The global benzene market is forecast to reach USD 60.72 Billion by 2030, according to a new report by Reports and Data. Benzene is a commodity petrochemical and an aromatic hydrocarbon product. It is manufactured as a by-product in refineries and stream crackers.
The demand for the product is fueled by the supply and demand of other products derived from it. Benzene is used in several range of economic sectors such as construction, electrical & electronics, consumer products, pesticides, and construction.
The rapid growth of end-user industries has significantly driven the applications for the derivatives globally, thus influencing the market growth. Rise in population, coupled with the increase in disposable incomes, has led to the growth of several bulk materials and consumer products. Low price of the feedstock and economical commodity product prices have also contributed to the higher consumption of benzene derivatives.
Asia Pacific dominates the market for benzene owing to the high rate of consumption in China. The country in the past few years has witnessed all the additional benzene requirements despite a gradually slowing economy. Expansion of refinery capacity in China and large-scale p-xylene plants to feed the downstream petrochemical industry has propelled the demand in the country.
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Further key findings from the report suggest
- An increase in the application of insulation materials in the construction industry is one of the factors contributing to the growth of the market. Moreover, growing urbanization and rising disposable incomes, has led to an increase in the demand for consumer products such as furniture wax and thinners globally.
- Benzene serves as a key solvent in various industrial, commercial, and research facilities. For example, alkyl benzene is extensively used to produce surfactants for the production of detergents.
- A derivative of benzene, Cyclohexane, which is used to manufacture textiles, is a basic raw material for the production of nylon. The paints and coatings used in the construction industry is another growth-inducing factor as it incorporates benzene derivatives in the manufacturing of lacquers and paints.
- Refiners across the globe utilize catalytic reforming to manufacture high-octane reformate for high-value aromatics of benzene and gasoline blending for petrochemical use. It is also a primary source of refinery-based hydrogen.
- The European chemical industry is a major part of the country’s economy. Europe’s chemical industry is a world leader in chemical production. Approximately, more than half of the chemical sales in the region are of polymers and petrochemicals, which in turn propels the demand for benzene.
- Key participants include Sinopec, BASF SE, Dow DuPont, Saudi Basic Industries Corporation, ExxonMobil Corporation, China National Petroleum Corporation, Royal Dutch Shell plc. JX Holdings, Bp Plc., and Borealis AG, among others.
For the purpose of this report, Reports and Data have segmented into the global Benzene market on the basis of derivative, manufacturing process, application, end-users, and region:
Derivative Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Cumene
- Aniline
- Ethylbenzene
- Cyclohexane
- Chlorobenzene
- Maleic Anhydride
- Alkylbenzene
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Catalytic Reforming
- Toluene disproportionation
- Toluene hydrodealkylation
- Pyrolysis
- Steam Cracking of Naphtha
- From Biomass
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