Global Benzene-Petrochemicals Market Insights 2024, Forecast To 2033
9 Jan, 2024
The benzene-petrochemicals market has exhibited steady growth, increasing from $73.01 billion in 2023 to $75.59 billion in 2024, achieving a 3.5% CAGR. Historical growth is attributed to the increasing demand for plastics, population growth, urbanization, rising disposable incomes, industrialization, feedstock availability, and growth in pharmaceuticals and chemicals production. Future growth is projected to reach $87.97 billion by 2028, sustaining a 3.9% CAGR. Drivers for this growth include demand from the automotive industry, construction and infrastructure development, petrochemical industry growth, consumer goods manufacturing, and economic growth. Major trends encompass advanced petrochemical technologies, bio-based benzene, specialized and high-value chemicals, digitalization, and Industry 4.0, and specialized benzene derivatives.
Global Benzene-Petrochemicals Market Key Driver
The benzene market is witnessing growth driven by the increased use of styrene. Ethylbenzene, a benzene derivative, is a key component in styrene manufacturing. Styrene, utilized in various products like SAN, ABS, polystyrene, and elastomers, is in demand in the automotive industry due to its lightweight properties. Plastics like styrene contribute to vehicle weight reduction, improving fuel economy and reducing assembly costs, thereby fostering the growth of the benzene market.
Get A Free Sample Of The Global Benzene-Petrochemicals Market ReportGlobal Benzene-Petrochemicals Market Segments
The benzene-petrochemicals market covered in this report is segmented –
1) By Manufacturing Process: Pyrolysis Steam Cracking of Naphtha, Catalytic Reforming of Naphtha, Toluene Hydrodealkylation, Toluene Disproportionation, From Biomass
2) By Derivative: Ethylbenzene, Cumene, Alkylbenzene, Aniline, Chlorobenzene, Cyclohexane, Maleic Anhydride, Other Derivatives
3) By Application: Plastics, Resins, Synthetic Fibers, Rubber Lubricants
By Geography: The regions covered in the benzene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the benzene-petrochemicals market in 2023. Middle East was the second-largest region in the global benzene-petrochemicals market. The regions covered in the benzene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major Benzene-Petrochemicals Industry Players
Angarsk Petrochemical Company, Alexandria National Refining and Petrochemicals Company, Arsol Aromatics GmbH & Co. KG, Atyrau Oil & Gas, BASF SE, Borealis AG, BP plc, Braskem SA, Chevron Phillips Chemical Company, China National Petroleum Corporation, China Petrochemical Corporation, China Petroleum & Chemical Corporation (Sinopec), CPC Corporation Limited, Deza AS, Eastman Chemical Company, Egyptian Petrochemicals Holding Company, Exxon Mobil Corporation, Flint Hills Resources LLC, Gadiv Petrochemical Industries Ltd., Gazprom Neft PJSC, GS Caltex Corporation, INEOS Group, JSC Mozyr Oil Refinery, ENEOS Holdings Inc., JXTG Nippon Oil & Energy Corporation, Kian Petrochemical Company, Kuwait Aromatics Co. (Karo), LG Chem Ltd., Shell plc, Hengyi Industries Sdn Bhd, Maruzen Petrochemical Co. Ltd., Mitsubishi Chemical Corporation
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Benzene-Petrochemicals Market Overview
Benzene petrochemical refers to an aromatic hydrocarbon produced from cracked gasoline. It is highly flammable and has a sweet odor. Benzene is manufactured naturally by volcanoes and forest fires.
Benzene-Petrochemicals Global Market Report 2023 provides data on the global benzene-petrochemicals market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The benzene-petrochemicals market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.