Benzene Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Derivative (Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Alkylbenzene); By Application (Building And Construction, Textile, Electrical And Electronics, Automotive); By End-Use Industry (Packaging, Transportation, Electrical And Electronics, Building And Construction, Industry And Machinery, And Other End-Use Industries); By Region (North America, Europe, The Asia Pacific, Latin America, The Middle East, And Africa);

  • Published Date: March 2022
  • Report ID: BWC22094
  • Available Format: PDF
  • Page: 192

Report Overview

The growth of the benzene market can be primarily attributed to increasing demand for polyester, low cost of feedstock coupled with economical commodity product. Furthermore, escalating demand for methylene diphenyl diisocyanate for the manufacture of polyurethane foams that is used in construction and furniture has fueled the growth of the global benzene market...

Global Benzene Market - Industry Trends & Forecast Report 2028

The global benzene market was worth 45.4 million tons in 2021, and it is further projected to reach 58.0 million tons by 2028, at a CAGR of 3.6% during 2022-2028 (forecast period). The growth of the benzene market can be primarily attributed to increasing demand for polyester, low cost of feedstock coupled with economical commodity product. Furthermore, escalating demand for methylene diphenyl diisocyanate for the manufacture of polyurethane foams that is used in construction and furniture has fuelled the growth of the global benzene market. Such factors promise bright prospects for the growth of the global benzene market during the forecast period.

Global Benzene Market

Benzene Overview

Benzene refers to a common industrial chemical. Benzene is obtained from crude oil and is an important constituent of gasoline. It is used in producing a wide range of products including synthetic fibers, plastics, resins, rubber lubricants, detergents, dyes, drugs, and pesticides. It is chiefly used as a starting chemical in the procedure of manufacturing other products, characteristically in producing chemicals to be used later for the production of plastics, rein, nylon, dyes, lubricants, synthetic fibers, detergents, pesticides, rubbers, gasoline, and others. Moreover, it is employed as a solvent in the pharmaceutical industry. It can also be found in some medications. Formerly, benzene was used as an industrial solvent as well as a gasoline additive, although such applications have weakened dramatically over last few decades.

Global Benzene Market Trends

Growth Driver

Growing Demand for Benzene Derivatives in The Automobile Industry

The escalating consumption of benzene derivatives like ethylbenzene, cumene, cyclohexane, nitrobenzene, linear alkyl benzene, etc. in the automotive industry for producing synthetic rubber has increased the demand for in the global market and the product demand is projected to increase further as a result of the robust growth in the automotive market. Benzene is chiefly being manufactured by pygas followed by naphtha reformate. The rising demand for cumene to manufacture acetone which has applications in the architectural and automotive industries is also expected to contribute substantially in the rapid growth of the global benzene market during the forecast year 2022-2028.

Skyrocketing Demand for Benzene Derivatives across Various Industries

The demand for the benzene derivatives has been skyrocketing across different industries. For instance- the growing demand for rubber processing chemicals, synthetic fibers and nylon resins is also attracting the downstream market of benzene derivatives. Furthermore, ethylbenzene, one of the benzene's derivatives, is employed in the production of styrene. The burgeoning demand for styrene-based polymers including styrene-acrylonitrile reins, polystyrene, acrylonitrile butadiene styrene rubber in disposable medical devices as well as consumer electronics also play a proactive role in improving the benzene market globally.

Restraints

Harmful Impacts of Benzene On Human Health and environment Impeding the Benzene Market Growth

The adverse impacts of benzene as well as its derivatives on the human health and environment acts as a restraint for the global benzene market. Moreover, rigorous safety regulations regarding the production and transportation of benzene is also expected to hinder the growth of the market. Benzene, being a highly inflammable, hazardous and toxic substance when exposed to extreme temperatures and pressures poses several threats to its environment. On exposure to benzene for a certain time, humans lose their life. Thus, the government agencies limit the quantity of benzene that can be allowed to be released in the environment. All these factors hamper the benzene market growth rate to a large extent.

Impact of COVID-19 on the Global Benzene Market

Global benzene market was negatively impacted due to COVID-19 in 2020 in different ways. Such as transportation limitations implemented across the world in response to the pandemic and resulted in the disruption of the supply chain of major raw materials required for Benzene production. Various end-use industries had to scale down or completely stop production owing to factors such as due to contractual obligations, health and safety measures, resource availability as well as project delays or cancellations due to the global pandemic. Moreover, benzene, being one of the extensively used organic compounds in the petrochemical industry, suffered a substantial hit due to the COVID-19 pandemic. Nevertheless, with the gradual recovery of the global economy, there has been a growth in benzene prices with escalating demand from numerous sectors.

Global Benzene Market – By Derivative

Based on the derivative, the global benzene market has been segmented into ethylbenzene, cumene, cyclohexane, nitrobenzene and alkylbenzene. These derivatives are further used by multiple end-user industries like building and construction, transportation, textile, and electrical and electronics. Amidst all the derivatives, ethylbenzene led the market with the market share in 2021. The ethylbenzene was followed by cumene and cyclohexane respectively. Furthermore, the total demand was driven by the producers of ethylbenzene, cyclohexane, and cumene in the global market. The cumene manufacturing segment is likely to register the strongest growth during the forecast period 2022-2028.

Global Benzene Market Share

Global Benzene Market – By Application

Based on the application, the global benzene market has been segmented into building and construction, textile, electrical and electronics and automotive. Amidst the segmentation, the automotive sector accounted for the largest market share in 2021. This can be attributed to the heavy demand for benzene as it is used in the form of a fuel additive as an octane booster to intensify the performance of gasoline engines. The automotive sector is followed by the building and construction sector where it is used in manufacturing construction materials like adhesives, sealants, and paints.

Global Benzene Market- Regional Insights                                                            

In terms of the regional analysis, the global Benzene market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region is expected to dominate the benzene market during the forecast period on account of the growing markets for end-users like construction, packaging, home appliances and electronics in China and India. In fact, the Asia-Pacific accounts for about half of the global benzene consumption. However, Benzene demand in North America and Europe is anticipated to grow moderately through the forecasted years.

Competitive Landscape

The global benzene market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global Benzene market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings Inc., China National Petroleum Corporation, Total S.A., Saudi Basic Industries Corporation, BP Plc, and BASF SE., LG Chem, JS Holding, GX Caltex, Haldia Petrochemicals, reliance Industries Ltd., Indian Oil Inc. and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers and collaborations.

Recent Developments

  • February 2021: Hengyi Petrochemical deliberated to construct a benzene plant to augment the annual capacity from 500 kiloton to 800 kiloton. It was set to be done under its refining and petrochemicals expansion project in Pulau Muara Besar of Brunei in order to strengthen its petrochemical business.

 

  • January 2021: Total and Covestro formed a collaboration to supply sustainable benzene. Total has announced to provide 2,000 tonnes of ISCC Plus-certified benzene to Covestro. Covestro will convert it to an important precursor for numerous applications including alternative raw material drop-in solution for more sustainable automotive parts, insulation boards, and cooling units.

Scope of Report:

     

Attribute Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Million, Volume in Million Tons
Market Coverage United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico,  Saudi Arabia, United Arab Emirates, South Africa
Product/Service Segmentation By process, by application, by end-use industry and by region
Key Players The key players operating in the global Benzene market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings Inc., China National Petroleum Corporation, Total S.A., Saudi Basic Industries Corporation, BP Plc, and BASF SE., LG Chem, JS Holding, GX Caltex, Haldia Petrochemicals, reliance Industries Ltd., Indian Oil Inc. and other prominent players

 

By Derivatives

  • Ethylbenzene
  • Cumene
  • Cyclohexane
  • Nitrobenzene
  • Alkylbenzene

By Applications

  • Building and construction
  • Textile
  • Electrical and electronics
  • Automotive
  • Others

By End-Use Industry

 

  • Packaging
  • Transportation
  • Electrical and Electronics
  • Building and Construction
  • Industry and Machinery
  • Other End-use Industries

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Benzene Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Landscape/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Benzene Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Size & Forecast by Volume, 2018-2028
      1. By Volume (Million Tons)
    3. Market Share & Forecast
      1. By Derivative
        1. Ethylbenzene
        2. Cumene
        3. Cyclohexane
        4. Nitrobenzene
        5. Alkylbenzene
      2. By Application
        1. Building and construction
        2. Textile
        3. Electrical and electronics
        4. Automotive
        5. Others
      3. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Benzene Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Size & Forecast by Volume, 2018-2028
      1. By Volume (Million Tons)
    3. Market Share & Forecast
      1. By Derivative
      2. By Application
      3. By Country
        1. United States
        2. Canada
  7. Europe Benzene Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Size & Forecast by Volume, 2018-2028
      1. By Volume (Million Tons)
    3. Market Share & Forecast
      1. By Derivative
      2. By Application
      3. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. The Asia Pacific Benzene Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Size & Forecast by Volume, 2018-2028
      1. By Volume (Million Tons)
    3. Market Share & Forecast
      1. By Derivative
      2. By Application
      3. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Benzene Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Size & Forecast by Volume, 2018-2028
      1. By Volume (Million Tons)
    3. Market Share & Forecast
      1. By Derivative
      2. By Application
      3. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. The Middle East & Africa Benzene Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Size & Forecast by Volume, 2018-2028
      1. By Volume (Million Tons)
    3. Market Share & Forecast
      1. By Derivative
      2. By Application
      3. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
  12. Impact of Covid-19 on Global Benzene Market Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. China Petroleum & Chemical Corporation
    2. Exxon Mobil Corporation
    3. Royal Dutch Shell Plc.
    4. The Dow Chemical Company
    5. JX Holdings Inc.
    6. China National Petroleum Corporation
    7. Total S.A.
    8. Saudi Basic Industries Corporation
    9. BP Plc
    10. BASF SE.
    11. LG Chem
    12. JS Holding
    13. GX Caltex
    14. Haldia Petrochemicals
    15. Reliance Industries Ltd.
    16. Indian Oil Inc.
    17. Other prominent players
  14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global Benzene Market Segmentation

Figure 2: Global Benzene Industry Value Chain Analysis

Figure 3: Global Benzene Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Benzene Market Size, By Volume (MT), 2018-2028

Figure 5: Global Benzene Market Share (%), By Derivative, By Value, 2018-2028

Figure 6: Global Benzene Market Share (%), By Derivative, By Volume, 2018-2028

Figure 7: Global Benzene Market Share (%), By Application, By Value, 2018-2028

Figure 8: Global Benzene Market Share (%), By Application, By Volume, 2018-2028

Figure 9: Global Benzene Market Share (%), By Region, By Value, 2018-2028

Figure 10: Global Benzene Market Share (%), By Region, By Volume, 2018-2028

Figure 11: North America Benzene Market Size, By Value (USD Million), 2018-2028

Figure 12: North America Benzene Market Size, By Volume (MT), 2018-2028

Figure 13: North America Benzene Market Share (%), By Derivative, By Value, 2018-2028

Figure 14: North America Benzene Market Share (%), By Derivative, By Volume, 2018-2028

Figure 15: North America Benzene Market Share (%), By Application, By Value, 2018-2028

Figure 16: North America Benzene Market Share (%), By Application, By Volume, 2018-2028

Figure 17: North America Benzene Market Share (%), By Country, By Value, 2018-2028 

Figure 18: North America Benzene Market Share (%), By Country, By Volume, 2018-2028 

Figure 19: Europe Benzene Market Size, By Value (USD Million), 2018-2028

Figure 20: Europe Benzene Market Size, By Volume (MT), 2018-2028

Figure 21: Europe Benzene Market Share (%), By Derivative, By Value, 2018-2028

Figure 22: Europe Benzene Market Share (%), By Derivative, By Volume, 2018-2028

Figure 23: Europe Benzene Market Share (%), By Application, By Value, 2018-2028

Figure 24: Europe Benzene Market Share (%), By Application, By Volume, 2018-2028

Figure 25: Europe Benzene Market Share (%), By Country, By Value, 2018-2028

Figure 26: Europe Benzene Market Share (%), By Country, By Volume, 2018-2028

Figure 27: The Asia-Pacific Benzene Market Size, By Value (USD Million), 2018-2028

Figure 28: The Asia-Pacific Benzene Market Size, By Volume (MT), 2018-2028

Figure 29: The Asia-Pacific Benzene Market Share (%), By Derivative, By Value, 2018-2028

Figure 30: The Asia-Pacific Benzene Market Share (%), By Derivative, By Volume, 2018-2028

Figure 31: The Asia-Pacific Benzene Market Share (%), By Application, By Value, 2018-2028

Figure 32: The Asia-Pacific Benzene Market Share (%), By Application, By Volume, 2018-2028

Figure 33: The Asia-Pacific Benzene Market Share (%), By Country, By Value, 2018-2028

Figure 34: The Asia-Pacific Benzene Market Share (%), By Country, By Volume, 2018-2028

Figure 35: Latin America Benzene Market Size, By Value (USD Million), 2018-2028

Figure 36: Latin America Benzene Market Size, By Volume (MT), 2018-2028

Figure 37: Latin America Benzene Market Share (%), By Derivative, By Value, 2018-2028

Figure 38: Latin America Benzene Market Share (%), By Derivative, By Volume, 2018-2028

Figure 39: Latin America Benzene Market Share (%), By Application, By Value, 2018-2028

Figure 40: Latin America Benzene Market Share (%), By Application, By Volume, 2018-2028

Figure 41: Latin America Benzene Market Share (%), By Country, By Value, 2018-2028

Figure 42: Latin America Benzene Market Share (%), By Country, By Volume, 2018-2028

Figure 43: The Middle East & Africa Benzene Market Size, By Value (USD Million), 2018-2028

Figure 44: The Middle East & Africa Benzene Market Size, By Volume (MT), 2018-2028

Figure 45: The Middle East & Africa Benzene Market Share (%), By Derivative, By Value, 2018-2028

Figure 46: The Middle East & Africa Benzene Market Share (%), By Derivative, By Volume, 2018-2028

Figure 47: The Middle East & Africa Benzene Market Share (%), By Application, By Value, 2018-2028

Figure 48: The Middle East & Africa Benzene Market Share (%), By Application, By Volume, 2018-2028

Figure 49: The Middle East & Africa Benzene  Market Share (%), By Country, By Value, 2018-2028

Figure 50: The Middle East & Africa Benzene Market Share (%), By Country, By Volume, 2018-2028

Figure 51: Global Benzene Market Share Analysis, 2021

 

List of Tables

 

Table 1: Global Benzene Market Size, By Derivative, By Value (USD Million), 2018-2028

Table 2: Global Benzene Market Size, By Derivative, By Volume (MT), 2018-2028

Table 3: Global Benzene Market Size, By Application, By Value (USD Million), 2018-2028

Table 4: Global Benzene Market Size, By Application, By Volume (MT), 2018-2028

Table 7: Global Benzene Market Size. By Region, By Value (USD Million), 2018-2028

Table 8: Global Benzene Market Size. By Region, By Volume (MT), 2018-2028

Table 9: North America Benzene Market Size, By Derivative, By Value (USD Million), 2018-2028

Table 10: North America Benzene Market Size, By Derivative, By Volume (MT), 2018-2028

Table 11: North America Benzene Market Size, By Application, By Value (USD Million), 2018-2028

Table 12: North America Benzene Market Size, By Application, By Volume (MT), 2018-2028

Table 13: 28 North America Benzene Market Size (USD Million), By Country, By Value 2018-2028 

Table 14: North America Benzene Market Size (MT), By Country, By Volume 2018-2028 

Table 15: Europe Benzene Market Size, By Derivative, By Value (USD Million), 2018-2028

Table 16: Europe Benzene Market Size, By Derivative, By Volume (MT), 2018-2028

Table 17: Europe Benzene Market Size, By Application, By Value (USD Million), 2018-2028

Table 18: Europe Benzene Market Size, By Application, By Volume (MT), 2018-2028

Table 19: Europe Benzene Market Size (USD Million), By Country, By Value 2018-2028 

Table 20: Europe Benzene Market Size (MT), By Country, By Volume 2018-2028 

Table 21: The Asia-Pacific Benzene Market Size, By Derivative, By Value (USD Million), 2018-2028

Table 22: The Asia-Pacific Benzene Market Size, By Derivative, By Volume (MT), 2018-2028

Table 23: The Asia-Pacific Benzene Market Size, By Application, By Value (USD Million), 2018-2028

Table 24: The Asia-Pacific Benzene Market Size, By Application, By Volume (MT), 2018-2028

Table 25: 52 The Asia-Pacific Benzene Market Size (USD Million), By Country, By Value 2018-2028 

Table 26: The Asia-Pacific Benzene Market Size (MT), By Country, By Volume 2018-2028 

Table 27: Latin America Benzene Market Size, By Derivative, By Value (USD Million), 2018-2028

Table 28: Latin America Benzene Market Size, By Derivative, By Volume (MT), 2018-2028

Table 29: Latin America Benzene Market Size, By Application, By Value (USD Million), 2018-2028

Table 30: Latin America Benzene Market Size, By Application, By Volume (MT), 2018-2028

Table 31: 64 Latin America Benzene Market Size (USD Million), By Country, By Value 2018-2028 

Table 32: Latin America Benzene Market Size (MT), By Country, By Volume 2018-2028 

Table 33: The Middle East & Africa Benzene Market Size, By Derivative, By Value (USD Million), 2018-2028

Table 34: The Middle East & Africa Benzene Market Size, By Derivative, By Volume (MT), 2018-2028

Table 35: The Middle East & Africa Benzene Market Size, By Application, By Value (USD Million), 2018-2028

Table 36: The Middle East & Africa Benzene Market Size, By Application, By Volume (MT), 2018-2028

Table 37: The Middle East & Africa Benzene Market Size (USD Million), By Country, By Value 2018-2028 

Table 38: The Middle East & Africa Benzene Market Size (MT), By Country, By Volume 2018-2028 

Table 39: List of Key Players and Their Offerings

Table 40: Competitive Benchmarking, by Operating Parameters

Table 41        China Petroleum & Chemical Corporation Company Overview                       

Table 42        China Petroleum & Chemical Corporation Financial Overview                        

Table 43        Exxon Mobil Corporation Company Overview                          

Table 44        Exxon Mobil Corporation Financial Overview                           

Table 45        The Dow Chemical Company Overview                        

Table 46        The Dow Chemical Company Financial Overview                     

Table 47        JX Holdings Inc. Company Overview                           

Table 48        JX Holdings Inc. Financial Overview                   

Table 49        Total S.A. Company Overview                          

Table 50        Total S.A. Financial Overview                           

Table 51        BP Plc Company Overview                      

Table 52        BP Plc Financial Overview                       

Table 53        BASF SE. Company Overview                           

Table 54        BASF SE. Financial Overview                            

Table 55        LG Chem Company Overview                           

Table 56        LG Chem Financial Overview                  

Table 57        JS Holding Company Overview                         

Table 58        JS Holding Financial Overview                          

Table 59        GX Caltex Company Overview                          

Table 60        GX Caltex Financial Overview                           

Table 61        Haldia Petrochemicals Company Overview                    

Table 62        Haldia Petrochemicals Financial Overview                    

Table 63        Reliance Industries Ltd. Company Overview                           

Table 64        Reliance Industries Ltd. Financial Overview                            

Table 65        Indian Oil Inc. Company Overview                    

Table 66        Indian Oil Inc. Financial Overview                     

Market Segmentation

By Derivatives

  • Ethylbenzene
  • Cumene
  • Cyclohexane
  • Nitrobenzene
  • Alkylbenzene

By Applications

  • Building and construction
  • Textile
  • Electrical and electronics
  • Automotive
  • Others

By End-Use Industry

  • Packaging
  • Transportation
  • Electrical and Electronics
  • Building and Construction
  • Industry and Machinery
  • Other End-use Industries

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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Frequently Asked Questions (FAQs):

Ans: The global benzene market reached 45.4 Million Tons in 2021.
Ans: The growth of the benzene market can be primarily attributed to increasing demand for polyester, low cost of feedstock coupled with economical commodity product. Furthermore, escalating demand for methylene diphenyl diisocyanate for the manufacture of polyurethane foams that is used in construction and furniture has fuelled the growth of the global benzene market.
Ans: The key players operating in the global benzene market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings Inc., China National Petroleum Corporation, Total S.A., Saudi Basic Industries Corporation, BP Plc, and BASF SE., LG Chem, JS Holding, GX Caltex, Haldia Petrochemicals, Reliance Industries Ltd., Indian Oil Inc. and other prominent players.
Ans: The ethylbenzene segment accounted for the largest share in the global Benzene market.
Ans: Asia-Pacific region is growing in the global benzene market at a higher rate.