Benzene Market to be grow due to Increasing Demand from Chemical Industry

Growing demand of benzene in electronic industry and initiatives taken by the government to support the production of benzene are the major drivers for the Global Benzene Market.

According to TechSci Research report, “Benzene Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Benzene Market stood at 50.56 MMT in 2022 and is anticipated to grow at a CAGR of 4.60% during the forecast period. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

Benzene, a ubiquitous aromatic hydrocarbon, holds a pivotal role in the chemical industry as a precursor for various valuable chemicals and materials. Its unique structure and reactivity make it a versatile building block for an array of products, ranging from plastics to pharmaceuticals. Styrene, derived from benzene through a catalytic dehydrogenation process, plays a pivotal role in the production of polystyrene and other styrenic polymers. Polystyrene, a versatile thermoplastic polymer, finds applications in packaging, insulation, consumer goods, and medical devices. Benzene also serves as a precursor to another vital commodity, styrene-butadiene rubber (SBR). SBR is a synthetic rubber with numerous applications, including automobile tires, footwear, and industrial goods. Cumene, produced through the alkylation of benzene with propylene, is a critical intermediate compound in the synthesis of phenol and acetone. Phenol is a versatile chemical compound used in the manufacture of plastics, resins, adhesives, and pharmaceuticals. Acetone, on the other hand, finds applications as a solvent, fuel additive, and precursor to other chemicals.

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The consistent demand for phenol and acetone further solidifies benzene's importance in driving the chemical industry. As the demand for electronic devices continues to surge worldwide, benzene has emerged as a crucial component in the production of various electronic materials and components. Benzene-derived liquid crystals form the basis of LCD technology, which is ubiquitous in displays ranging from smart phones to large-screen televisions. These liquid crystals allow precise control of light polarization, enabling the creation of high-quality images. Moreover, Benzene-based resins and laminates play a critical role in Printed Circuit Boards (PCB) production. These materials provide insulation, mechanical support, and protection against environmental factors for the intricate network of conductive pathways on PCBs. Governments have recognized the need to build and upgrade petrochemical infrastructure to facilitate the production of benzene. By providing funding and incentives to establish advanced refineries and petrochemical plants, they enable efficient and reliable benzene production processes.

Recognizing the global demand for benzene and its derivatives, governments have actively promoted the export of benzene products. Trade agreements and incentives encourage manufacturers to increase production and explore international markets, thereby driving the growth of the global benzene market. Partnerships between benzene producers and end-user industries facilitate market expansion. Companies collaborate to understand consumer needs, develop tailored benzene-based products, and ensure a reliable supply to support growth. On 24 April 2023, BioBTX B.V. , the global frontrunner in sustainable fragrant substances technology, and Agilyx ASA, a prominent recycling company for used plastics, have formed a strategic partnership to investigate the expansion of BioBTX technology at a commercial trial facility for the manufacturing of sustainable fragrant substances (benzene, toluene, xylene: BTX). The collaboration will integrate Agilyx's pyrolysis technology for challenging-to-recycle used plastics with BioBTX's catalytic technology for converting pyrolysis vapors into fragrant substances, resulting in a distinctive synergy for the production of sustainable aromatic chemicals (BTX).

However, fluctuations in economy and disruptions in supply chain of benzene are expected to slow down the growth of the market in the coming years.

The Global Benzene Market segmentation is based on Derivative, End User, By Company, and Region

In 2022, the benzene market was primarily driven by ethylbenzene and is anticipated to maintain its growth trajectory in the years ahead. Ethylbenzene has consistently held a dominant position in the market, boasting the highest revenue share, and is poised for continued success. It is sourced from natural reservoirs such as coal tar and petroleum, as well as being a component in manufactured goods like paints, pesticides, and inks. Ethylbenzene serves as a crucial precursor to chemical styrene production. Additionally, it finds applications as a solvent, fuel additive, and in the manufacturing of various other chemicals. Styrene, derived from ethylbenzene, is integral in the production of diverse products including polystyrene, acrylonitrile-butadiene-styrene (ABS) resins, styrene-acrylonitrile (SAN) resins, styrene-butadiene elastomers, latexes, and unsaturated polyester resins.

The North America region has emerged as the dominant force in the Global Benzene Market. Benzene, a crucial raw material extensively used in the petrochemical sector for manufacturing various chemicals, primarily undergoes catalytic reforming and steam cracking processes from crude oil. The upstream petroleum industry in this region has witnessed substantial growth over the past decade, driven by technological advancements such as hydraulic fracturing for shale oil extraction. Investors are directing their efforts towards value enhancement and the establishment of new petrochemical complexes, capitalizing on the surplus crude oil availability and escalating demand from the burgeoning petrochemical industry.

• Exxon Mobil Corporation
• Royal Dutch Shell PLC
• Sinopec Corporation
• JX Holdings Inc.
• Mitsubishi Corporation
• Maruzen Petrochemical Co., Ltd.
• The Dow Chemical Company
• Reliance Industries Limited
• BASF SE
• Evonik Industries AG

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“Certain regions, particularly the North America, are projected to exert significant demand for benzene worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their benzene productivity each year, are expected to contribute to a remarkable growth of the Global Benzene Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Global Benzene Market By Derivative (Ethylbenzene, Aniline, Phenol, Alkyl Benzene, Styrene, Cumene, Cyclohexane, Nitrobenzene, Others), By End User (Automotive, Mechanical & Engineering, Construction, Chemical, Oil & Gas, Petrochemical, Others), By Region, Competition, Forecast and Opportunities, 2029 has evaluated the future growth potential of Global Benzene Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Benzene Market.

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