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Benzene Market Research Report Information by Derivative (Alkyl Benzene, Cumene, Cyclohexane, Ethyl Benzene, Nitro Benzene, Aniline, Toluene, Phenol, Styrene, Others), by Application (Solvent, Chemical Intermediates, Surfactants, Plastics, Rubber Manufacturing, Detergent, Explosives, Lubricants, Pesticides, Anti-Knock Additives, Others) And by Region (North America, Europe, Asia-Pacific, Latin America, Middle east & South Africa) - Forecast Till 2032


ID: MRFR/CnM/0423-HCR | 140 Pages | Author: Anshula Mandaokar| July 2024

Global Benzene Market Overview


Benzene Market Size was valued at USD  40.07  billion in 2021. The Benzene industry is projected to grow from USD 40.87 Billion in 2022 to USD 65.72 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.12 % during the forecast period (2024 - 2032). The increase in demand for benzene as styrene is used in the production of tires and several body parts of both diesel or gasoline-powered vehicles and electric vehicles are driving the market growth.


Benzene Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Benzene Market Trends




  • Increasing demand for benzene as styrene to boost the market growth




The automotive industry is increasing continuously with the introduction of a new range of electric vehicles has also resulted in an increase in demand for benzene as styrene is used in the production of tires and several body parts of both diesel or gasoline-powered vehicles and electric vehicles.


According to Niti Aayog, India is among the fastest-growing country in the automotive sector witnessing a compounded annual growth rate of 4% from 2011 to 2020. Additionally, according to the National Bureau of Statistics of China in 2020, tire production in the country reached to 807.47 million. Thus, this increasing demand for automobiles in different countries is resulting in an increase in demand for benzene. According to the International Energy Agency (IEA) in 2018, the U.S. is home to around 40% of petrochemical production. Thus, the increasing petrochemical industry in the U.S. and North America as well as the availability of crude oil is acting as a driving factor for increasing the demand for benzene in the region.


Moreover, Ethylbenzene is used to produce most of the styrene that finds its usage in the manufacturing of rubber tires, plastic packaging, several automobile parts (instrumental panels, knobs, trim, energy absorbing door panels, and sound dampening foam), and electronic equipment. Thus, all these factors contribute to the increasing demand for ethylbenzene.


The US Food and Drug Administration (FDA) has published final guidelines in 2024 to hasten the reformulation of pharmaceutical goods that contain inactive chemicals made with benzene, a chemical the agency has classified as a "known carcinogen." The FDA stated that it "encourages manufacturers to implement reformulation as soon as possible" in a release. Given the importance of public health, the FDA is releasing this recommendation, which will take effect right away and require no more comments.


2024 saw the discovery of elevated concentrations of the carcinogen benzene in a number of benzoyl peroxide (BPO) acne treatments from well-known manufacturers, such as Clinique, Proactiv, Clearasil, and others. Independent testing lab Valisure LLC petitioned the US Food and Drug Administration (FDA) to recall treatments impacted by high concentrations of the carcinogen. Great Orient Chemical Pte. Ltd.'s 50% ownership was acquired by Saudi Arabia's Farabi Petrochemicals Company in 2023. LAB, or linear alkyl benzoene, is produced in large quantities and is utilized in home and laundry products. Great Orient Chemical Taicang Co. Ltd., which runs multiple petrochemical complexes around the nation, is owned exclusively by the latter.


Figure 1: Ethylbenzene production in the United States from 1990 to 2019(in 1,000 metric tons)


Ethylbenzene production in the United States from 1990 to 2019(in 1,000 metric tons)


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


The manufacturing of styrene butadiene rubber heavily utilizes the derivative styrene (SBR). SBR is mostly used to make tires for automobiles and other light-weight vehicles. SBR is an excellent material for meeting the high performance and durability requirements of the tire industry since it has special qualities including reduced rolling friction, good grip during braking, and abrasion resistance. In addition to tires, SBR is used to make shoe bottoms, pipes, gaskets, wire insulation, and conveyor belts. The packaging industry makes extensive use of polystyrene because of its superior durability, light weight, flexibility, and moisture resistance. Emerging economies like India and China have experienced rapid e-commerce growth during the past ten years. Due to the increasing purchasing power and improved accessibility provided by e-commerce firms like Alibaba, Flipkart, and Amazon this expansion is most likely to continue. One of the world's fastest-growing e-commerce markets is India.


The National Investment Promotion and Facilitation Agency projects that by 2030, internet retail in India would make up 37% of the whole organized retail market. Increased smartphone and internet usage, as well as creative marketing tactics, are expected to encourage more people to purchase online. The packaging industry is likely to increase concurrently with the ecommerce sector throughout the forecast period, propelling market growth. Thus, the increasing demand in the Benzene for styrene market driving the growth of the Benzene market revenue.


Benzene Market Segment Insights


Benzene Derivative Insights


The  Benzene market segmentation, based on derivative, Alkyl Benzene, Cumene, Cyclohexane, Ethyl Benzene, Nitro Benzene, Aniline, Toluene, Phenol, Styrene, Others. The Ethyl Benzene segment held the majority share in 2021 contribution to around ~50-55% in respect to the  Benzene market revenue. This is primarily owing to the rising demand of Ethyl Benzene in styrene manufacturing. For instance, as per the International Energy Agency (IEA) published in 2018,there is rising demand for Benzene.


June 2020: INEOS, a UK-based chemicals company acquired chemical unit (aromatics and acetyls business) of BP plc for $5 billion along with its BP's Cooper River petrochemical plant in South Carolina among other facilities. This will enhance the production capacity of aromatics to cater to the market demand and enables operations synergies. BP plc is a UK-based oil and gas company.


October 2021: Ombrelle Canada, recommended brand by pharmacists and physicians, recalls a range of spray sunscreen because of increased levels of benzene that may cause serious health risks. According to Health Canada, Ombrelle Garnier Complete Dry Mist Spray Sunscreen, SPF 60, and SPF 30 are recalled. Benzene is a chemical usually used in industrial emissions, second-hand smoke, and car exhaust. Recurrent and long-term exposure via skin or by inhalation to increased levels of benzene may lead to severe health risks such as different types of cancer such as bone marrow failure, anemia, and leukemia. Anyone with these products should stop using them immediately or contact health experts in case of any concern.


Benzene Application Insights


The  Benzene market segmentation, based on application, Solvent, Chemical Intermediates, Surfactants, Plastics, Rubber Manufacturing, Detergent, Explosives, Lubricants, Pesticides, Anti-Knock Additives, Others. The Rubber Manufacturing segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The increased use of styrene to drive 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. Hence, demand in in different applications positively impacts market growth.


September 2022: According to OEC, China's styrene polymer exports accounted for USD 73.9 million. Between September 2021 and September 2022, the exports of China's styrene polymers increased by USD 21.9 million (42.1%), from USD 52 million to USD 73.9 million. This has further increased market share in the  Benzene industry.


Figure 2:  Benzene Market, by derivative, 2021 & 2030 (USD Billion)


Benzene Market, by derivative, 2021 & 2030


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Additionally, ethylbenzene is also used as a solvent in fuels and as an intermediate for other chemical applications. These uses are likely to keep the demand for ethylbenzene high and help it grow, which will boost the benzene market in the coming years.


Benzene Application Insights


Based on application, the  Benzene industry has been segmented into  Solvent, Chemical Intermediates, Surfactants, Plastics, Rubber Manufacturing, Detergent, Explosives, Lubricants, Pesticides, Anti-Knock Additives, Others.  Rubber Manufacturing held the largest segment share in 2021, owing to the increase in demand and import in China is due to the increasing usage of benzene in construction and automobile products such as paints, flooring, fiberglass, adhesives, tires, and others. The other segment is expected to bolster at a 6.12% CAGR during the assessed timeline.


Benzene Regional Insights


By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America, Middle east & South Africa. Asia-Pacific Benzene dominating market accounted for USD 20 billion in 2021 and is expected to exhibit a 6.12 % CAGR during the study period. This is attributed to the expanding end-use industries such as the chemical industry, packaging, automobile, pharmaceutical, and others in the region. According to International Institute for Sustainable Development (IISD) in 2021, the chemical industry in the Asia Pacific accounted for around 45% of chemical manufacturing and 7% of  GDP.


Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3:  BENZENE MARKET SHARE BY REGION 2021 (%)


BENZENE MARKET SHARE BY REGION 2021


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Benzene market accounts for the second-largest market share due to the growing demand for the product from various applications, including the styrene industry. Further, the Germany Benzene market held the largest market share, and the UK Benzene market was the fastest growing market in the European region


The Asia-Pacific Benzene Market is expected to grow at a CAGR of 6.12 % from 2022 to 2030. This is because of the region's increasing usage of benzene in construction and automobile products, as well as the expanding demand for Benzene from the flooring and tire industries in developing nations like China and India. Moreover, China Benzene market held the largest market share, and the India Benzene market was the fastest growing market in the Asia-Pacific region


For instance, India Benzene market is the favored destination for Benzene manufacturers due to the infrastructure projects. On the other hand, Japan is famous for the civil engineering industry. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.


Benzene Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the Benzene market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Benzene industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies adopted by manufacturers in the  Benzene industry to benefit clients and expand the Benzene market sector is to manufacture locally to reduce operating costs. In recent years, Benzene has provided some of the most significant benefits.


SIBUR (Russia) is the largest integrated petrochemical company in Russia and one of the fastest-growing companies in the petrochemicals industry. Companies’ solutions find application in a variety of industries across the globe, including agriculture, construction, food, pharmaceutical, healthcare, and automotive industries. In July 2020, SIBUR has announced the benzene separation plant that is equipped with an extractive distillation unit in the Kstovo site in Russia. This extractive distillation unit efficiently separates the non-aromatic hydrocarbons and significantly increases the productivity of the overall industries.


Also, Covestro AG (Covestro) (Germany) is a provider of high-tech polymers. It develops and manufactures raw materials for polyurethanes, and their derivatives, coatings, adhesives and other specialties, polycarbonates, and specialty chemicals. The company also manufactures and markets chlorine and by-products such as styrene. The company provides its offerings to various markets such as automotive, construction, fashion, and sportswear, electrical and electronics, cosmetics, health, chemical, and wood processing and furniture. It operates research laboratories, technical service centers and sales offices across the world. In June 2021, Total and Covestro have announced their partnering that has helped to boost the overall growth of the benzene industry. Their partnership has brought in several advancements in the benzene industry, such as an improved production rate of 2000 tons of benzene with higher quality and ISCC-plus-certified, alternative solutions for sustainable end-user products such as insulation boards, automotive parts, cooling units, and so on.


Key Companies in the Benzene market include



  • Aerosol Aromatics GmbH & Co. KG (Germany)

  • Dow (US)

  • SABIC (Saudi Arabia)

  • Borealis AG (Austria)

  • BP plc (UK)

  • Exxon Mobil Corporation (US)

  • BASF SE (Germany)

  • Repsol (Spain)

  • Royal Dutch Shell Plc (Netherlands)

  • China Petroleum & Chemical Corporation (China), among others


Benzene Industry Developments


July 2022: INEOS agreed to acquire a 50% stake in Shanghai SECCO Petrochemical Company Limited, a subsidiary of China Petroleum & Chemical Corporation (SINOPEC). SECCO currently has a production capacity of 4.2 MMT of petrochemicals - including ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, acrylonitrile, butadiene, benzene, and toluene. It is a 200-hectare facility, located inside the Shanghai Chemical Industry Park. This will help the company to strengthen the company's hold in China.


July 2021: Johnson & Johnson revealed that it willingly recalls 14 sunscreen products from five distinct product lines once finding benzene, a recognized carcinogen, in some popular sunscreen sprays. The Company suggests customers stop using and discard its Neutrogena and Aveeno aerosolized sunscreens. It also informed retailers and distributors to stop selling the sprays and manage the return of the products.


Benzene Market Segmentation


Benzene Derivative Outlook



  • Alkyl Benzene

  • Cumene

  • Cyclohexane

  • Ethyl Benzene

  • Nitro Benzene

  • Aniline

  • Toluene

  • Phenol

  • Styrene Others


Benzene Application Outlook



  • Solvent

  • Chemical Intermediates

  • Surfactants

  • Plastics

  • Rubber Manufacturing

  • Detergent

  • Explosives

  • Lubricants

  • Pesticides

  • Anti-Knock Additives

  • Others


Benzene Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Russia

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia-Pacific



  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America



  • MEA

    • GCC Countries

    • South Africa

    • Rest of MEA



Report Attribute/Metric Details
Market Size 2021 USD 40.07 billion
Market Size 2022 USD 40.87 billion
Market Size 2030 USD 65.72 billion
Compound Annual Growth Rate (CAGR) 6.12 % (2024-2032)
Base Year 2023
Forecast Period 2024-2032
Historical Data 2019 & 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Derivative, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, Latin America, and MEA
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), BASF SE (Germany), Repsol (Spain), Royal Dutch Shell Plc (Netherlands) and China Petroleum & Chemical Corporation (China)
Key Market Opportunities The market growth is attributed to increasing demand in various end-use industries
Key Market Dynamics The increase in demand for ethyl benzene in various applications


Frequently Asked Questions (FAQ) :

The Benzene market is USD 40.07 billion in 2021

The Benzene market is expected to grow at a CAGR of 6.12%

Asia-Pacific held the largest market share in the Benzene market

Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), are the key players

Ethyl Benzene led the Benzene market

Rubber manufacturing had the largest market share in the Benzene market

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