Benzene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Benzene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview 2023-2028:

The global benzene market size reached US$ 61.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.

Benzene, with the chemical formula C­6H6, is a colorless and highly inflammable chemical compound that has a sweet, gasoline-like odor. It is formed as a by-product of the oil refining process and can also be found in crude oil, gasoline and cigarette smoke. Although widely used for diversified industrial purposes, its non-industrial usage is limited owing to its toxic nature. Continuous exposure to benzene can have detrimental health effects and it has also been identified as a carcinogen, a substance that can potentially cause cancer. Benzene was earlier used widely for de-caffeinating coffee and degreasing metals, however, less toxic chemicals are now rapidly replacing it in these applications.

Benzene Market Trends:
An increase in the utilization of insulation materials in construction activities is one of the key contributing factors to the market growth. In addition to this, owing to the growing urbanization and the rising disposable incomes, there has been an increase in the demand for consumer products such as thinners and furniture wax across the globe. Furthermore, benzene serves as a key solvent in several commercial, industrial and research operations. For instance, alkyl benzene is widely used to produce surfactants for the manufacturing of detergents. Cyclohexane, another derivative of benzene, is a basic raw material for the production of nylon, which is used to manufacture textiles. The flourishing paints and coatings industry (PCI) is another major growth-inducing factor as it incorporates benzene derivatives in the manufacturing of paints and lacquers. IMARC Group’s latest report provides a deep insight into the global benzene market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the benzene industry in any manner.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global benzene market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on derivative, manufacturing process and application.

Breakup by Derivative:

Ethylbenzene
Cumene
Cyclohexane
Nitrobenzene
Linear Alkylbenzene
Maleic Anhydride
Others

Breakup by Manufacturing Process:

Pyrolysis Steam Cracking of Naphtha
Catalytic Reforming of Naphtha
Toluene Hydrodealkylation
Toluene Disproportionation
From Biomass

Breakup by Application:

Plastics
Resins
Synthetic Fibers
Rubber Lubricants
Others

Breakup by Region:

Asia Pacific
China
India
Japan
South Korea
Europe
Germany
UK
France
Italy
North America
United States
Canada
Middle East and Africa
Saudi Arabia
South Africa
Latin America
Brazil
Argentina

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being BASF, Sinopec, Royal Dutch Shell, China National Petroleum Corporation, DuPont, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, JX Holdings, BP, Borealis AG, Braskem, Repsol, Arsol Aromatics GmbH & Co. KG, etc.

Key Questions Answered in This Report

1. What was the size of the global benzene market in 2022?
2. What is the expected growth rate of the global benzene market during 2023-2028?
3. What are the key factors driving the global benzene market?
4. What has been the impact of COVID-19 on the global benzene market?
5. What is the breakup of the global benzene market based on the derivative?
6. What are the key regions in the global benzene market?
7. Who are the key players/companies in the global benzene market?