Global Benzene Market to Reach USD 74.05 Billion by 2031 | CAGR of 6.3%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Benzene Market Scope & Overview:
As per the Consegic Business Intelligence newly published report, the Benzene Market size was valued at USD 45.26 Billion in 2023 and is projected to reach USD 74.05 Billion by 2031, growing at a CAGR of 6.3% from 2024 to 2031. Benzene is a key organic chemical compound used in the synthesis of numerous industrial chemicals, including ethylbenzene, cumene, and cyclohexane. Its versatile chemical properties make it indispensable in industries such as construction, automotive, textiles, and pharmaceuticals.
The report comprises the Benzene Market Share, Size & Industry Analysis, By Derivative (Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Alkylbenzene, Others), By Production Process (Pyrolysis, Catalytic Reforming, Steam Cracking, Toluene Disproportionation, Toluene Hydrodealkylation, Others), By Application (Plastics, Synthetic Fibers, Rubber, Solvents, Detergents, Others), By End-User Industry (Chemical, Textile, Pharmaceutical, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Benzene Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Growth in infrastructure and packaging industries and increased demand for plastics and rubber in automotive applications are key drivers of market growth, while shifts towards sustainable and green alternatives may restrain market expansion.
Segmental Analysis :
By derivative, the market is segmented into ethylbenzene, cumene, cyclohexane, nitrobenzene, alkylbenzene, and others.
- Ethylbenzene held the largest revenue share in 2023, driven by its critical role in the production of styrene, which is used in plastics, packaging, and automotive components.
- Cumene is expected to register the fastest growth during the forecast period due to its importance in producing phenol and acetone, essential chemicals in manufacturing polycarbonate plastics and epoxy resins.
By production process, the market is divided into pyrolysis, catalytic reforming, steam cracking, toluene disproportionation, toluene hydrodealkylation, and others.
- Catalytic reforming accounted for the largest share in 2023, driven by its role in converting naphtha into high-value benzene, as well as other aromatic compounds like toluene and xylene.
- Toluene disproportionation is anticipated to witness the fastest growth, driven by its ability to convert low-value toluene into valuable benzene and xylene products.
By application, the market is segmented into plastics, synthetic fibers, rubber, solvents, detergents, and others.
- Plastics dominated the market in 2023, driven by the extensive use of benzene in producing styrene for polystyrene and ABS plastics, which are used in packaging and automotive applications.
- Synthetic fibers are projected to grow at the fastest rate, driven by the rising demand for polyester in textiles and home furnishings.
By end-user industry, the market is categorized into chemical, textile, pharmaceutical, and others.
- The chemical industry held the largest market share in 2023, driven by the use of benzene as a raw material for producing a wide range of chemicals.
- The automotive sector is expected to register the fastest growth, driven by the use of benzene-derived materials in manufacturing tires, plastics, and other automotive components.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific dominated the market in 2023, driven by high demand for benzene in China and India for applications in plastics, textiles, and construction.
- North America is expected to witness significant growth, driven by the petrochemical and packaging industries in the U.S. and Canada.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 74.05 Billion |
| CAGR (2024-2031) | 6.3% |
| By Derivative | Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Alkylbenzene, Others |
| By Production Process | Pyrolysis, Catalytic Reforming, Steam Cracking, Toluene Disproportionation, Toluene Hydrodealkylation, Others |
| By Application | Plastics, Synthetic Fibers, Rubber, Solvents, Detergents, Others |
| By End-User Industry | Chemical, Textile, Pharmaceutical, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape includes major players in the benzene market focusing on production capacity expansion and sustainable chemical innovations.
List of prominent players in the Benzene Industry:
- Dow (US)
- SABIC (Saudi Arabia)
- Exxon Mobil Corporation (US)
- BASF SE (Germany)
- Repsol (Spain)
- Reliance Industries Limited (India)
- BP plc (UK)
- Royal Dutch Shell Plc (Netherlands)
- GS Caltex Corporation (South Korea)
- China Petroleum & Chemical Corporation (China)
Recent Industry Developments :
- In June 2024, BASF signed a partnership with Encina Development Group to supply chemically recycled benzene sourced from post-consumer plastics.
- In March 2024, Bodal Chemicals Ltd announced new projects for benzene downstream products, expanding production capacity by 63,000 MTPA.
