Benzene Market to Reach Valuation of USD 48.1 Billion by 2028 –Increasing Demand from Household for Cleaning and Rising Demand for Styrene Polymers from Various End-Use Industries Drives the Market

In terms of revenue, the Global Benzene Market is expected to reach USD 48.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.00% from 2022 to 2028.

Benzene is a dangerous industrial solvent that comes from petrochemicals. It is a highly flammable, colorless, aromatic hydrocarbon with a pleasant scent. Aniline, cumene, cyclohexane, alkyl Benzene, ethyl Benzene, chloroBenzene, nitroBenzene, and phenol are a few of its many subordinates. It is a petroleum chemical product that tends to evaporate quickly when exposed to air. It is used in many commercial and economic enterprises, including consumer products, transportation, building, electrical & electronics, and medical industries.

Its caustic toxicity limits its use in non-industrial environments despite the fact that it is frequently employed for a variety of industrial applications. It has been established that Benzene is a carcinogen or a material that may cause cancer and that continuing to be exposed to it may be bad for one's health. Until recently, Benzene was commonly used to decaffeinate coffee and clean metals, but today less hazardous chemicals are quickly taking their place. The use of insulating materials in building operations is increasing, which is one of the key factors driving market expansion. In addition, greater urbanization and rising disposable incomes have led to an increase in demand for consumer items like furniture wax and thinners on a global scale.

Key Developments in the Industry

· Royal Dutch Shell PLC stated in January 2022 that it would change its name from Royal Dutch Shell PLC to Shell PLC.

· Hengyi Petrochemical planned to construct a Benzene plant in February 2021 as part of its refining and petrochemical development project on Brunei's Pulau Muara Besar to increase the annual capacity from 500 kiloton to 800 kiloton. The company wants to expand its petrochemical segment through this action.

· Iran became self-sufficient in the manufacture of Benzene in April 2021. The Iranian oil ministry announced that the country's petrochemical sector is now fully able to supply local Benzene demand, eliminating the need for imports. In March, the Bu Ali Sina Petrochemical Company (BSPC) produced 85,610 thousand tonnes of Benzene, or 100% of its maximum capacity.

· Sinopec and Lyondell Basell launched a joint venture in China to manufacture propylene oxide and styrene monomer in January 2021. Both businesses committed to forming a 50/50 joint venture to primarily meet growing domestic Chinese market demand for propylene oxide and styrene monomer. The joint venture will construct a new facility in Zhenhai, Ningbo, China, capable of producing 600 kilotons of styrene monomer annually using the cutting-edge technology of Lyondell Basell.

Market Dynamics

Styrene is used in many different industries, including construction, automotive, packaging, and electronics, when it has been polymerized or co-polymerized. The majority of the world's styrene production goes into making polystyrene, a polymerized form of styrene that is available in solid, foam, and film forms. The packaging industry makes extensive use of polystyrene because of its superior resilience, light weight, flexibility, and moisture resistance. Emerging economies like India and China have experienced rapid e-commerce growth during the past ten years. Due to the increasing purchasing power and improved accessibility provided by e-commerce firms like Alibaba, Amazon, and Flipkart, this expansion is most likely to continue.

Styrene-butadiene rubber (SBR), a styrene copolymer used to make tires, has been utilized extensively in the automobile industry. The automobile sector is expected to grow significantly during the projection period, especially in developing nations like China and India. The tire has no substitute and will remain in use while the automobile industry switches from gasoline or diesel-powered to electric vehicles. India only has 22 automobiles per 1,000 inhabitants, which is significantly less than China, the United Kingdom, and the United States, according to the Niti Aayog. Additionally, research by the International Energy Agency (IEA) projects that by 2040, there will be 175 cars per 1,000 people, a growth of 775 percent. This market will be driven by the tire industry, which will grow along with the vehicle industry in various parts of the world.

During the forecast period, the Benzene market in Asia Pacific is anticipated to develop at the quickest rate. The International Council of Chemical Associations estimates that in 2017, the chemical industry in Asia Pacific contributed USD 2.3 trillion to the global GDP, or almost 45% of the contribution made by the chemical industry globally. During the projection period, it is anticipated that the local chemical industry will grow even more. Benzene and its derivatives are used in the manufacturing processes of a wide variety of Application industries, including rubber and plastics, adhesives, paints, medicines, and petrochemicals. Since it is projected that these Application industries will grow to accommodate growing consumer demand, particularly in emerging nations like India and China, this is fueling industry expansion.

The Global Benzene Market is Segmented as follows

• Derivatives
  • Ethylbenzene
  • Cumene
  • Alkylbenzene
  • Cyclohexane
  • Nitrobenzene
  • Other Derivatives
• Manufacturing Process
  • Catalytic Reforming
  • Toluene Disproportionation
  • Toluene Hydrodealkylation Pyrolysis
  • Steam Cracking of Naphtha
  • From Biomass
• Applications
  • Plastics
  • Solvent
  • Chemical Intermediates
  • Surfactants
  • Rubber Manufacturing
  • Detergents
  • Explosives
  • Lubricants
  • Pesticides
  • Other Applications
• End-Use
  • Industrial Chemicals
  • Pharmaceuticals
  • Oil and Gas
  • Rubber and Plastics
  • Other End-Uses
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Benzene Market is

BASF SE (Germany), Braskem (Brazil), Reliance Industries Limited (India), Shell PLC (UK), SABIC (Saudi Arabia), SIBUR (Russia), Chevron Phillips Chemical Company LLC (US), China Petroleum & Chemical Corporation (China), Eastman Chemical Company (US), Exxon Mobil Corporation (US), Flint Hills Resources LLC (US), Hengyi Industries Sdn Bhd (Brunei), INEOS Group Ltd. (UK), LG Chemicals Company (South Korea), LyondellBasell Industries Holdings BV (Netherlands), Marathon Petroleum Company (US), Maruzen Petrochemical (Japan), Mitsubishi Chemical Corporation (Japan)

The Global Benzene Market Scope can be Tabulated as below