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Benzene-Petrochemicals Market Report 2024 - Analysis, Competition, Forecasts And Opportunities, 2024-2033
Benzene-Petrochemicals Market
As per the report, the benzene-petrochemicals market size has grown steadily in recent years. It will grow from $73.01 billion in 2023 to $75.59 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The benzene-petrochemicals market size is expected to see steady growth in the next few years. It will grow to $87.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
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Increasing Use Of Styrene In Benzene-Petrochemicals Market
The increased use of styrene is driving 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.
Innovations In Benzene-Petrochemicals Market
Many companies in the benzene market are focusing on research and developmental activities to discover new technologies and processes for the production of benzene. The technologies developed are expected to help curb environmental issues. For instance, in January 2021, Covestro, a German materials company received its first delivery of 2,000 metric tons of sustainable benzene from Total, a France-based petroleum company. The delivery enables Covestro to contribute to the circular economy. The increase in such technological advances to reduce emissions will gain traction and contribute to the growth of the market.
The benzene-petrochemicals market covered in this report is segmented -
1) By Manufacturing Process: Pyrolysis Steam Cracking of Naphtha, Catalytic Reforming of Naphtha, Toluene Hydrodealkylation, Toluene Disproportionation, From Biomass
2) By Derivative: Ethylbenzene, Cumene, Alkylbenzene, Aniline, Chlorobenzene, Cyclohexane, Maleic Anhydride, Other Derivatives
3) By Application: Plastics, Resins, Synthetic Fibers, Rubber Lubricants
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Major companies operating in the benzene-petrochemicals market include Angarsk Petrochemical Company, Alexandria National Refining and Petrochemicals Company, Arsol Aromatics GmbH & Co. KG, Atyrau Oil & Gas, BASF SE, Borealis AG, BP plc, Braskem SA, Chevron Phillips Chemical Company, China National Petroleum Corporation, China Petrochemical Corporation, China Petroleum & Chemical Corporation (Sinopec), CPC Corporation Limited, Deza AS, Eastman Chemical Company, Egyptian Petrochemicals Holding Company, Exxon Mobil Corporation, Flint Hills Resources LLC, Gadiv Petrochemical Industries Ltd., Gazprom Neft PJSC, GS Caltex Corporation, INEOS Group, JSC Mozyr Oil Refinery, ENEOS Holdings Inc., JXTG Nippon Oil & Energy Corporation, Kian Petrochemical Company, Kuwait Aromatics Co. (Karo), LG Chem Ltd., Shell plc, Hengyi Industries Sdn Bhd, Maruzen Petrochemical Co. Ltd., Mitsubishi Chemical Corporation
Contents of the report:
1. Executive Summary
2. Benzene-Petrochemicals Market Report Structure
3. Benzene-Petrochemicals Market Trends And Strategies
4. Benzene-Petrochemicals Market - Macro Economic Scenario
5. Benzene-Petrochemicals Market Size And Growth
…..
27. Benzene-Petrochemicals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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