Benzene Market 2023 Global Insights, Opportunities, Size, Type, Application, Trends, Outlook 2030

Benzene Market Overview

Benzene Market Size was valued at USD 40.07 billion in 2021. The Benzene market industry is projected to grow from USD 40.87 Billion in 2022 to USD 65.72 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.12 % during the forecast period (2022–2030).

The rising consumption of petrochemical products is projected to influence the expansion of the benzene market positively in the years to come. In addition, proliferating applications across industries such as construction, paints & coatings, oil & gas, etc. is prognosticated to catalyze revenue generation for the market players. However, the implementation of stricter environmental regulations remains an impediment to market growth.

Market Segmentation:

The segmental analysis of the global benzene market is conducted based on the derivative type. The segments of the market include cumene, alkyl benzene, cyclohexane, nitrobenzene, ethylbenzene, and others

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Benzene Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Benzene market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Benzene industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Benzene industry to benefit clients and expand the Benzene market sector is to manufacture locally to reduce operating costs. In recent years, Benzene has provided some of the most significant benefits.

SIBUR (Russia) is the largest integrated petrochemical company in Russia and one of the fastest-growing companies in the petrochemical industry. Companies’ solutions find application in a variety of industries across the globe, including agriculture, construction, food, pharmaceutical, healthcare, and automotive industries. In July 2020, SIBUR has announced the benzene separation plant that is equipped with an extractive distillation unit in the Kstovo site in Russia. This extractive distillation unit efficiently separates the non-aromatic hydrocarbons and significantly increases the productivity of the overall industries.

Also, Covestro AG (Covestro) (Germany) is a provider of high-tech polymers. It develops and manufactures raw materials for polyurethanes, and their derivatives, coatings, adhesives, and other specialties, polycarbonates, and specialty chemicals. The company also manufactures and markets chlorine and by-products such as styrene. The company provides its offerings to various markets such as automotive, construction, fashion, sportswear, electrical and electronics, cosmetics, health, chemical, and wood processing and furniture. It operates research laboratories, technical service centers and sales offices across the world. In June 2021, Total and Covestro have announced their partnering that has helped to boost the overall growth of the benzene industry. Their partnership has brought in several advancements in the benzene industry, such as an improved production rate of 2000 tons of benzene with higher quality and ISCC-plus-certified, alternative solutions for sustainable end-user products such as insulation boards, automotive parts, cooling units, and so on.

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Key Companies in the Benzene market include

Aerosol Aromatics GmbH & Co. KG (Germany) Dow (US) SABIC (Saudi Arabia) Borealis AG (Austria) BP plc (UK) Exxon Mobil Corporation (US) BASF SE (Germany) Repsol (Spain) Royal Dutch Shell Plc (Netherlands) China Petroleum & Chemical Corporation (China), among others

Regional Analysis:

The geographical evaluation of the global benzene market encompasses Asia Pacific, the Middle East & Africa (MEA), Europe, Latin America, and North America. Asia Pacific is set to strike the highest CAGR over the forecast period. The benzene market in the region is likely to benefit from the expansion of the oil & gas industry in the region. In addition, the growth of the end-user industries is also anticipated to propel market expansion in the region over the next couple of years. Lastly, the increasing disposable income and rising middle-income population owing to rapid economic developments are poised to encourage the growth of the regional benzene market over the next few years.

The Middle East & Africa is also projected to exhibit substantial growth in the foreseeable future due to rising applications in the oil & gas industry. The oil industry is flourishing in the region, and it is poised to boost the growth of the regional market over the next few years. Iraq, Saudi Arabia, Iran, the United Arab Emirates, and Kuwait are the crucial sub-market of the region expected to develop considerably across the review period.

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North America is prognosticated to register a moderate growth over the next couple of years. The region is assessed to observe rising consumption of petrochemical products, which is poised to lead the growth of the market in the region across the assessment period. The U.S., followed by Canada, is expected to emerge as the major contributor to the development of the benzene market in the region in the years to come. In addition, rising demand for benzene from the food packaging and paints & coatings industries are expected to influence the growth of the regional market greatly.

Europe's benzene market is expected to witness an upsurge in demand across countries such as Italy, Spain, the UK, Germany, France, and Russia. In addition, the product is also likely to find application across the developed automotive industry. This, in turn, is forecasted to lead to market growth over the next few years. Increasing purchasing power of the masses is also projected to have a positive influence on the proliferation of the benzene market in the region.

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