A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Benzene Market was 45.4 million tons in 2021 and is projected to reach 58.0 million tons by the year 2028, growing at a CAGR of 3.6% over the analysis period of 2022-2028. The expansion in the benzene market can be primarily attributed burgeoning demand for benzene derivatives from numerous end-use industries including the automotive industry, electrical & electronics industry, houseware products, textiles industry among others which are driving the growth of the global benzene market during the forecast period 2022-2028.
Burgeoning Demand for Benzene Derivatives by Various End-Use Industries Driving the Global Benzene Market Growth
The surge in the demand for the benzene derivatives like ethylbenzene, cumene, cyclohexane, nitrobenzene, linear alkyl benzene, etc. across various end-user industries is likely to drive substantial demand for benzene during the forecast period 2022-2028. Moreover, a rise in the use of insulation materials in construction is contributing significantly to the market growth. Additionally, rising urbanization and escalating disposable incomes have raised the demand for consumer products like thinners and furniture wax across the world. Benzene acts as a key solvent in numerous commercial, research, and industrial processes. For instance, alkyl benzene is extensively used to produce surfactants in the production of detergents. Similarly, cyclohexane, another derivative of benzene, is a primary raw material for manufacturing nylon, used for producing textiles. Furthermore, the thriving paints and coatings industry (PCI) also acts as a major growth propelling factor for the global benzene market.
Automobile Segment to Grow at A Higher Growth Rate During the Forecast Period
There has been a rising demand for benzene derivatives by the automobile industry. This can be attributed to the wide range of applications found by benzene derivatives in the automobile sector. Benzene serves as a solvent for degreasing and cleaning parts in the automotive sector. Moreover, it is used to manufacture synthetic rubber, chemicals, plastics, etc. that are extensively used by different end-use industries. In the electrical and electronics industry, it is employed as a solvent and paint remover. Moreover, it is used to manufacture several compound plastics like phenolic resins, extensively used by different end-use industries.
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Impact of COVID-19 On The Global Benzene Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global Benzene market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and construction, transportation, textiles, electrical, and electronics industries, which are the most important end-user industries for the benzene market. All this resulted in substantial sales drops of aromatic products, consumer appliances, electronic components, apparel, and others, which significantly reduced the demand for benzene. Nevertheless, with the improving market circumstances in the post covid era, the growth of the benzene market is likely to recover during the forecast period.
The Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global Benzene Market.
In terms of regional analysis, the global benzene market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the region during the forecast period as a result of the escalating end-user markets such as electronics and home appliances, construction, textiles in India, China, and other ASEAN countries. Moreover, benzene is extensively used in the production of construction products like paints, flooring, adhesives, fiberglass, and others. According to the National Bureau of Statistics of China, the construction output in China stood at approximately CNY 29.31 trillion in 2021. This is likely to further boost the demand for benzene in the Asia-Pacific region. Reliance Industries Limited is one of the foremost players in the manufacturing of benzene having an annual production capacity of around 1400 KT, which is supporting the local demand of India as well as exports to numerous countries throughout the world.
Competitive Landscape
The global benzene market is a fragmented market. The key players operating in the global Benzene market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings Inc., China National Petroleum Corporation, Total S.A., Saudi Basic Industries Corporation, BP Plc, and BASF SE., LG Chem, JS Holding, GX Caltex, Haldia Petrochemicals, Reliance Industries Ltd., Indian Oil Inc., and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
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