarbonate heavily utilise the phenolic resins and bisphenol A as feedstocks. These elements have also had an effect on the benzene industry's recent general expansion.
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During the forecast period, the global demand for styrene polymers for end-user sectors like textile, packaging, building, and construction is anticipated to drive the industry's overall expansion. With the improved economic situations, developed nations are eager to improve their infrastructure and building practises.
During the anticipated period, these elements are also anticipated to support the expansion of the benzene market.
The ongoing efforts to expand downstream and the rising number of petrochemical plants are creating profitable chances for the benzene industry's overall expansion.
Restrictions on the market: The US Department of Health and Services has banned the use of benzene for industrial purposes and categorised it as a human carcinogen. Ethylbenzene exposure over time irritates the eyes and creates throat issues. These elements are regarded as the main growth inhibitors for the benzene market.
The recent expansion of the benzene sector has also been hampered by the disruption in the sales of textiles, consumer electronics, appliances, and consumer goods.
The yield of benzene has been impacted by some feedstock-related issues, particularly in western regions. The output in those industries has been drastically decreased as a result of the lighter feedstock's major impact on yield. This has been viewed as the main obstacle to the expansion of the benzene market.
Because improper exposure to benzene can result in a number of health problems, the government has put strict laws and controls on its use. Additionally, it is believed that one of the biggest obstacles to the expansion of the benzene industry is the fluctuating price of crude oil in recent years.
Based on Derivatives, the benzene market is segmented into Ethylbenzene, Cumene, Alkylbenzene, Aniline, Chlorobenzene, Cyclohexane, Maleic Anhydride, and Others.
Based on applications, the benzene market is segmented into Spray paints, Coatings, Wood stains, Varnishes, Automotive, Diesel, Rubber lubricants, Dyes, and Detergents.
Based on end-user industries, the benzene market is segmented into Building, Textile, Transportation, Electrical, Electronics, and others.
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Due to its over 50% global consumption, the Asia-Pacific region now dominates the benzene market. As a result of the increased demand for chemical derivatives such nitrobenzene, cumene, and cyclohexane, the demand for benzene is also anticipated to grow somewhat in regions like North America and Europe. Similar to Europe, North America is likewise experiencing increased benzene demand as a result of prospective end-user industries including the building and textile sectors. However, because of the government's strict environmental laws, benzene market growth in Europe is considerably smaller.
However, China is also heavily utilising benzene in the automotive sector; by 2025, it is anticipated that China would produce over 704 million tyres annually, in addition to over 20,000 extra-large industrial tyres and over 54,000 aviation tyres. It is anticipated that China's benzene sector will expand more broadly as a result of the country's increasing demand for automotive products.
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