The global benzene and its derivatives market are predicted to expand at a CAGR of 7.9% during the forecast period 2021-2028. The expansion of the market is attributed to the increasing focus on sustainable manufacturing processes especially in the chemical industry. Furthermore, the growing R&D activities for the advancement of bio-based products is projected to drive the market growth.
Benzene is an extremely inflammable and aromatic compound which is widely applied in several industries such as coatings, automotive, construction, and textiles. This chemical compound is one of the key components for the production of the derivative chemicals such as alkylbenzene, nitrobenzene, cumene, cyclohexane, and ethylbenzene. Market players are focusing on the advancement of bio-based benzene derivatives to reduce the environmental burden.
Market Drivers, Restraints, Trends, and Opportunities
- Increasing demand for benzene and its derivatives due to their growing applications in the chemical industry is likely to drive the market growth during the forecast period.
- Rising adoption of the chemical compound in the manufacture of medical devices, consumer electronics, and IT equipment is driving the market growth.
- Rapid expanding and development of industries due to urbanization and industrialization in developing countries are projected to propel the market growth during the forecast period.
- Altering prices of crude oil and the unstable nature of benzene and its derivatives are predicted to hinder the market growth.
- The COVID-19 pandemic and its impact had an adverse effects across several industrial units. The pandemic emergency lockdown had shattered the manufacturing sector, thus, limiting the market growth.
- Growing strict guidelines against the use of benzene due to its toxic nature is a key challenge expected to hamper the market expansion in the near future.
Scope of the Report
The report on the global benzene and its derivatives market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in the report.
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Attributes
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Details
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Report Title
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Benzene and its Derivatives Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Derivatives (Phenol & Acetone, Ethylbenzene & Styrene, Cumene, Alkylbenzene, Cyclohexane, Chlorobenzene, Nitrobenzene & Aniline, and Maleic Anhydride), Processing Methods (Hydrogenation, Alkylation, Oxidation, Chlorination, and Nitration), Production Methods (Selective Toluene Disproportionation, Cracking Crude Oil, Catalytic Reforming Of Naphtha, Recovery From Ethylene Plant, Dealkylation Of Toluene, and Pyrolysis Gasoline), Raw Materials (Naphtha, Toluene, Bio-Mass, and Ethylene), End-users (Adhesives & Sealants Industry, Oil & Gas Industry, Rubber & Plastics Industry, Petrochemical Industry, Agrochemical Industry, and Pharmaceutical Industry)
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Regional Scope
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Asia Pacific, Latin America, North America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Competitive Landscape, Size, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Saudi Basic Industries Corporation, Royal Dutch Shell plc., Dow Chemical Company, BASF SE, JX Holdings, ExxonMobil Corporation, CNPC, and Total S.A.
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Global Benzene and Its Derivatives Market Segment Insights
On the basis of derivatives, the market is segmented into phenol & acetone, ethylbenzene & styrene, cumene, alkylbenzene, cyclohexane, chlorobenzene, nitrobenzene & aniline, maleic anhydride, and others. The cumene segment held a major market share in 2019 and is likely to expand at a sustainable rate during the analysis period. The growing usage of cumene in the manufacture of acetone and phenol is boosting the segment expansion.
Based on processing methods, the benzene and its derivatives market are divided into hydrogenation, alkylation, oxidation, chlorination, nitration, and others. The alkylation segment accounted for a significant revenue in 2019 and is estimated to expand at a healthy rate in the coming years. The alkylation includes replacement of a hydrogen ring with an alkyl group. It is one of the most widely adopted and desirable processing component for benzene derivatives.
On basis of production methods, the market are segregated into selective toluene disproportionation, cracking crude oil, catalytic reforming of naphtha, recovery from ethylene plant, dealkylation of toluene, pyrolysis gasoline (PG), and others. The selective toluene disproportionation segment constituted a major revenue share in 2019 and is projected to grow at a substantial CAGR during the analysis period.
In terms of raw materials, the benzene and its derivatives market is classified into naphtha, toluene, bio-mass, ethylene, and others. The bio-mass segment is estimated to represent a high CAGR due to the strict government policies and regulations to decrease the environmental burden. Furthermore, the instability of benzene is encouraging the progress of bio-based products.
Based on the end-users, the market is separated into the adhesives & sealants industry, oil & gas industry, rubber & plastics industry, petrochemical industry, agrochemical industry, pharmaceutical industry, and others. The rubber & plastics industry segment is likely to expand at a healthy rate due to the growing manufacture of consumer electronics in developing economies such as China and India.
In terms of regions, the benzene and its derivatives market are classified as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific held a large market share and is predicted to hold a dominant position during the analysis period. Rising production capacity due to the increasing demand for the manufacturing of the automotive, coatings, building & construction materials is boosting the market growth in this region.
Segments
The global benzene and its derivatives market have been segmented on the basis of
Derivatives
- Phenol & Acetone
- Ethylbenzene & Styrene
- Cumene
- Alkylbenzene
- Cyclohexane
- Chlorobenzene
- Nitrobenzene & Aniline
- Maleic Anhydride
Processing Methods
- Hydrogenation
- Alkylation
- Oxidation
- Chlorination
Production Methods
- Selective Toluene Disproportionation
- Cracking Crude Oil
- Catalytic Reforming of Naphtha
- Recovery from Ethylene Plant
- Dealkylation Of Toluene
- Pyrolysis Gasoline (PG)
Raw Materials
- Naphtha
- Toluene
- Bio-Mass
- Ethylene
End-users
- Adhesives & Sealants Industry
- Oil & Gas Industry
- Rubber & Plastics Industry
- Petrochemical Industry
- Agrochemical Industry
- Pharmaceutical Industry
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Major players competing in the global benzene and its derivatives market include Saudi Basic Industries Corporation, Royal Dutch Shell plc., Dow Chemical Company, BASF SE, JX Holdings, ExxonMobil Corporation, CNPC, and Total S.A.
Some of these businesses are involved in adopting numerous market strategies such as merger, acquisition, collaboration, partnership, product launch, R&D activities, and capacity expansion to increase their market share and global presence.
The BASF SE is a German-based chemical company and one of the major chemical manufacturers in the world. The BASF Group recently announced that it had set to achieve its ambitious goal on its journey to climate impartiality and accomplish net zero emissions by 2050 of its products.
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