Benzene Market Outlook

The global Benzene Market size was valued approximately USD 68.30 billion in the base year of 2021. In 2027, the global Benzene market share is likely to attain a value of around USD 80.53 billion. The progress of the market throughout the projected years between 2022-2027 will be increasing at a CAGR of 2.8%.

The rise in demand for styrene polymers from various end-user sectors is a primary driver propelling the global Benzene market growth.

Asia (59%) is the most significant market contributor in the global Benzene market analysis.

Global Benzene market News and Updates

December 16, 2021- Nexus Circular, based in Atlanta, is a company that modifies plastic scrap-to-virgin polymers; it stated that they had received a significant investment from a subsidiary of Chevron Phillips Chemical Co. LLC., Texas-based Six Pines Investments LLC.

Market Defined and its Classification

Benzene also known as cyclohexatriene, is a natural composite that has the molecular formula of C6H6. It is a fluid fragrant hydrocarbon that is clear, colourless, extremely combustible, volatile, and gasoline-like odour. The substance may be originated in crude oils and is created as a by-product of oil refining. Benzene is applied as a diluent, a chemical intermediary, and in synthesising a variety of composites in various sectors. It is also present in cigarette smoke, automobile emissions, and gasoline fumes frequently employed in the chemical sector.

By Application, Styrene, Cumene, Cyclohexane, Aniline are the divisions covered in the global Benzene market report.

The key companies like Exxon Mobil Corporation, Chevron Phillips Chemical Company, LLC, PetroChina Company Limited, Shell Chemicals, China Petroleum and Chemical Corporation (Sinopec Corp.) are covered in the global Benzene market research.

Asia Majorly Propelling the Global Benzene Market Development

The global Benzene market in Asia (59%) is likely to emerge as a leading market for benzene. Countries like China and Thailand are expected to lead the market growth. The increased gasoline consumption paired with pygas production will further the global Benzene market demand in the Asian markets. The rising gasoline consumption in the region will boost benzene production as a co-product of reformate. However, the benzene market in Asia may portray a downtrend in the coming weeks. Due to the weak raw material prices and sluggish purchasing activities from clients, the market is likely to witness a slowdown.

Production Process of Benzene Explained

The catalytic reforming process is the most commonly employed method to produce benzene. During the procedure, a combination of hydrocarbons with sweltering temperatures varying from 60 to 200 °C is mixed with hydrogen gas and then exposed to a bifunctional platinum chloride or rhenium chloride compound at 500-525 °C and pressures varying from 8 to 50 atm. Aliphatic hydrocarbons grow rings and drop hydrogen under such conditions, developing in pungent hydrocarbons. The scented goods of the responses are obtained from the blend by means of a variety of diluters, such as diethylene glycol or sulfolane, and benzene is separated from the other aromatics using distillation.

The Application of the Product in Manufacturing of Several End-User Goods Furthering the Global Benzene market Forecast

Benzene finds application in the industrial chemical segment. It is found in crude oil and is an essential component of gasoline. It can be utilised to manufacture products like resins, rubber lubricants, detergents, plastics, synthetic fibres, dyes, and drugs and pesticides, which is driving the global Benzene market. It is also included in cleaning products, tobacco, glues, paint strippers, adhesives, and others.

Benzene can be employed to manufacture several varieties of rubbers, detergents, explosives, lubricants, dyes, drugs, and pesticides. It is found in ink used in printing and painting products like top and base coatings, sprays, sealers etc. It is also a key ingredient in solvents used in Auto repair facilities to cleanse fragments like hydraulic systems, brakes and fuel method elements.

Benzene is a crucial component in making chemicals such as cumene, ethylbenzene, and cyclohexane which are used in the production of several products, including ABS, polystyrene, and nylon creating significant global Benzene market opportunity.

North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa regions are focused in the global Benzene market.

Global Benzene market Market Key Players

• Exxon Mobil Corporation
• Chevron Phillips Chemical Company, LLC
• PetroChina Company Limited
• Shell Chemicals
• China Petroleum and Chemical Corporation (Sinopec Corp.)

Competitive Market Situation

Exxon Mobil Corporation- ExxonMobil is a publicly traded significant manufacturer of chemicals and energy provider that creates and employs the latest technology to assist a safe and responsible completion of the growing energy and good-grade chemical products globally.

Chevron Phillips Chemical Company, LLC- Chevron Phillips or Chevron Phillips Chemical Company LLC paired with Phillips 66 is a 50-50 equal partnership. They produce essential chemicals used in more than 70,000 manufacturing     and consumer products. The product range comprises aromatics, piping, plastics, olefins and polyolefins, speciality chemicals, and styrenics. They are employed in manufacturing biodegradable solvents, food packaging, and cleaner fuels, among others.

PetroChina Company Limited- PetroChina Company Limited is a producer and distributor of gas and oil-based in China. The firm's operation is distributed into the Exploration and Production, the Sales segment, the Refining and Chemical Products, and the Natural Gas and Pipeline.

Shell Chemicals- Shell is a petrochemical and energy company reaching to fulfil the increasing demand for cleaner energy solutions that are also economic, sustainable, and ethical. Their business is categorised into Integrated Gas and Renewables and Energy Solutions Upstream and Downstream. The company has 82,000 employees in more than 70 nations.

China Petroleum and Chemical Corporation (Sinopec Corp.)- China Petroleum & Chemical Corporation is a leading integrated chemical and energy company based in China. Their operations are segmented into the research, development and application of technologies and information; the production and exploration, pipeline transport and sale of  natural gas and petroleum; the manufacture, trade, storing and carriage of petrochemical goods, refinery products, coal chemical commodities, artificial fibre, and further chemical products; the import and export, comprising an import and export intervention business, of  natural gas, petrochemical and chemical goods, petroleum and petroleum commodities, along with other products and technologies.