Benzene Market to Hit Sales of $27.74 Billion | Europe to Generates $11.1 Billion Revenue | SkyQuest Technology
Global benzene market was valued at USD 22.40 billion in 2021, and it is expected to reach a value of USD 27.74 billion by 2028, at a CAGR of 3.1% over the forecast period (2022–2028).
Westford, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) — Benzene is a key component in the production of plastics, resins, and synthetic fibers. It is also used as a solvent in the cleaning and degreasing of metals prior to coating. As a result, the benzene market is an important part of the global economy. However, the market faces significant challenges.
Global benzene production is pegged at 54 million metric ton in 2021. It is found that that production is concentrated in a few countries, led by China, who alone produces almost half of the world’s benzene. The United States is a distant second, with about a quarter of global production. Benzene is used extensively in the chemical industry, and its uses have grown steadily over time. Today, the majority of benzene is used to make ethylbenzene, which is a key component in making polystyrene plastics. Ethylbenzene production has more than doubled in the last two decades, due to the increasing use of plastics in packaging and other applications. Kantar forecasts that demand for benzene will continue to grow, driven by expanding use of plastics globally.
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SkyQuest’s analysis of the global benzene market highlights five key areas of concern:
1. The cost of Benzene production has increased significantly in recent years, due to the rising price of feedstock and stricter environmental regulations.
2. The demand for benzene is highly seasonal, with peak demand occurring during the northern hemisphere’s winter months. This can lead to significant over-capacity and inventory issues during the summer months.
3. The global benzene market is highly competitive, with a large number of players competing for market share. This intense competition can lead to volatile prices and margin pressure for producers.
4. Benzene production is energy intensive, leading to exposure to fluctuating energy prices. In addition, benzene plants are often located in areas with high levels of air pollution, which can impact both operating costs and regulatory compliance.
5. Benzene is a carcinogen, and there is growing public concern about the health risks associated with exposure to the chemical. This concern is likely to lead to increased regulation of the benzene industry in the future.
Benzene Emission from Petroleum Industry Become Hot Topic of Concern In Benzene Market
Benzene is as a feedstock in the chemical industry. It is also a known human carcinogen. In January 2020, the United States Environmental Protection Agency (EPA) released a report on benzene emissions from the petroleum industry. The purpose of the report was to assess the impacts of emissions from benzene-containing processes on public health and the environment. The EPA’s report found that emissions from the production of benzene market are the largest source of human exposure to this carcinogen. The majority of these emissions come from flaring, which is the burning of waste gas that is produced during oil and gas extraction and refining.
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The report also found that there are significant levels of benzene in ambient air near petroleum facilities, particularly in areas with high levels of flaring activity. Benzene is a known human carcinogen, and exposure to this chemical can cause various forms of cancer, including leukemia. The EPA’s report found that people living in areas with high levels of benzene in ambient air are at an increased risk for developing cancer. Given the potential health impacts of exposure to this chemical, it is important for industries that use benzene to take steps to reduce their emissions.
SkyQuest’s analysis shows that the benzene market has made significant progress in reducing emissions in recent years. Between 2007 and 2021, total emissions from all sources declined by 64%.
Europe Benzene Market Generated Over $11.1 Billion Revenue in 2021
The European market is booming, with revenues topping $11.1 billion in 2021. This figure is expected to grow even higher in the coming years, as demand for the versatile chemical increases across a range of industries. Benzene is an essential component in the production of plastics, detergents, and many other products. It is also a known carcinogen, which has led to strict regulation of its use in Europe. Despite this, the European market for benzene continues to grow, thanks to its widespread industrial applications.
In 2021, Europe imported benzene worth $3.1 billion in the benzene market. On the other hand, the region exported the commodity worth over $2.02 billion in the same year. However, the Europe market has been witnessing a constant fluctuation in the market valuation. For instance, in 2012, the Europe benzene market was valued at over $12.3 billion, which went on to declined to $11.1 billion in 2021, around 15% higher than 2020. As per SkyQuest study, Belgium, Netherlands, Germany are the top importers in the region. However, these countries collectively producer over 2.75 million tons of benzene, wherein, Germany is the leading producer with production pegged at 1.2 million tons in 2021.
This growth is being driven by a number of factors, including the growing demand for plastics and other products made from benzene-based chemicals. In addition, recent advancements in technology have made it possible to produce benzene more efficiently and at lower costs. This has made it an increasingly attractive option for industries looking to cut costs and improve their bottom line. As the European benzene market continues to grow, it is important to ensure that regulations are in place to protect workers and the environment. With proper precautions, the benefits of this valuable chemical can be enjoyed without jeopardizing the health and safety of those involved in its production or use.
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Top Players in Global Benzene Market
- China National Petroleum Corporation (Beijing, China)
- Dow (Michigan, U.S.)
- SABIC (Riyadh, Saudi Arabia)
- Exxon Mobil Corporation (Texas, U.S.)
- LyondellBasell Industries Holdings B.V. (Texas, U.S.)
- Maruzen Petrochemical Co., Ltd. (Tokyo, Japan)
- BASF SE (Ludwigshafen, Germany)
- China Petrochemical Corporation (Beijing, China)
- Royal Dutch Shell Plc. (The Hague, Netherlands)
- Ineos Group Ltd. (London, U.K.)
- Chevron Phillips Chemical Company LLC. (Texas, U.S.)
- Mitsubishi Chemical Corporation (Tokyo, Japan)
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