NEWARK, Del, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global benzene market is on a trajectory of significant growth, with an estimated value of USD 61,573 million in 2024, projected to reach USD 109,685.2 million by 2034. This growth is underpinned by a compound annual growth rate (CAGR) of 5.9% over the forecast period from 2024 to 2034. In 2023, the market was valued at USD 58,727.1 million, reflecting a year-on-year growth of 4.8% expected in 2024. The increasing demand for benzene in key industries such as automotive, chemical manufacturing, and construction, alongside the rising focus on sustainability, is driving the market forward.
The global benzene market is poised for substantial growth, driven by its critical role in key industries such as automotive, chemicals, and construction. The shift towards sustainable and bio-based production methods presents new opportunities for market expansion, particularly in regions with stringent environmental regulations. With East Asia leading the charge, the benzene market is set to reach new heights by 2034.
“The benzene market's growth is closely tied to the expansion of the automotive and chemical industries, with sustainability trends pushing the development of bio-based alternatives, creating new opportunities for market players”, - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
To Gain More Insights about this Research, Visit! https://www.futuremarketinsights.com/reports/benzene-market
Key Takeaways
- The global benzene market is estimated to reach USD 61,573 million in 2024 and USD 109,685.2 million by 2034.
- Sales are expected to grow at a CAGR of 5.9% from 2024 to 2034.
- East Asia is set to exhibit the highest CAGR of 5% during the forecast period, holding a 22% global market share by 2034.
- The automotive and chemical industries are major consumers of benzene, driving demand through its application in synthetic rubber, plastics, and various derivatives.
- The shift towards bio-based chemicals and sustainable production methods is creating new growth opportunities, particularly in Europe and North America.
Market Insights
Regional Insights: East Asia Leads the Charge
East Asia is anticipated to exhibit the most significant growth in the benzene market, with a CAGR of 5% during the forecast period. By 2034, the region is expected to hold a value share of approximately 22% globally. This growth is driven by countries like China, Japan, and South Korea, which have well-established industries that heavily utilize benzene in various applications.
China, in particular, is a key player in the automotive sector, producing over 27 million vehicles in 2023. Benzene is crucial for manufacturing automotive components such as synthetic rubber and plastic parts, which are essential in vehicle production. As the automotive industry continues to expand, the demand for benzene-derived materials is expected to rise, further augmenting the market.
Sustainability and Technological Advancements in the Chemical Industry
The chemical industry remains one of the largest consumers of benzene, relying on it for the production of key derivatives like ethylbenzene, cumene, and cyclohexane. Ethylbenzene, used to produce styrene, is essential for manufacturing polystyrene and other plastics. The rising demand for these derivatives in end-use industries is a significant driver of benzene consumption.
Moreover, the increasing focus on sustainability has led to a growing interest in bio-based chemicals as alternatives to petroleum-derived products. Companies like Anellotech, Inc. in the United States have developed technologies to produce bio-based benzene from renewable feedstocks like lignin or biomass. This shift towards eco-friendly alternatives is expected to showcase a 4.5% CAGR during the forecast period, particularly in regions with stringent environmental regulations like Europe and North America.
Automotive Industry Drives Demand
The global automotive industry continues to be a major driver of benzene demand. The compound is extensively used in the production of tires, synthetic fibers, and various plastics used in vehicles. The International Organization of Motor Vehicle Manufacturers reported that global vehicle production reached approximately 83 million units in 2023, directly correlating with high benzene consumption.
The rise of electric vehicles (EVs) is also fueling demand for benzene-derived materials. As EVs gain popularity, traditional automotive components are being redesigned with synthetic materials and composites that rely heavily on benzene derivatives. This trend is expected to continue, bolstering the market's growth.
Chemical Derivatives: Phenol and Acetone Production
Benzene plays a critical role in producing key compounds like phenol and acetone, which are essential in manufacturing plastics, resins, adhesives, and pharmaceuticals. The rising production of phenol, particularly in Asia Pacific, is a notable trend. In 2023, China's phenol production capacity reached over 3.5 million metric tons per year, reflecting robust demand for benzene as a raw material.
Competition Outlook
Key players operating in the benzene market are investing huge sums in research and development activities to broaden their product offerings. They are also focusing on taking several strategic initiatives to surge their presence worldwide.
Leading Benzene Brands
- BASF SE
- Braskem
- SABIC
- Exxon Mobil Corporation
- INEOS
- LyondellBasell Industries Holdings BV
- Mitsubishi Chemical Corporation
- Reliance Industries Limited
- Shell PLC
- SIBUR
- Anellotech
- Chevron Phillips Chemical Company LLC
- China Petroleum & Chemical Corporation
- Marathon Petroleum Company
- JFE Chemical Corporation
- Arkema Group
- Borealis
- Cabot Corporation
- Celanese Corporation
- Dow Chemical
- Honeywell
- Huntsman Corporation
Key Segments of Market Report
By Product Type:
Petroleum-based and bio-based are the key product types.
By Derivative Types:
Ethylbenzene, cumene, nitrobenzene, and cyclohexane are the leading derivative types. Ethylbenzene is sub-segments into styrene and others. Cumene is segregated into phenol, bisphenol A (BPA), and acetone. Nitrobenzene is divided into aniline and others.
By End-use:
In terms of end-use, the industry is divided into oil and gas, chemical, paints and coatings, automotive, and others.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa have been covered in the report.
El mercado mundial del benceno se encuentra en una trayectoria de crecimiento significativo, con un valor estimado de USD 61.573 millones en 2024, que se proyecta que alcance los USD 109.685,2 millones para 2034. Este crecimiento está respaldado por una tasa de crecimiento anual compuesta (CAGR) del 5,9% durante el período de pronóstico de 2024 a 2034. En 2023, el mercado se valoró en USD 58.727,1 millones, lo que refleja un crecimiento interanual del 4,8% esperado en 2024. La creciente demanda de benceno en industrias clave como la automotriz, la fabricación de productos químicos y la construcción, junto con el creciente enfoque en la sostenibilidad, está impulsando el mercado hacia adelante.
El mercado mundial del benceno está preparado para un crecimiento sustancial, impulsado por su papel fundamental en industrias clave como la automotriz, la química y la construcción. El cambio hacia métodos de producción sostenibles y de base biológica presenta nuevas oportunidades para la expansión del mercado, particularmente en regiones con estrictas regulaciones ambientales. Con Asia oriental a la cabeza, se prevé que el mercado del benceno alcance nuevas cotas en 2034.
“El crecimiento del mercado del benceno está estrechamente vinculado a la expansión de las industrias química y automotriz, y las tendencias de sostenibilidad impulsan el desarrollo de alternativas de base biológica, lo que crea nuevas oportunidades para los actores del mercado”, afirma Nikhil Kaitwade, vicepresidente asociado de Future Market Insights (FMI).
Conclusiones clave
• Se estima que el mercado mundial del benceno alcanzará los 61 573 millones de dólares en 2024 y los 109 685,2 millones de dólares en 2034.
• Se espera que las ventas crezcan a una CAGR del 5,9 % entre 2024 y 2034.
• Se prevé que Asia oriental presente la CAGR más alta del 5 % durante el período de pronóstico, con una participación de mercado global del 22 % en 2034.
• Las industrias química y automotriz son grandes consumidores de benceno, lo que impulsa la demanda a través de su aplicación en caucho sintético, plásticos y diversos derivados.
• El cambio hacia productos químicos de base biológica y métodos de producción sostenibles está creando nuevas oportunidades de crecimiento, en particular en Europa y América del Norte.
Información del mercado
Información regional: Asia oriental lidera la ofensiva
Se prevé que Asia oriental exhiba el crecimiento más significativo en el mercado del benceno, con una tasa de crecimiento anual compuesta (CAGR) del 5 % durante el período de pronóstico. Para 2034, se espera que la región tenga una participación en valor de aproximadamente el 22 % a nivel mundial. Este crecimiento está impulsado por países como China, Japón y Corea del Sur, que tienen industrias bien establecidas que utilizan ampliamente el benceno en diversas aplicaciones.
China, en particular, es un actor clave en el sector automotriz, produciendo más de 27 millones de vehículos en 2023. El benceno es crucial para la fabricación de componentes automotrices como caucho sintético y piezas de plástico, que son esenciales en la producción de vehículos. A medida que la industria automotriz continúa expandiéndose, se espera que aumente la demanda de materiales derivados del benceno, lo que aumentará aún más el mercado.
Sostenibilidad y avances tecnológicos en la industria química
La industria química sigue siendo uno de los mayores consumidores de benceno, y depende de él para la producción de derivados clave como el etilbenceno, el cumeno y el ciclohexano. El etilbenceno, utilizado para producir estireno, es esencial para la fabricación de poliestireno y otros plásticos. La creciente demanda de estos derivados en las industrias de uso final es un impulsor importante del consumo de benceno.
Además, el enfoque cada vez mayor en la sostenibilidad ha llevado a un creciente interés en los productos químicos de origen biológico como alternativas a los productos derivados del petróleo. Empresas como Anellotech, Inc. en los Estados Unidos han desarrollado tecnologías para producir benceno de origen biológico a partir de materias primas renovables como la lignina o la biomasa. Se espera que este cambio hacia alternativas ecológicas muestre una CAGR del 4,5% durante el período de pronóstico, particularmente en regiones con regulaciones ambientales estrictas como Europa y América del Norte.
La industria automotriz impulsa la demanda
La industria automotriz mundial sigue siendo un importante impulsor de la demanda de benceno. El compuesto se utiliza ampliamente en la producción de neumáticos, fibras sintéticas y diversos plásticos utilizados en vehículos. La Organización Internacional de Fabricantes de Vehículos de Motor informó que la producción mundial de vehículos alcanzó aproximadamente 83 millones de unidades en 2023, lo que se correlaciona directamente con el alto consumo de benceno.
El auge de los vehículos eléctricos (VE) también está impulsando la demanda de materiales derivados del benceno. A medida que los VE ganan popularidad, los componentes automotrices tradicionales se están rediseñando con materiales sintéticos y compuestos que dependen en gran medida de los derivados del benceno. Se espera que esta tendencia continúe, impulsando el crecimiento del mercado.
Derivados químicos: producción de fenol y acetona
El benceno desempeña un papel fundamental en la producción de compuestos clave como el fenol y la acetona, que son esenciales en la fabricación de plásticos, resinas, adhesivos y productos farmacéuticos. La creciente producción de fenol, particularmente en Asia Pacífico, es una tendencia notable. En 2023, la capacidad de producción de fenol de China alcanzó más de 3,5 millones de toneladas métricas por año, lo que refleja una sólida demanda de benceno como materia prima.
Perspectivas de la competencia
Los actores clave que operan en el mercado del benceno están invirtiendo enormes sumas en actividades de investigación y desarrollo para ampliar su oferta de productos. También se están centrando en tomar varias iniciativas estratégicas para aumentar su presencia en todo el mundo.
Principales marcas de benceno
• BASF SE
• Braskem
• SABIC
• Exxon Mobil Corporation
• INEOS
• LyondellBasell Industries Holdings BV
• Mitsubishi Chemical Corporation
• Reliance Industries Limited
• Shell PLC
• SIBUR
• Anellotech
• Chevron Phillips Chemical Company LLC
• China Petroleum & Chemical Corporation
• Marathon Petroleum Company
• JFE Chemical Corporation
• Arkema Group
• Borealis
• Cabot Corporation
• Celanese Corporation
• Dow Chemical
• Honeywell
• Huntsman Corporation
Segmentos clave del informe de mercado
Por tipo de producto:
Los productos derivados del petróleo y de origen biológico son los principales tipos de productos. Por tipo de derivado:
El etilbenceno, el cumeno, el nitrobenceno y el ciclohexano son los principales tipos de derivados. El etilbenceno se divide en subsegmentos, como estireno y otros. El cumeno se divide en fenol, bisfenol A (BPA) y acetona. El nitrobenceno se divide en anilina y otros.
Por uso final:
En términos de uso final, la industria se divide en petróleo y gas, productos químicos, pinturas y revestimientos, automoción y otros.
Por región:
El informe abarca países clave de América del Norte, América Latina, Europa, Asia oriental, Asia meridional, Oriente Medio y África.
About the Chemical & Material Division at Future Market Insights
The chemical & material team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Chemicals & Materials Domain:
The ethylbenzene market sales is likely to be valued at USD 23,053.6 million in 2024. The market is put forward to progress steadily through 2034, with a CAGR of 3.5%.
The global demand for monochlorobenzene market is slated to reach USD 1,915.1 million in 2023 and is expected to accumulate a market value of USD 2,701.5 million by registering a CAGR of 3.5% in the forecast period 2023 to 2033.
Technological advancements & process innovations, bolster the overall scope for cyclohexylbenzene market, which is projected to grow at a CAGR of 5.0% between 2023 and 2033, totaling around USD 716.5 million by 2033.
Key factors driving the sales of 1,4-Dicyclohexylbenzene include growth in automobile sales. Sales in the automotive industry are increasing consistently and this growth trend is expected to continue through the report’s forecast period.
The low density polyethylene market share is expected to have stable growth during the next 10 years followed by a predicted value of USD 72,649.90 million by 2034.
According to latest market survey conducted by Future Market Insights, the global perchloroethylene market demand is relishing a market valuation of USD 1,672 Million in 2022, and all set to expand with a CAGR of 3% during 2022 to 2032 period.
The global market sales of polyethylene terephthalate is forecast to reach USD 28.6 Billion in 2022, up from USD 27.1 Billion in 2021. Furthermore, the industry is poised to reach nearly USD 40 Billion by 2032
The chlorinated polyethylene resins & elastomers market share is forecast to reach USD 600 Million by 2022, expected to flourish at a CAGR of 8% to reach USD 1,297 Million by 2032.
The global ground and precipitated calcium carbonate market size is likely to record a CAGR of 5.4% during the forecast period.
According to the latest market survey conducted by Future Market Insights, the global calcium oxide market share is relishing a market valuation of USD 4,573.4 Million in 2022 and is all set to expand with a CAGR of 5.3% during the 2022 to 2032 period.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
