Benzene Market Size Worth USD 90.70 Billion by 2034 | CAGR: 6.4%

The global benzene market size is expected to reach USD 90.70 billion by 2034, according to a new study by Polaris Market Research. The report “Benzene Market Size, Share, Trends, Industry Analysis Report: By Production Process (Steam Cracking, Catalytic Reforming, and Others), Derivative, End-Use, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Benzene is an organic chemical compound that’s highly flammable, has a sweet smell, and is in a liquid state at room temperature. It naturally occurs as a component of crude oil and is also released by volcanoes and forest fires. Benzene can also be produced synthetically using industrial processes such as refining oil into gasoline and turning coal into coke. Benzene is used in various consumer goods and industrial operations, including insecticides, glues, adhesives, plastics, fuel, and synthetic rubber.

The rising production of automobiles, especially electric vehicles, is driving the benzene market growth. Benzene-based plastics and synthetic rubber are used in the manufacturing of various components, such as tires and seat covers. The rising use of epoxy resins, which are derived from benzene in the construction industry, is helping in market expansion. Additionally, the demand for insulation materials made from benzene is increasing due to infrastructure development projects. Additionally, the use of benzene in the pharmaceutical industry as a starting material or as an intermediate compound for the production of some analgesics and antipyretic drugs is boosting the benzene market growth.

Increasing investment in research and development across the globe is a key factor driving the market growth. The use of benzene in the pharmaceutical industry as a starting material or as an intermediate compound for the production of some analgesics and antipyretic drugs and as a starting material for several cleaning products is creating market growth opportunities.

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Benzene market key players are focusing on building new manufacturing facilities and boosting the capacity of existing plants, particularly in areas with strong demand or advantageous business conditions. The market is marked by competition, with several market participants located in various regions globally.

Key Highlights of Benzene Market

• Based on derivative, the market is segmented as nitrobenzene, cyclohexane, cumene, alkyl benzene, ethyl benzene, and others. In 2024, ethyl benzene had the highest revenue share of any benzene derivative, accounting for 55.80% of the market. This is due to its widespread application in a variety of expanding end-use industries such as electronics, plastic, rubber, and vehicles.
• Based on the production process, the market is segmented into steam cracking, catalytic reforming, and others. The catalytic reforming segment dominated the market in 2024, accounting for 52.6% of the total revenue share. This growth can be linked to its ability to produce a high yield of aromatic hydrocarbons such as benzene and toluene, making it a key source for the benzene market.
• Asia Pacific dominated the global market in 2024, accounting for 48.5% of total revenue share. The increased use of benzene in construction and automotive products such as paints, flooring, fiberglass, adhesives, and tires is driving market demand in the region.
• The North America benzene market is expected to witness the fastest growth during the forecast period, driven by the growing packaging, petrochemical, and pharmaceutical industries, which are the primary end users of benzene in the region.
• BASF, Sinopec, China National Petroleum Corporation, Saudi Basic Industries Corporation, Dow DuPont, ExxonMobil Corporation, and Royal Dutch Shell plc. are some of the key players in the market.

Polaris Market Research has segmented the global benzene market report on the basis of derivative by end-use, production process type, and region:

Benzene Market Segmentation

By Derivative Outlook (Revenue – USD Billion, 2020–2034)

• Nitrobenzene
• Cyclohexane
• Cumene
• Alkyl Benzene
• Ethyl Benzene
• Others

By End-Use Outlook (Revenue – USD Billion, 2020–2034)

• Pharmaceuticals
• Agriculture
• Textile
• Automobile
• Paints & Coatings
• Pharmaceutical
• Personal Care
• Others

Production Process Outlook (Revenue – USD Billion, 2020–2034)

• Steam Cracking
• Catalytic Reforming
• Others

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa

• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Benzene Market Report Scope