The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global benzene market is on a growth trajectory, witnessing an increase from $65.57 billion in 2021 to $71.79 billion in 2022, with a notable compound annual growth rate (CAGR) of 9.5%. However, the market size is expected to reach $73.03 billion in 2026, reflecting a moderated CAGR of 0.4%.

2. Styrene’s Impact: Driving Force Behind Benzene Market Growth

• Increased Use of Styrene:
  • Ethylbenzene, a benzene derivative, is crucial in styrene manufacturing.
  • Styrene finds extensive applications in various products, including SAN, ABS, polystyrene, elastomers, latexes, and unsaturated polyester resins.
  • Growing demand for lightweight styrene-based polymers in the automotive industry propels benzene market growth.
• Advantages in Automotive Industry:
  • Styrene-based polymers contribute to lightweight automotive components.
  • According to the American Chemistry Council (ACC), reducing vehicle weight by 10% can improve fuel economy by 6–8%.
  • Manufacturers benefit from reduced assembly time and costs, further driving the demand for styrene and, consequently, benzene.

3. Key Players in the Benzene Market

• Leading contributors shaping the benzene market include Ameriya Oil Ref. Co., Angarsk Petrochemical, and BASF SE.
• A focus on research and developmental activities is a common trend among major players.
• Companies strive to discover new technologies and processes for benzene production, addressing environmental concerns.

4. Technological Innovations: A Path to Sustainability

• Curbing Environmental Issues:
  • Companies, like Reliance Industries Limited, engage in joint ventures to develop technologies addressing environmental concerns.
  • Joint ventures, such as with the Indian Institute of Petroleum, aim to restrict benzene content in gasoline, contributing to environmental and health considerations.
• Reducing Emissions:
  • Advancements in technologies that reduce emissions gain traction in the benzene market.
  • The industry is keen on adopting processes that align with global sustainability goals.

5. Market Segmentation

The global benzene market is segmented based on:

1. Manufacturing Process: Pyrolysis Steam Cracking of Naphtha, Catalytic Reforming of Naphtha, Toluene Hydrodealkylation, Toluene Disproportionation, From Biomass
2. Derivative: Ethylbenzene, Cumene, Alkylbenzene, Aniline, Chlorobenzene, Cyclohexane, Maleic Anhydride, Other Derivatives
3. Application: Plastics, Resins, Synthetic Fibers, Rubber Lubricants

6. Regional Dynamics

• Asia-Pacific: Emerged as the largest region in the benzene market in 2022.
• The region’s dominance reflects the growing demand and utilization of benzene in diverse industries.

View More On The Benzene Market Report 2023 – https://www.thebusinessresearchcompany.com/report/benzene-global-market-report

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The Benzene Global Market Report 2023  provides comprehensive insights on the benzene market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the benzene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Nitrobenzene Global Market Report 2023
Benzene-Petrochemicals Global Market Report 2023
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