The benzene-petrochemicals market size is expected to see steady growth in the next few years. It will grow to <b>$87.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. </b> The growth in the forecast period can be attributed to demand from automotive industry, growing construction and infrastructure development, petrochemical industry growth, consumer goods manufacturing, economic growth. Major trends in the forecast period include advanced petrochemical technologies, bio-based benzene, specialized and high-value chemicals, digitalization and industry 4.0, specialized benzene derivatives.
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the benzene-petrochemicals market in 2023. <b>Middle East</b> 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.
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Major Driver Impacting Market Growth
The increased use of styrene is driving the benzene market The benzene derivative ethylbenzene is majorly used in the manufacturing of styrene. Styrene is used in the production of various products, such as styrene-acrylonitrile (SAN), acrylonitrile-butadiene-styrene (ABS), polystyrene, styrene-butadiene elastomers, latexes, unsaturated polyester resins, among others. There is an increased demand for styrene-based polymers and copolymers in the automotive industry due to their lightweight nature. For instance, according to the American Chemistry Council (ACC), the fuel economy of a vehicle can improve by 6–8% by reducing the weight of a vehicle by 10%. Usage of plastics like styrene can reduce the weight of vehicles, thereby improving fuel economy. The use of styrene has also benefited manufacturers by reducing vehicle assembly time and costs. These advantages of the usage of styrene-based polymers and copolymers, especially in the automotive industry, are expected to contribute to the growth of the benzene market.
Key Industry Players
Major companies operating in the benzene-petrochemicals market include <b> 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 </b>
The benzene-petrochemicals market report table of contents includes:
- Executive Summary
- Benzene-Petrochemicals Market Characteristics
- Benzene-Petrochemicals Market Trends And Strategies
- Benzene-Petrochemicals Market – Macro Economic Scenario
- Global Benzene-Petrochemicals Market Size and Growth
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- Global Benzene-Petrochemicals Market Competitive Benchmarking
- Global Benzene-Petrochemicals Market Competitive Dashboard
- Key Mergers And Acquisitions In Benzene-Petrochemicals Market
- Benzene-Petrochemicals Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Angarsk Petrochemical Company
- Alexandria National Refining and Petrochemicals Company
- Arsol Aromatics GmbH & Co. KG
- Atyrau Oil & Gas
- BASF SE
- Borealis AG,
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