Benzene Market Outlook 2031
The global benzene market size was valued at USD 98.78 Billion in 2022 and is likely reach to USD 139.38 Billion by 2031, expanding at a CAGR of 3.9% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand for steric polymers and phenols in plastic and resin processing industries.
Benzene is a natural compound with the chemical equation C6H6, an aromatic hydrocarbon it is removed from unrefined petroleum through refinery measure or acquired as a side-effect in steam saltines and refineries It is a flammable dull fluid which has sweet smell and is abundantly accessible in nature. Benzene is generally utilized in petrochemical businesses to incorporate its subsidiaries, which have a few applications in polymers, synthetics, and agrarian.
Benzene is a natural compound with a gas like scent incorporates different properties of benzene such as high combustibility and plentiful accessibility in nature. It tends to be extracted from the unrefined by processing plant or fabricated as a bi-substance in treatment facilities and steam saltines. Its inescapable use among different end-use businesses has been the major factor driving the development of the worldwide benzene market.
Benzene Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for phenol and steric polymers in plastic and pitch preparing ventures are estimated to boost the market during the forecast period.
- Rapid growth of the chemical industry due to availability of raw materials in abundance is the key factors anticipated to fuel the market in the coming years.
- Increasing demand for pharmaceutical products globally is driving the market during the forecast period.
- High cost of product is projected to hamper the market growth.
- Lack of skilled labor act as major factor that can restrict the market growth during the forecast period.
- R&D investment and technological advancement is expected to reduce the environmental hazardous, this in turn is projected to boost the market.
- Increasing demand has resulted in several benzene plants worldwide, which are estimated to provide immense growth opportunities for the market players.
Scope of Benzene Market Report
The report on the global benzene market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Benzene Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Ethyl benzene, Alkyl benzene, Cumene, Cyclohexane, and Nitrobenzene) and Applications (Electrical and electronics, Building and construction, Textile, and Automotive)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sinopec, Exxon Mobil, Shell, DowDuPont, JXTG, Total, SABIC, BASF, CNPC, and BP
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Benzene Market Segment Insights
The cumene segment is projected to hold a major market share
Based on types, the benzene market is fragmented into ethylbenzne, cumene, cyclohexane, nitrobenzene, and alkylbenzene. The cumene segment is expected to hold a key share of the market during the forecast period due to growing demand of phenol and acetone chemicals.
However the segment is anticipated to expand at a rapid pace during the forecast period due to increasing demand of chemicals in production of plastics and also used in minor amounts as a solvent to manufacture paints, lacquers, and enamels.

The automotive segment is expected to hold a major market share
Based on applications, the benzene market is segregated into building and construction, electrical and electronics, textile, and automotive. Increased utilization of styrene is expected to drive the benzene market. There is an expanded interest of styrene-based polymers and copolymers in the car business because of its light weight nature. For example, according to American Chemistry Council (ACC), the efficiency of a vehicle can improve by 6-8% by lessening the heaviness of a vehicle by 10%.
Utilization of plastics like styrene can lessen the heaviness of vehicles, consequently improving mileage. The use of styrene has additionally profited producers by diminishing vehicle assembly time and expenses. These benefits of use of styrene-based polymers and copolymers particularly in car industry are required to add to the development of benzene market.
Benzene Market Regional Outlook
Asia Pacific is expected to dominate the market
On the basis of regions, the benzene market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to hold major market share during the forecast period. The regional market growth can be attributed to expand at a high CAGR because of increase in demand for oil and flammable gas and development of polymer enterprises.
China is expected to hold the top rank in producing and consuming benzene with a CAGR of 7.8% in coming years, owing to increase in living standards in the regions with rise in demand for everyday comforts and expanded interest for plastics in the automotive industries. Likewise, usage of polyurethane froths in the bedding has increased, prompting the high utilization of benzene in the region.

Segments
Types
- Ethyl benzene
- Nitrobenzene
- Cumene
- Alkyl benzene
- Cyclohexane
Applications
- Automotive
- Electrical and electronics
- Building and construction
- Textile
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Shell
- JXTG
- BP
- BASF
- Exxon Mobil
- Sinopec
- Total
- SABIC
- DowDuPont
- CNPC
Competitive Landscape
Key players competing in the benzene market are Exxon Mobil Corp., Sinopec, Shell, JXTG, BP, BASF, Total, SABIC, DowDuPont, and CNPC Some of these players have developed business strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
For instance, In December, 1998 Exxon and Mobil were merged and was called Exxon Mobil Corp. Additionally, In April, 2017 JXHD and Tonen General Sekiyu K.K were merged. And In February, 2016 Shell acquired BG Group for USD 70 billion.
