Benzene Market Overview
Benzene is an organic compound with a gasoline-like odor and a sweet smell. Other properties of benzene include high flammability, abundant availability in nature, and no odor. It can be extracted from the crude by refinery or manufactured as a bi-product in refineries and steam crackers. Its chemical properties are as follows:
- It gets soluble in organic solvents very easily but is feebly soluble in water.
- It is nonpolar
Its widespread use among various end-use industries has been the major reason for the growth of the global benzene market. The benzene uses, and market data in petrochemical industries for synthesizing its derivatives are further used in industries like chemicals, polymers, furniture, agriculture industries, etc. The market growth is attributed to increasing demand in various end-use industries like petroleum, furniture, and agriculture industries.
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The growth of the market is expected to take place at a significant pace during the forecast period. The projected CAGR of the market benzene industry size is 3.65% and is expected to be sized at 54510-kilo tons.
The primary factor driving the market’s growth is the increase in demand for phenol and steric polymers in plastic and resin processing industries. Also, benzene is used to produce derivatives useful in various areas, including phenol, styrene, and amine, etc.
The production and use of benzene and even its derivatives are very harmful to human health and the environment, causing serious damages to both. Hence, the government’s stringent policies subsequently hamper the benzene analyzer market growth to be a major restraint.
Regulatory implications seem to have a considerable effect on the growth of the market. The government and the regulatory bodies, before passing the law, ensure that they are laid down not only for the good of the living beings but also for the environment. As the benzene market value has significant effects on human beings’ health, serious laws and regulations have been passed by the governments of different regions.
Not only Benzene but also its derivatives tend to pose major health issues. Acute eye and throat irritation is seen in human beings after long exposure to ethylbenzene. Also, it tends to contaminate the groundwater, which further causes serious health hazards. No doubt, market growth is taking place at a significant pace; hence, it is expected to touch the heights of success within the next few years. The regulatory bodies of different regions have also been taking care that the global benzene market follows strict rules to prevent ill effects on human beings and the environment.
The benzene market is divided into the following segments:
- Based on Derivatives
- Based on applications
Based on Derivatives
Based on derivatives, the market has the following subtypes:
Based on application
Based on the applications, the market has the following subcategories:
- Chemical intermediates
- Rubber manufacturing
- Anti-knock additives
Based on the region, the market has the following types:
- North America
- Latin America
- The Middle East and Africa
- Asia pacific
In 2018, Asia Pacific registered the highest CAGR due to the increase in demand for oil and natural gas, construction, and the polymer industries. China holds the top rank in producing and consuming Benzene with a CAGR of 7.8% during the forecast period. This is because of the increase in the living standards in the region and increased demand for plastics in the automotive industries. Also, polyurethane foams in the beddings have increased, leading to the higher consumption of benzene in the region.
North America holds the second rank in the market with the increased demand in the oil and gas industry. This increased demand has widened the horizons in petrochemical products, and the demand for benzene in the manufacturing of rubber and lubricant applications has increased many folds. The US dominates the region with major manufacturers of the market like Exxon Mobil Corporation and Dow.
Europe is likely to register moderate growth due to stringent laws in the region. Germany dominates the benzene analyzer market in the region due to some major automotive manufacturers like BMW, Volkswagen, Mercedes-Benz, and many more.
The Middle East and Africa are expected to register significant growth by 2025.
The major benzene producers in the market are as follows:
Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), Borealis AG (Austria), BASF SE (Germany), Repsol (Spain), Royal Dutch Shell Plc (Netherlands) and China Petroleum & Chemical Corporation (China).
All the major benzene producers in the market have been working as a team towards developing the market. They have focused on bringing the revolution in the benzene products market by introducing the latest technologies regularly. Also, they have been looking forward to ensuring that the effects it produces on the health of humans and the environment can either be removed completely or at least can be reduced. The mergers, acquisitions, and collaborations have been proving to be quite beneficial for the entire market.
Recent advancements in the market are as follows:
- Hengyi petrochemicals constructed a benzene plant in Feb 2021 to increase the annual capacity to 800 kilotons.
- 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.
- 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.
- Petrochemical expansion project in Palau Muara Besar of Brunei was launched in Feb 2021 to strengthen the petrochemical business.
- Rebuilding of benzene separation plant was introduced in March 2020 by SIBUR for extractive distillation unit at Kstovo in Russia. The plants enable the separation of hydrocarbons as a product which increases the productive capacity of the plants.
- Steps are being taken to reduce the environmental hazardous by implementing the latest technology machines.
- Various benzene plants are set up worldwide to increase the annual capacity because of its increased demand.
The reports that have been exclusively prepared for the organizations associated with the market have almost everything from scratch that an organization would need for smooth functioning. The overview of the market and the market analysis based on the effects that COVID-19 has bought with itself has been described in detail in the report. The market dynamics have also been explained in detail with factors like drivers of the market and the factors that prove to be the restraint in the growth.
The regulatory implications and the segmentation of the market have also been included in the report. The major players of the benzene products market have also been mentioned, along with the plans and strategies they have been following for the individual and the market growth. The recent developments have also been made a part of the report to ensure that the companies remain updated with the most recent advancements and work accordingly for their benefit.
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2030: Significant Value
2022 to 2030
2019 & 2020
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Aerosol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), Borealis AG (Austria), 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 Drivers
The increase in demand for phenol and steric polymers in plastic and resin processing industries.
Frequently Asked Questions (FAQ) :
The Benzene market is expected to grow at a CAGR of 3.4% during the forecast period.
The Asia Pacific is expected to dominate the benzene market during the forecast period.
The key players in the market are Arsol Aromatics GmbH & Co. KG (Germany), Dow (US)., SABIC (Saudi Arabia), Borealis AG (Austria), BP plc (UK), Exxon Mobil Corporation (US), Borealis AG (Austria), BASF SE (Germany), Repsol (Spain), Royal Dutch Shell Plc (Netherlands) and China Petroleum & Chemical Corporation (China).
Mergers, geographical expansions, mergers, and collaborations among themselves are among the few major strategies implemented b the major players in the benzene market.
The ill effects it produces on human health and the environment are the major factors that hamper the market’s growth.