BENZENE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Benzene Market Analysis:

The benzene market is anticipated to exhibit a compound annual growth rate (CAGR) of over 3% throughout the forecast period. The market experienced a moderate impact from the COVID-19 pandemic in 2020, with temporary shutdowns of automotive manufacturing units resulting in reduced demand for benzene-derived intermediates such as nylon, styrene, and phenol resins, which are used in the production of products like nylon tires, foam seating, and paints. This led to a decline in market demand. However, the sector has been recovering well since the lifting of restrictions. The pharmaceutical industry has witnessed an increase in demand for drugs like paracetamol, which utilizes benzene-derived intermediates like chlorobenzene, thereby stimulating market demand in the pharmaceutical sector. Additionally, the use of polystyrene packaging, an intermediate derived from benzene, has increased in food and e-commerce applications, thereby boosting market demand for benzene.

The market’s growth is expected to be driven by the rising demand for styrene polymers from various end-user industries, including textile, packaging, and building and construction. However, the market’s growth may be hindered by the detrimental effects of benzene exposure. In the coming years, the market may have more opportunities to generate revenue if the demand for bio-based benzene continues to increase. During the forecast period, the Asia-Pacific region is expected to hold the largest market share and exhibit the highest CAGR.

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