Saudi Arabia benzene market is projected to grow at higher CAGR during the forecast period due to increasing production and export of crude oil and increasing export of plastics in region.

Introduction of the Saudi Arabia Benzene Market Report

Benzene is a flammable and colorless liquid with a sweet odor. Benzene is originated from both natural processes and human activities. Natural source of benzene includes volcanoes and Forest fires. It is also natural parts of crude oil, and gasoline.  It is majorly used to make other chemicals, plastics, lubricants, rubber, dyes, detergents, drugs, and pesticides. It is also generally used as an industrial solvent and as a gasoline additive.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the Saudi Arabia Benzene market include increasing production and export of crude oil. Saudi Arabia is the second-largest petroleum liquid producer globally. According to the U.S. Energy Information Administration, in 2021, Saudi Arabia holds 15% of the world’s oil reserves. It is the enormous exporter of crude oil globally and holds the most significant production capability at nearly 12 million barrels per day. They contributed nearly 70% of the country’s total exports in terms of value in 2020, and about 53% of the Saudi Arabia government revenues were oil-based. The increasing export of plastics will boost the market during the forecast period. Benzene is majorly used as a raw material to manufacture other industrial chemicals, such as ethylbenzene, cumene, cyclohexane. Further, these chemicals are used in manufacturing various materials and plastics such as polystyrene, ABS, and nylon. According to the Saudi Industrial Development Fund, in 2019, plastics, rubber, and related articles are the highest non-oil export registered in Saudi Arabia, with a value of USD 19.4 Billion.

Restraint in the Saudi Arabia Benzene Market

However, the harmful effect of benzene exposure and the increasing price of crude oil will act as restraint and hamper the market growth. Human exposure to benzene has been connected with a wide range of critical and long-term adverse health effects and diseases such as cancer and aplastic anaemia.

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Derivatives – Segment Analysis

Based on the derivatives, ethylbenzene is expected to grow at a higher CAGR during the forecast period. Ethylbenzene is highly flammable, colorless organic compound with an odor like gasoline. Ethylbenzene is mixed with gasoline as an anti-knock agent to decrease engine knocking and improve the octane rating. It is often used in various products such as pesticides, synthetic rubber, paints, cellulose acetate, and ink. Ethylbenzene combines benzene and ethylene in a catalytic alkylation reaction under a liquid state. Most of the Ethyl Benzene produced is used as an intermediate of production of styrene whereby styrene is one of the essential monomers produced by the chemical industry. Styrene monomer is an essential building block of plastics industries.

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Segments covered in the Report:

The Saudi Arabia benzene market has been segmented on the basis of derivatives. Based on derivatives, the market is segmented into alkyl benzene, chloro benzene, cumene, toluene, ethyl benzene, cyclo hexane, nitro benzene, phenol, and others.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia Benzene market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Saudi Arabia Benzene market? What will be the impact of drivers and restraints in the future?
  • Which Derivatives generated maximum revenues in 2020 and identify the most promising Derivatives during the forecast period?
  • What are the various End-Use Industry areas of Saudi Arabia Benzene market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Saudi Arabia Benzene Market by Derivatives

• • Alkyl Benzene
  • Chloro Benzene
  • Cumene, Toluene
  • Ethyl Benzene
  • Cyclo Hexane
  • Nitro Benzene
  • Phenol
  • Others