IMARC Group has recently released a new research study titled “Benzene Market Report by Derivative (Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Linear Alkylbenzene, Maleic Anhydride, and Others), Manufacturing Process (Pyrolysis Steam Cracking of Naphtha, Catalytic Reforming of Naphtha, Toluene Hydrodealkylation, Toluene Disproportionation, From Biomass), Application (Plastics, Resins, Synthetic Fibers, Rubber Lubricants, and Others), and Region 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the benzene market?
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 is an organic chemical compound with the formula C₆H₆. It is a colorless and highly flammable liquid with a sweet, gasoline-like odor. Benzene is known for its simple ring structure, consisting of six carbon atoms joined in a planar ring with one hydrogen atom attached to each carbon. This structure makes it an important constituent of aromatic compounds. Benzene is naturally found in crude oil and is a major industrial chemical used in the production of numerous other chemicals. It serves as a precursor for the synthesis of plastics, resins, synthetic fibers, rubber, dyes, detergents, drugs, and pesticides.
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What are the growth prospects and trends in the industry?
The growing demand for benzene in the chemical industry represents one of the key factors driving the growth of the market across the globe. Benzene is a fundamental raw material in the chemical industry, used to produce various derivatives like ethylbenzene, cumene, and aniline. These derivatives are further utilized in manufacturing plastics, resins, synthetic fibers, and rubber, which is driving the demand for benzene.
Technological advancements in industrial processes are improving the efficiency of benzene production and its derivatives, thus making them more cost-effective and desirable for various applications. The growing use of styrene polymers in various industries, including packaging, construction, and consumer goods, fuels the demand for benzene, as it is a key ingredient in styrene production. The use of benzene in manufacturing everyday consumer goods, such as electronic devices, appliances, and packaging materials contributes to its market growth.
Apart from this, the expansion of the automotive and construction industries, petrochemical industry growth, global economic growth, and environmental and regulatory compliance are some of the other factors creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
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Report Segmentation:
The report has segmented the global benzene market based on derivative, manufacturing process, application and region.
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
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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