The Benzene-Petrochemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Benzene-Petrochemicals Global Market Report 2024, 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.
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.
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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
The benzene-petrochemicals market report table of contents includes:
1. Executive Summary
2. Benzene-Petrochemicals Market Characteristics
3. Benzene-Petrochemicals Market Trends And Strategies
4. Benzene-Petrochemicals Market – Macro Economic Scenario
5. Global Benzene-Petrochemicals Market Size and Growth
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26. South America Benzene-Petrochemicals Market
27. Brazil Benzene-Petrochemicals Market
28. Middle East Benzene-Petrochemicals Market
29. Africa Benzene-Petrochemicals Market
30. Benzene-Petrochemicals Market Competitive Landscape And Company Profiles
Top Major Players:
- Angarsk Petrochemical Company
- Alexandria National Refining and Petrochemicals Company
- Arsol Aromatics GmbH & Co. KG
- Atyrau Oil & Gas
- BASF SE
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