Benzene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global benzene market reached a value of US$ 59.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 74.7 Billion by 2027, exhibiting a CAGR of 3.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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 and Drivers:
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, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on derivative, manufacturing process and application.
Breakup by Derivative:
Breakup by Manufacturing Process:
Pyrolysis Steam Cracking of Naphtha
Catalytic Reforming of Naphtha
Breakup by Application:
Breakup by Region:
Middle East and Africa
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:
How has the global benzene market performed so far and how will it perform in the coming years?
What are the key regional markets in the global benzene industry?
What has been the impact of COVID-19 on the global benzene industry?
What is the breakup of the market based on the derivative?
What is the breakup of the market based on the manufacturing process?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the global benzene industry?
What are the key driving factors and challenges in the global benzene industry?
What is the structure of the global benzene industry and who are the key players?
What is the degree of competition in the global benzene industry?
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