H1 2023: In H1 2023, Asia Pacific region acted as the major consumer of Benzene across the globe. From January 2023, LG Chem had their site in South Korea shut and reopened after the end of February 2023. In May 2023, ExxonMobil Corporation, had their Had shut down their production unit in Singapore for maintenance purposes for a span of 29 days. In the same month, Hanwha TotalEnergies Petrochemical Co., Ltd. (Unit-2) was closed for the entire month of May 2023 for regular maintenance. In June 2023, Shanghai Secco Petrochemical Co., Ltd, a leading Chinese company, had their site in Shanghai, China shut for the regular plant maintenance activity. In the first half of 2023, the Benzene market in the Asia Pacific region underwent fluctuations. In China, Benzene prices rose in the first two months of 2023 and then declined in March 2023. During the second quarter of 2023, the price trajectory of benzene experienced a significant decline due to weak demand and fluctuating crude oil prices on the global stage. In the Chinese market, benzene prices remained stable, driven by consistent demand strength. Mid-quarter, there was an upward shift in raw material prices in China, leading in hike of prices of benzene. The Chinese market demonstrated a slower operational pace during the Labor Day festivities. While inventories were sufficient, their efficiency in China was hampered by a moderate demand outlook from end-use manufacturing units. The prices fell down a slope in China in June 2023.
The global Benzene market was approximately 51.5 million tonnes in 2022 and is anticipated to grow at a healthy CAGR of 4.23% during the forecast period until 2032.
Benzene, an organic compound which stands as a crucial chemical intermediate, playing a pivotal role in the synthesis of a diverse array of chemicals, including ethylbenzene, cumene, cyclohexane, nitrobenzene, and linear alkyl benzene. Its pervasive application in the automotive sector, particularly in the production of synthetic rubber, has led to an escalating demand for Benzene in the global market. Anticipated to surge even further, this demand is intricately tied to the robust growth observed in the automotive industry. The primary methods of Benzene production involve Pygas and Naphtha reformate, with Pygas taking precedence.
The rising need for Cumene, a key derivative used in the manufacturing of acetone, holds significance, especially in paints & coatings industries. This surge in Cumene demand contributes substantively to the overall growth of the global Benzene market. Moreover, the escalating need for Benzene derivatives in downstream applications is captivating, driven by the rising demand for rubber processing chemicals, nylon resins, and synthetic fibers. Ethylbenzene, a notable derivative of Benzene, finds its application in the production of styrene. The escalating demand for styrene-based polymers, including polystyrene, styrene-acrylonitrile resins, and acrylonitrile butadiene styrene rubber, particularly in the realms of disposable medical devices and consumer electronics, further propels the Benzene market on a global scale. In essence, Benzene, as a versatile and indispensable chemical entity, stands at the forefront of various industrial processes, fueled by its derivatives that find applications across diverse sectors. The trajectory of the Benzene market is intricately tied to the expanding horizons of downstream industries, marking it as a cornerstone in the realm of organic compounds and chemical intermediates. The global Benzene market size is anticipated to reach nearly 78 million tonnes by 2032.
Based on region, Asia Pacific region is the largest consumer of Benzene. In 2022. This region consumed more than 55% of the global Benzene market.
The Asia Pacific region is poised to assume a leadership role in the future benzene market, driven by dynamic factors that underscore its economic prowess. Rapid industrialization, particularly in burgeoning economies like China and India, stands out as a primary catalyst, amplifying the demand for benzene and its derivatives across diverse manufacturing processes. The region's growing middle-class population is propelling demand for consumer electronics and packaging materials, driving an uptick in benzene derivatives such as styrene, crucial in electronic component production and packaging materials. Furthermore, the Asia Pacific is evolving into a pivotal hub for chemical manufacturing, and benzene, as a crucial chemical intermediate, is integral to various chemical production processes. This confluence of factors, from industrialization to sector-specific demand, positions the Asia Pacific as a frontrunner in shaping the trajectory of the future benzene market.
Based on the end-user industry, the global Benzene market is divided into Styrene, Cumene, and Others. Among these, Styrene Industry dominates the global Benzene market and held a market share of 50% in 2022. Styrene is a crucial monomer for various chemicals and is primarily used in the production of polystyrene, styrene-butadiene rubber for tires, acrylonitrile butadiene styrene resins for household goods, and unsaturated polyester resins for fiberglass-reinforced plastics. Additionally, styrene is utilized in the production of expanded polystyrene foam for insulation and packaging for food items.
Major players in the Global Benzene market are Reliance Industries Limited, Haldia Petrochemicals Limited, Formosa Chemicals & Fiber Corporation, Hanwha TotalEnergies Petrochemical Co., Ltd, GS Caltex, LG Chemical, S-OIL, SK Geo Centric (SKGC), Hengli Petrochemical Refinery, Exxon Mobil Corporation, Sinopec Shanghai Petrochemical Company Limited, Thai Oil Public Company Limited, Petrochina Dalian Chemical, Borealis AG, SABIC, AP Feyzin (Total And Ineos), Versalis S.p.A., and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Benzene which covers production, demand and supply of Benzene market in the globe.
• To analyse and forecast the market size of Benzene
• To classify and forecast Global Benzene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Benzene market in the globe.
To extract data for Global Benzene market, primary research surveys were conducted with Benzene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Benzene market over the coming years.
ChemAnalyst calculated Benzene demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Benzene. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Benzene manufacturers and other stakeholders
• Organizations, forums and alliances related to Benzene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Benzene manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Benzene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
51.5 million tonnes
Market size Volume in 2032
78 million tonnes
Growth Rate
CAGR of 4.23% from 2023 to 2032
Base year
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Styrene, Cumene, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Benzene market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Benzene.
3. Capacity By Location
To better understand the regional supply of Benzene by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Benzene by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Styrene, Cumene, and Others) are creating a market and the forecast for the growth of the Benzene market.
7. Demand by Region
Analyzing the change in demand of Benzene in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Benzene. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Benzene.
10. Company Share
Figure out what proportion of the market share of Benzene is currently held by leading players across the globe.
11. Manufacturing Process
Discover insights into the intricate manufacturing process of Benzene.
12. Country-wise Export
Get details about quantity of Benzene exported by major countries.
13. Country-wise Import
Get details about quantity of Benzene imported by major countries.
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It also highlights the immediate impact on supply due to planned and unplanned outages as well as upcoming start-up
of new capacities. Additionally, it emphasizes how each shutdown—whether due to a maintenance turnaround or a case
of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the net market size of Benzene in terms of volume in 2022?
Ans:
The global market size of Benzene had reached approximately 51.5 million tonnes in 2022.
Q2.
Which region is the major consumer of Benzene?
Ans:
Asia Pacific region is the leading consumer of Benzene globally.
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