India Benzene Market to Grow with a CAGR of 3.90% through 2029
Growing demand of benzene in chemical industry is expected to drive the India
Benzene Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “India Benzene Market- By Region, Competition, Forecast and Opportunities,
2019-2029”, the India
Benzene Market, by volume, stood at 860.20 thousand tonnes in 2022 and is anticipated to grow with
a CAGR of 3.90% in the forecast period, 2024-2029. Initiatives taken by
government based on benzene has led to favorable market conditions for the India
Benzene Market. Several factors contribute to the growth of various benzene products.
The Central Pollution Control Board (CPCB), a governmental body
responsible for environmental protection, has recently unveiled a comprehensive
action plan aimed at reducing the levels of benzene in gasoline and the
environment. Benzene, a highly toxic compound found in fuel and emitted by
various industries, poses a significant risk to human health and the
environment. This initiative, spanning across the entire nation, signifies the
commitment of the Indian government to tackle this pressing issue.
The action plan devised by CPCB encompasses not just the capital city of
Delhi but extends its reach to every corner of the country. By implementing
stringent measures and regulations, the CPCB aims to curtail the exposure of
the population to benzene and mitigate its adverse health impacts. This
nationwide approach demonstrates a proactive and holistic strategy to safeguard
the well-being of the citizens.
In addition to addressing benzene in fuel, efforts have also been made
to monitor the ambient air quality across the country with regards to benzene
levels. The CPCB has established a robust system that involves obtaining the
latest standards and guidelines for benzene directly from government
repositories. This ensures accurate and up-to-date monitoring of benzene
levels, enabling prompt regulatory actions in case of any deviations. By
maintaining strict adherence to permissible limits, these monitoring and
regulatory efforts play a crucial role in maintaining a healthy and safe
environment for all.
Overall, the CPCB's action plan for benzene reduction signifies a
landmark initiative that not only focuses on curbing benzene exposure but also
reflects a comprehensive approach to environmental protection and public health
in India.
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One of the key factors driving the demand for benzene is its crucial
role in producing styrene polymers, which are widely used across diverse
industries. These versatile polymers are utilized in various applications,
including packaging, construction, electronics, and consumer products,
contributing to their widespread adoption. As the packaging industry expands to
accommodate the growing e-commerce sector and technological advancements fuel
the demand for electronics, the need for styrene polymers, and consequently,
benzene, is projected to increase in the foreseeable future.
The India Benzene Market is segmented into derivative, end user, regional
distribution, and company.
Based on its derivative, the Ethylbenzene segment held the largest
market share in the forecast period. The primary reason for ethylbenzene's
dominance in the market is its significant role in the production of styrene.
Styrene, an essential compound, finds wide application in the manufacturing of
polystyrene plastics, rubber, and other polymers. These materials, known for
their durability and versatility, are extensively used across various
industries, including packaging, electronics, construction, and consumer
products.
The demand for these end-products continues to rise, driving the demand
for styrene and subsequently, the demand for ethylbenzene. As industries seek
innovative solutions and sustainable materials, the versatility of
ethylbenzene, particularly its application in producing styrene, makes it a key
component across numerous sectors. From the automotive industry, where it
contributes to lightweight materials and fuel efficiency, to the construction
industry, where it enhances durability and insulation, ethylbenzene plays a
vital role in meeting the evolving needs of modern applications. Additionally,
the electronics industry relies on ethylbenzene for its crucial role in
producing components and devices.
With its wide range of applications and the growing demand for styrene,
the ethylbenzene market is poised for continued growth. The versatility and
adaptability of ethylbenzene make it an indispensable ingredient in various
end-user industries, shaping the future of manufacturing and innovation.
Based on region, West India segment is expected to grow during the
forecast period.
The western region of India, particularly states like Gujarat and
Maharashtra, boasts a robust and thriving industrial base. These states are
home to a plethora of chemical and petrochemical industries that heavily rely
on benzene and its derivatives like ethylbenzene.
Ethylbenzene, a vital derivative of benzene, finds extensive usage in
the production of various downstream chemicals. The ever-increasing production
of these chemicals has consequently led to a significant surge in the demand
for benzene, further solidifying the dominance of West India in the Indian
benzene market. This dominance showcases the region's prowess in the chemical
industry and its ability to meet the evolving demands of the market with
efficiency and expertise.
Major companies operating in India Benzene Market are:
- Hindustan Industrial Chemicals
- Akshar Chemical India Private Limited
- Garg Chemical Industries
- Vizag chemicals Pvt. Ltd.
- Surya Chem Industries
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“Growing application of benzene in various end user industries are key
drivers of the benzene market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of benzene with every passing year are anticipated to register an
impressive growth to India Benzene Market in the forecast period.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“India
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, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential
of India Benzene Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge 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 India Benzene
Market.
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