Europe Benzene Market Report and Forecast 2024-2032

Europe Benzene Market Outlook

The Europe benzene market attained a volume of 8.32 MMT in 2023. The market is projected to grow at a CAGR of 1.4% in the forecast period of 2024-2032 to reach a volume of 9.40 MMT by 2032. Germany is one of the leading consumer nations in Europe, with one of the highest demands for benzene.

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Rising Demand for Styrene and Cumene Propelling the Market Growth of Benzene in Europe

The benzene market in Europe is majorly being driven by the rising demand from segments like derivatives, styrene and cumene. The increasing demand from the polyester industry, where styrene is widely used for the manufacturing of textiles, is also boosting the demand for benzene.

Styrene is one of the major derivatives segments globally, along with cumene. Styrene accounts for a significant proportion of the global benzene demand. Cumene is also a major derivative of benzene, driving the significant demand for benzene, especially in the European Union. Further, the European Union is expected to expand its capacity in the industry, specifically in the caprolactam and phenolic resin segment.

Benzene: Industry Definition and Segments

Benzene is mainly used as a feedstock or raw material for the manufacture of many other industrial chemicals like ethylbenzene, cumene, as well as cyclohexane. Benzene is also used as a solvent for the chemical and pharmaceutical industries.

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The derivatives of the product can be divided into the following:

• Ethylbenzene 
• Cumene
• Alkylbenzene
• Aniline
• Chlorobenzene
• Cyclohexane
• Maleic Anhydride
• Others

Benzene finds its applications in the following segments:

• Solvent
• Chemical Intermediates
• Surfactants
• Plastics
• Rubber Manufacturing
• Detergent
• Explosives
• Lubricants
• Pesticides
• Others

The regional markets for benzene in Europe are Germany, the United Kingdom, France, and Italy, among others.

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Growing Downstream Demand to Bolster the Industry Growth

The demand for benzene is being driven by the rising application of cumene in the manufacturing process of phenol and acetone. The market for these two compounds is significantly growing and, thus, aiding the demand growth of cumene. The expansion of capacity in the European Union is also expected to boost the growth of the benzene market in Europe.

The demand for benzene is significantly being aided by the rising demand from the styrene industry, which is witnessing a thriving demand from various end-use sectors. Styrene is used in the production of various products like polystyrene, styrene-butadiene elastomers, latexes, acrylonitrile-butadiene-styrene (ABS), styrene-acrylonitrile (SAN) resins, and unsaturated polyester resins. Styrene polymers find wide uses in the end use industries like textile, construction, packaging, electronics, medical products, and IT equipment, among others.

Other major factor contributing to the growing demand for benzene is the rising demand for ethylbenzene, which is widely used as a solvent in fuels and as a chemical intermediate. Benzene also has its applications in the CPG industry for packaging purposes. It is widely used in the personal and home care application as a solvent. The rising demand from the paints and coating industry is also providing an impetus to the market growth.

Key Industry Players in the Europe Benzene Market

The report gives a detailed analysis of the following key players in the Europe benzene market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Dow Chemical Company
• INEOS Group Holding S.A.
• LyondellBasell Industries Holdings B.V.
• BASF SE
• Royal Dutch Shell Plc
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report