China Benzene Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

China Benzene Market Growth

Major chemical manufacturers in North America and the Middle East have easy access to natural gas, which enhances their capacity to produce various petrochemicals such as ethylene, polyethylene, propylene, and polypropylene at extremely cost-effective rates. This has prompted Chinese oil refineries to shift towards integrated refining-cum-chemical production complexes, which are increasing the production of aromatic chemicals such as benzene in the country.

While the net chemical output of an integrated chemical and refining facility ranges from 15%-20%, Zhejiang Petroleum and Chemical Company produces 11.8 million tons of chemicals annually, which is 40% of its output. Hengli Petrochemical’s integrated facility in Dalian exhibits a similar trend, with the potential to produce 1.2 million tons of benzene annually. Over the forecast period, many such mega facilities are expected to further expand their capacity for producing downstream chemicals, thereby accelerating the production of chemicals like purified terephthalic acid (PTA) and PET to drive polyester production. Traditionally, China has accounted for 75% of the world’s total production of polyester, with a total capacity of producing 71 million tons of PTA and PET annually. Changes to China’s oil refineries are expected to make it a key petrochemical giant, thereby leading to the market growth.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Key Trends and Developments

China Benzene Market Trends

In the first three quarters of 2024, the contribution of China’s agriculture sector to the national GDP recorded a year-on-year growth of 2.3%, reaching 4.81 trillion yuan. In 2020, the total grain output reached a volume of 670 billion kg, recording a year-on-year growth of 0.9%. While farmers’ incomes soared by 1.6% y-o-y in 2020, the total net sown area also increased by 704,000 hectares, indicating a positive trajectory. As the Chinese agriculture sector strives to feed the global population, the demand for essential agricultural inputs is expected to increase, thereby driving the demand for benzene over the forecast period.

China Benzene Industry Segmentation

China Benzene Market Share

Based on derivative, the market is segmented into ethyl benzene, cumene, and alkyl benzene, among others. Over the forecast period of 2025-2034, ethyl benzene is projected to grow at a CAGR of 8.4% as the demand for industrial solvents is expected to rise.

Leading Companies in the China Benzene Market

Major market players are expected to benefit from increasing government encouragement for manufacturing chemicals via tax credits, bonuses, and other attractive schemes, thereby contributing to the market growth.

• China Petroleum & Chemical Corporation (Sinopec)
• PetroChina Company Limited
• Shandong Hangda Chemical Co., Ltd
• Shenyang Chemical Co Ltd (ChemChina)
• Shandong Yuhuang Chemical Co., Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.