Benzene Market - Forecast(2023 - 2028)

Report Code: CMR 40834 Report Format: PDF + Excel

Benzene Market Overview

The Benzene Market size is estimated to reach US$75 billion by 2027 after growing at a CAGR of 7.2% during 2022-2027. Benzene is an organic chemical combined with sweet odor. It is colorless or slightly yellow in color liquid at room temperature. It belongs to polycyclic aromatic hydrocarbon which naturally occurs in gasoline and crude oil. Substitution of different functional groups with Benzene results in different organic chemical having industrial application. Phenol is simplex hydroxy derivative of benzene. Cumene is another organic chemical found in crude oil. It is alkylbenzene which is Benzene with isopropyl group. Xylene is derived by substitution of two hydrogen atoms with methyl group in a benzene ring. Alkylation of Benzene and ethylene produces ethylbenzene. Ethanol provides functional OH group in this catalytic reaction. Nitrobenzene, having variety of applications in pharmaceutical and agricultural, is produced from nitration of benzene. Benzene has several industrial applications in rubber lubricants, tire manufacturing and detergents.

Many of the industries across the globe have faced several challenges due to the COVID-19 pandemic. The industries such as plastic industry, paints and coatings, printing industry including many others have experienced pitfalls. Many projects in such industries have been halted due to an interrupted supply chain and employee shortages owing to quarantines. Also, the production and demand in automotive industry have declined due to an interrupted supply chain and cessation in the transportation of raw materials. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), global motor vehicle production in 2020 declined by 16% compared to previous year. Thus, with the global pause in industrial production and distribution, the demand and consumption of global benzene has hampered to an extent in several industries. 

Global Benzene Report Coverage

The “Benzene Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Benzene Industry.

By Grade: Below 90%, 90% - 95% and More than 95%
By Derivatives: Alkylbenzenes, Ethylbenzene, Nitrobenzene, and Others
By Application: Dyes, Cleaning Products, Rubber, Agrochemicals (Insecticide, Pesticide, Fertilizers, Herbicides, and Others), Lubricants, Adhesives, and Others
By End Use Industry: Automotive (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicle, Printing Industry, Pharmaceutical, Agriculture, Construction (Residential, Commercial and Industrial), Plastic Industry, Paint and Coatings, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East and Africa)

Key Takeaways

  • Asia Pacific is the fastest growing region in the Benzene Market. This growth is mainly attributed to the increased demand for paints in construction industry. 
  • Agrochemicals is expected to be the significant segment owing to the surge in demand from the agricultural industry.
  • Benzene plays an important role in several industries such as in the pharmaceutical industry, plastic industry, and printing industry which are expected to provide significant growth opportunity for the global market.

Figure: Asia-Pacific Benzene Market Revenue, 2021-2027 (US$ Billion)

Global Benzene Market

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Benzene Market Segment Analysis – By Application

The agrochemicals segment held the largest Benzene Market share in 2021 and it is expected to grow with a CAGR of around 6.1% during the forecast period. Benzene is widely used in production of agrochemicals such insecticide, pesticide, fertilizers and herbicides. These agrochemicals serve a purpose in reducing the density of weeds in agriculture and, thereby promoting the growth of desired plants. A variety of herbicides and pesticides can be prepared from Benzene having specificity for target plant. Such as the diphenyl ether herbicides, synthesized from Benzene and phenyl, is used for grass weeds in soybean and peanuts. Nitriles are Benzene ring having cyanide group; it is used for weeds in small grains and corns. According to Nation Master, Brazil was at no 1 in pesticides importer in 2019. In 2020 United Kingdom experienced 10.5% growth in pesticide production compared to previous year. Thus, increasing demand of agrochemicals in agricultural activity is driving the growth of Benzene Market.

Benzene Market Segment Analysis – By End-Use Industry

The pharmaceutical segment held the largest share in the Benzene Market in 2021 and it accounted for around 22%. Benzene is extensively used as a solvent in pharmaceutical industry. It acts as a solvent for fats, waxes, alcohol, acetone and diethyl ether. This property is useful in drug delivery. Benzene has an aromatic ring which is has well known synthetic and modification path. This has application in drug discovery. Modification of Benzene ring can alter the characteristics of resulting compound to a much extent. According to Lancet, global pharmaceutical industry in 2019 profited from US$ 1.2 trillion spending on pharmaceuticals. Thus, surge in demand of Benzene in pharmaceuticals is boosting the global market.

Benzene Market Segment Analysis – By Geography

The Asia-Pacific is the leading region accounted for the largest share in the Benzene Market in 2021 and held nearly 35% of market share. This growth is mainly attributed to the increase in demand for end-use industry in this region such as construction industry. Benzene is used in the manufacturing of paints which is major raw material in construction activity. The construction industry includes residential, commercial and infrastructure segment. Benzene is used in many kinds of paints such as spray paints, glossy paints and, also in thinners. Overall housing demand is high in Asia. China is leading country in construction activity across Asia Pacific region. In 2019, According to statistics from the Ministry of Commerce of the People’s Republic of China, China witnessed Y-o-Y 7.6% of increase in new overseas construction contracts accounting USD$260.3 billion. Thus, the growth in construction industry and surge in demand for paints, in turn boost the market growth. 

Benzene Market Drivers

Surge in Industrial Application

Benzene has versatile applications in chemicals like dyes, detergents and agrochemicals. It serves as an industrial solvent. Various compounds like xylene, ethylbenzene, nitrobenzene etc. can be synthesized from Benzene by substituting functional group in Benzene. According to Indian Ministry, chemical exports from India in 2021 were US$29.3 billion. India ranks 6th in the chemical production in the world. Thus, the growth in several industrial application of Benzene is fueling the growth of Benzene Market.

Growth in Coatings Industry

One of the most severely regulated businesses in the world is the coatings industry. Industrial coatings are found all over. It protects a wide range of products from corrosion, wear, and decay while also giving the coated surface or product an attractive and colorful appearance. Benzene is used in coatings as a solvent. It acts as a soluble in fats, resins, waxes etc. Its solubility also enhances the spreadability of coatings. According to ECHEMI Technology Co. Ltd., Asia Pacific region accounted for around 50% of global coating market in 2020. The coatings industry is fragmented in Asia Pacific region. The top 50 companies in this region accounts for 15.48% coatings sales globally, while it accounts for only 31.59% of sales in this region. Thus, growth of coatings industry is boosting the demand for Benzene Market.

Benzene Market Challenges

Hazardous to Health

Benzene is known as industrial solvent owning to a wide variety of applications. But it is potentially dangerous chemical. It can create serious health issues on short term and long-term exposure. The International Agency for Research on Cancer (IARC), part of the World Health Organization (WHO), has classified Benzene as “carcinogenic to humans”. Benzene evaporate quickly in the air. People get exposed to Benzene mainly by breathing the air contaminated with Benzene. It is also linked to other diseases such as acute lymphocytic leukemia (ALL) and chronic lymphocytic leukemia (CLL). Thus, adverse health effects are restraining the growth of global market.

Benzene Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Benzene Market. Benzene Market top 10 companies include -

  1. BASF SE
  2. Chevron Phillips Chemical Company LLC
  3. Exxon Mobil Corporation
  4. Royal Dutch Shell PLC
  5. LG Chem.
  6. China Petroleum & Chemical Corporation
  7. The Dow Chemical Company
  8. Total S.A.
  9. DuPont
  10. DuPont de Nemours Inc

Recent Developments

  • In April 2021, Iran has gained self-sufficiency in Benzene supply. Its Bu Ali Sina Petrochemical Plant has fully realized the production plan in the March 2020.
  • In February 2021, Honeywell announced that it will provide licenses and solution design to Hengyi Industries to use advanced reforming and aromatics technologies. The Hengyi industries will use Totray technology which will almost double the yield of Benzene.
  • In February 2021, Hengyi Petrochemical has planned to start second phase of Brunei, its refinery and integrated petrochemical project. The project will then be able make company product 500000 tons of Benzene per year.

Relevant Reports

Ethyl Benzene Market- Forecast (2022-2027)

Report Code: CMR 0371

Benzene & Benzene Derivatives Market- Forecast (2022 - 2027)

Report Code: CMR 0980

Benzene And Methylebenzenes Market – Forecast (2022 - 2027)

Report Code: CMR 0816

For more Chemicals and Materials Market reports, please click here

1. Benzene Market- Market Overview
    1.1 Definitions and Scope
2.Benzene Market - Executive Summary
    2.1 Key Trends by Purity
    2.2 Key Trends by Derivatives
    2.3 Key Trends by Application
    2.4 Key Trends by End Use Industry
    2.5 Key Trends by Geography
3.Benzene Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4.Benzene Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis: 
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5.Benzene Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6.Benzene Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
         6.3.1 Bargaining Power of Suppliers 
         6.3.2 Bargaining Powers of Buyers
         6.3.3 Threat of New Entrants
         6.3.4 Competitive Rivalry
         6.3.5 Threat of Substitutes
7.Benzene Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8.Benzene Market - By Purity (Market Size -$Million/Billion)
    8.1 Below 90%
    8.2 90% - 95%
    8.3 More than 95%
9.Benzene Market - By Derivatives (Market Size -$Million/Billion)
    9.1 Alkylbenzenes
    9.2 Ethylbenzene
    9.3 Nitrobenzene
    9.4 Others
10.Benzene Market – By Application (Market Size -$Million/Billion)
    10.1 Dyes
    10.2 Cleaning Products
    10.3 Rubber
    10.4 Agrochemicals
        10.4.1 Insecticide
        10.4.2 Pesticide
        10.4.3 Fertilizers
        10.4.4 Herbicides
        10.4.5 Others
    10.5 Lubricants
    10.6 Adhesives
    10.7 Others
11.Benzene Market – By End Use Industry (Market Size -$Million/Billion)
    11.1 Automotive
        11.1.1 Passenger Cars
        11.1.2 Light Commercial Vehicle
        11.1.3 Heavy Commercial Vehicle
    11.2 Printing Industry
    11.3 Pharmaceutical
    11.4 Agriculture
    11.5 Construction
        11.5.1 Residential
        11.5.2 Commercial
        11.5.3 Industrial
    11.6 Plastic Industry
    11.7 Paint and Coatings
    11.8 Others
12.Benzene Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13.Benzene Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14.Benzene Market – Industry/Competition Segment Analysis Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Product Type/Product category - Major companies
15.Benzene Market – Key Company List by Country Premium Premium
16.Benzene Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10
"*Financials would be provided for private companies on the best effort basis."

LIST OF TABLES

1.Global Benzene Market, by Type Market 2019-2024 ($M)
2.Global Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Benzene Market, by Type Market 2019-2024 (Volume/Units)
4.Global Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Benzene Market, by Type Market 2019-2024 ($M)
6.North America Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Benzene Market, by Type Market 2019-2024 ($M)
8.South America Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Benzene Market, by Type Market 2019-2024 ($M)
10.Europe Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Benzene Market, by Type Market 2019-2024 ($M)
12.APAC Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Benzene Market, by Type Market 2019-2024 ($M)
14.MENA Benzene Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)

LIST OF FIGURES

1.US Global Benzene Industry Market Revenue, 2019-2024 ($M)
2.Canada Global Benzene Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Benzene Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Benzene Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Benzene Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Benzene Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Benzene Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Benzene Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Benzene Industry Market Revenue, 2019-2024 ($M)
10.UK Global Benzene Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Benzene Industry Market Revenue, 2019-2024 ($M)
12.France Global Benzene Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Benzene Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Benzene Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Benzene Industry Market Revenue, 2019-2024 ($M)
16.China Global Benzene Industry Market Revenue, 2019-2024 ($M)
17.India Global Benzene Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Benzene Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Benzene Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Benzene Industry Market Revenue, 2019-2024 ($M)
21.North America Global Benzene Industry By Application
22.South America Global Benzene Industry By Application
23.Europe Global Benzene Industry By Application
24.APAC Global Benzene Industry By Application
25.MENA Global Benzene Industry By Application