Market Size of Benzene Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Benzene Market Analysis
The benzene market is projected to register a CAGR of more than 3% during the forecast period.
The market was moderately impacted by COVID-19 in 2020. Temporary halts in the automotive manufacturing units minimized the demand for products like nylon tires, foam seating, and paints, which are made from benzene-derived intermediates like nylon, styrene, and phenol resins, thus negatively impacting market demand. However, the sector has been recovering well since restrictions were lifted. The demand for drugs like paracetamol, which consumes benzene-derived intermediates such as chlorobenzene, has increased, thus stimulating market demand in the pharmaceutical sector. Furthermore, the usage of packaging made up of polystyrene, an intermediate derived from benzene, has increased in food and e-commerce applications, which, in turn, has boosted the market demand for benzene.
- The increasing demand for styrene polymers from various end-user industries, such as textile, packaging, and building and construction, is expected to drive the market's growth.
- Detrimental effects of benzene exposure may hinder the market's growth.
- In the coming years, the market may have more chances to make money if the demand for bio-based benzene keeps going up.
During the forecast period, the Asia-Pacific region is expected to have the largest market share and the highest CAGR.
