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Global Benzene Industry Report: Country Overview; Value Chain Analysis; Production Process; Trade Analysis; Cost Structure; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model, Key Factors Influencing the Quotation; Key Supplier Analysis, 2022-2027

Benzene Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Benzene market reached a value of about USD 68.30 billion in 2021. The industry is projected to grow at a CAGR of around 2.8% in the forecast period of 2022-2027 to reach a value of about USD 80.53 billion by 2027.

The global Benzene industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rise in demand for styrene polymers from various end-user industries is a primary driver propelling the benzene market. In the industry report, the key demand indicator is the highest category spender by region—Asia.

Industry Definition and Segmentation

The chemical compound benzene (also known as cyclohexatriene) has the molecular formula C6H6. It is a liquid aromatic hydrocarbon that is clear, colourless, extremely flammable, volatile, and gasoline-like odour. The substance may be found in crude oils and is produced as a byproduct of oil refining. Benzene is employed as a solvent, a chemical intermediate, and in synthesising a variety of compounds in industry. It is also present in cigarette smoke, automobile emissions, and gasoline fumes frequently employed in the chemical industry. The Benzene industry report comprises segments by application (Styrene, Cumene, Cyclohexane, Aniline) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

The Asia Pacific is Driving the Growth of the Industry

The Asia Pacific region dominates the market because of growing demands for end-users such as packaging, construction, home appliances, and electronics in India and China. In addition, the rising crude oil output, cheap feedstock costs, and low-cost commodity products are furthering market growth.

The industry is primarily being driven by its application in the production of styrene. The product is used widely in the manufacturing of many goods such as Polystyrene, acrylonitrile-butadiene-styrene (ABS), styrene-acrylonitrile (SAN) resins, styrene-butadiene elastomers, latexes, computer equipment, disposable medical devices (such as test kits), consumer electronics, portable speakers, and cassette tape enclosures furthering the market growth. In addition to styrene, ethylbenzene is employed as a fuel solvent and an intermediary in other chemical processes. These applications will enhance ethylbenzene demand and development in the following years, furthering the benzene market.

However, the detrimental effects of benzene and its derivatives on the environment and human health are hindering the industry's expansion.

Best Procurement Practices

The global Benzene industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Benzene regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Catalytic reforming, toluene hydrodealkylation, and steam cracking are three chemical processes that contribute equally to industrial benzene synthesis. A mixture of hydrocarbons with boiling temperatures ranging from 60 to 200 °C is blended with hydrogen gas and then subjected to a bifunctional platinum chloride or rhenium chloride catalyst at 500-525 °C and pressures ranging from 8 to 50 atm in catalytic reforming. Aliphatic hydrocarbons develop rings and lose hydrogen under these circumstances, resulting in aromatic hydrocarbons. The scented products of the reaction are extracted from the mixture using a variety of solvents, such as diethylene glycol or sulfolane, and benzene is separated from the other aromatics using distillation. Toluene is converted to benzene by toluene hydrodealkylation. In this process, Toluene is combined with hydrogen and passed through a chromium, molybdenum, or platinum oxide catalyst at 500-600°C and 40-60 atm. Reaction yields often approach 95%.

Toluene is sometimes replaced by xylene or other more robust aromatics, which works well. Toluene disproportionation (TDP) may be an interesting option when a chemical complex has equivalent needs for both benzene and xylene. In general, two toluene molecules are reacted, with the methyl groups transferring from one to the other, generating one benzene molecule and one xylene molecule. Because demand for paraxylene (p-xylene) far outnumbers demand for different xylene isomers, a TDP refinement known as Selective TDP (STDP) may be applied. In this procedure, the xylene stream exiting the TDP unit is roughly 90% paraxylene. The method of steam cracking is used to make ethylene and other olefins from aliphatic hydrocarbons. Steam cracking can yield pyrolysis gasoline, a benzene-rich liquid byproduct, depending on the feedstock utilised to make the olefins. Pyrolysis gasoline can be combined with other hydrocarbons as a gasoline additive or distilled to separate its constituents, including benzene.

Wide Application of the Chemical, Further Driving the Procurement of Benzene

The industry is driven by the rising demand for polyester, low feedstock costs, and a cost-effective commodity product. In addition, increased demand for methylene diphenyl diisocyanate, which is used to make polyurethane foams used in furniture and construction, has propelled the benzene market's expansion. Furthermore, the rising demand for Cumene to produce acetone, which has uses in the automotive and architectural sectors, further drives the industry forward. Benzene is also a solvent in various commercial, industrial, and research applications. Alkylbenzene, for example, is commonly used to make surfactants for detergent production. Another benzene derivative, cyclohexane, is a critical raw ingredient in creating nylon utilised in the textile industry. Another key growth-inducing element is the thriving paints and coatings industry (PCI), which uses benzene derivatives to produce paints and lacquers.

The regional markets for the industry can be divided into Europe, North America, Asia Pacific, South America, and the Middle East.

Key Industry Players Mentioned in the Benzene Industry Report

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

Market Landscape

The ethylbenzenesegment takes up the most space in the market. Ethylbenzene is commercially generated from benzene and ethylene in industrial plants, and over 98 percent of synthetic ethylbenzene is utilised as a raw ingredient in styrene monomer manufacturing. Ethylbenzene is a component of the automobile, diesel, and aviation fuels that occurs naturally. Ethylbenzene is also found in crude petroleum streams. It is a significant component of mixed xylenes used as a solvent in spray paints, coatings, wood stains and varnishes, paint removers and thinners, agricultural and household insecticide sprays and dyes, rubber adhesives, rust preventatives, and household and automotive cleaners. The burgeoning construction and automotive industries are driving up demand for styrenic polymers, which is driving up demand for ethylbenzene. Similarly, the cumene manufacturing market is predicted to increase rapidly, owing to the rising demand for phenol and acetone.

Key Initiatives by Companies

  • Total and Covestro created a collaboration in January 2021 to supply sustainable benzene. Total will provide Covestro with 2,000 tonnes of ISCC Plus-certified benzene, which will be used to develop critical precursors for various applications, including alternative raw material drop-in solutions for more sustainable insulating boards, automotive parts, and cooling units.
  • In February 2021, Hengyi Petrochemical announced plans to build a benzene facility in Pulau Muara Besar, Brunei, to expand annual capacity from 500 to 800 kilotons as part of its refining and petrochemical development project. Through this deal, the corporation intends to boost its petrochemical industry.

1.    Executive Summary
2.    Global Benzene Market Snapshot

    2.1.    Benzene Market Outlook
    2.2.    Benzene Industry Analysis by Application
        2.2.1.    Styrene
        2.2.2.    Cumene
        2.2.3.    Cyclohexane
        2.2.4.    Aniline
    2.3.    Regional Overview
        2.3.1.    North America
        2.3.2.    Europe
        2.3.3.    Asia Pacific 
        2.3.4.    Latin America
        2.3.5.    MEA
3.    Impact of Recent Events
4.    Benzene Value Chain Analysis 
5.    Benzene Production Process
6.    Trade Analysis
7.    Major Risk Factors in Sourcing
8.    Benzene Cost Structure
9.    Benzene Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Benzene Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Feedstock Market Analysis
    13.1.    Market Overview
    13.2.    Price Analysis 
14.    Industry Best Practices
    14.1.    Sourcing Strategy
    14.2.    Procurement Model
    14.3.    Contract Structure
    14.4.    Negotiation Levers
    14.5.    Pricing Model
    14.6.    Key Factors Influencing the Quotation
15.    Key Supplier Analysis
    15.1.    Exxon Mobil Corporation 
    15.2.    Chevron Phillips Chemical Company, LLC
    15.3.    PetroChina Company Limited
    15.4.    Shell Chemicals
    15.5.    China Petroleum and Chemical Corporation (Sinopec Corp.)

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Key Questions Answered in the Report

The global Benzene market size was valued at USD 68.30 billion in 2021.

As per the application provided, the Styrene, Cumene, Cyclohexane, Aniline, Other's segment is anticipated to lead the market between the period 2022 – 2027.

The significant demand for styrene in the manufacturing of various goods is one of the essential drivers of the Benzene market growth.

ExxonMobil, Chevron Phillips, Petro China (CNPC), Shell, and Sinopec are the primary companies in the industry.

The Asia region of the Benzene industry holds a significant share in the market.

Analyst Review

The global Benzene market attained a value of USD 68.30 billion in 2021, driven by its application in the production of styrene, which is employed in the making of a wide range of products. Aided by the extensive application of the chemical in various industries such as furniture and construction, automotive, detergent production, textile, paints, and coatings industry, the market is expected to witness further growth in 2022 2027, growing at a CAGR of 2.8%. The market is projected to reach USD 80.53 billion by 2027.

Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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