The benzene-petrochemicals global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Benzene-Petrochemicals Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The benzene-petrochemicals market size has grown steadily in recent years. It will grow from $73.01 billion in 2023 to $75.59 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The growth in the historic period can be attributed to increasing demand for plastics, growing population and urbanization, rising disposable incomes, expanding industrialization, feedstock availability, growing pharmaceuticals and chemicals production.
The benzene-petrochemicals market size is expected to see steady growth in the next few years. It will grow to $87.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. 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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Scope Of Benzene-Petrochemicals Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Benzene-Petrochemicals Market Overview
Market Drivers –
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.
Market Trends —
Many companies in the benzene market are focusing on research and developmental activities to discover new technologies and processes for the production of benzene. The technologies developed are expected to help curb environmental issues. For instance, in January 2021, Covestro, a German materials company received its first delivery of 2,000 metric tons of sustainable benzene from Total, a France-based petroleum company. The delivery enables Covestro to contribute to the circular economy. The increase in such technological advances to reduce emissions will gain traction and contribute to the growth of the market.
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
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Regional Insights —
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.
Key Companies —
Major companies operating in the benzene-petrochemicals market include 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
Table of Contents
1. Executive Summary
2. Benzene-Petrochemicals Market Report Structure
3. Benzene-Petrochemicals Market Trends And Strategies
4. Benzene-Petrochemicals Market — Macro Economic Scenario
5. Benzene-Petrochemicals Market Size And Growth
…..
27. Benzene-Petrochemicals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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