According to a recent report by Reports and Data, the global benzene market is expected to reach USD 60.72 billion by 2030. Benzene is an aromatic hydrocarbon and a commodity petrochemical that is produced as a by-product in refineries and steam crackers.
The demand for benzene is largely influenced by the demand and supply of products derived from it. It finds application in various economic sectors including construction, electrical and electronics, consumer products, and pesticides.
The growth of end-user industries has led to increased demand for benzene derivatives worldwide, resulting in market growth. The rising population and disposable income levels have contributed to the growth of consumer products and bulk materials. Moreover, low feedstock prices and affordable commodity product prices have further increased the consumption of benzene derivatives.
China, with its high consumption rate, dominates the Asia Pacific market for benzene. Despite a gradually slowing economy, the country has witnessed a rise in benzene requirements in recent years. The expansion of refinery capacity and large-scale p-xylene plants have fueled downstream petrochemical demand, contributing to the increased demand for benzene in the country.
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Benzene Market Segments:
Reports and Data's global Benzene market report is segmented on the basis of derivative, manufacturing process, application, end-users, and region.
In terms of derivative, the market is segmented into Cumene, Aniline, Ethylbenzene, Cyclohexane, Chlorobenzene, Maleic Anhydride, and Alkylbenzene.
On the basis of manufacturing process, the market is segmented into Catalytic Reforming, Toluene disproportionation, Toluene hydrodealkylation, Pyrolysis, Steam Cracking of Naphtha, and From Biomass.
Based on application, the market is segmented into Plastics, Solvent, Chemical Intermediates, Surfactants, Rubber Manufacturing, Detergents, Explosives, Lubricants, Pesticides, and Others.
In terms of end-users, the market is segmented into Packaging, Pharmaceuticals, Agriculture, Constructions, Textiles, and Others.
Finally, the market is segmented into regions, including North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Sweden, BENELUX, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of APAC), Latin America (Brazil, Rest of LATAM), and Middle East Africa (Saudi Arabia, UAE, South Africa, Israel, Rest of MEA).
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Benzene Market: Strategic Developments
Several major companies have made significant announcements related to benzene production and expansion of their product portfolios in recent years. BASF SE completed the acquisition of Solvay's polyamide business in 2021, which includes benzene production, with the aim of expanding its product portfolio and strengthening its position in the global benzene market.
ExxonMobil Corporation announced a joint venture with SABIC in 2021 to build a new chemical plant in Texas. The plant is expected to begin operations in 2023 and produce benzene and other chemicals. Similarly, Total S.A. signed an agreement with Indian Oil Corporation in 2020 to build a new petrochemical complex in India. The complex is expected to produce benzene and other chemicals and be operational by 2024.
Chevron Phillips Chemical Company LLC began construction of a new ethane cracker and polyethylene units in Texas in 2020. The plant is expected to produce benzene and other chemicals and be operational by 2024. Additionally, LyondellBasell Industries N.V. completed the acquisition of Braskem S.A.'s stake in the Brazilian joint venture in 2020, which includes the production of benzene, as part of an effort to expand its product portfolio and strengthen its position in the global benzene market.
Benzene Market: Competitive Landscape
This report profiles some of the key companies operating in the global benzene market. BASF SE, a German chemical company, recently acquired Solvay's polyamide business to expand its product portfolio and strengthen its position in the global benzene market. ExxonMobil Corporation, an American multinational oil and gas company, has partnered with SABIC to build a new chemical plant in Texas that will produce benzene and other chemicals. Total S.A, a French multinational integrated oil and gas company, has signed an agreement with Indian Oil Corporation to build a new petrochemical complex in India that will produce benzene and other chemicals. Chevron Phillips Chemical Company LLC, an American petrochemical company, is constructing a new plant in Texas that will produce benzene and other chemicals. LyondellBasell Industries N.V, a Dutch multinational chemical company, recently acquired Braskem S.A.'s stake in a Brazilian joint venture to expand its product portfolio and strengthen its position in the global benzene market. Other key companies profiled in the report include Royal Dutch Shell plc, The Dow Chemical Company, China Petrochemical Corporation (Sinopec), and Reliance Industries Limited.
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