Benzenoid Market Size, Share, and Trends 2024 to 2033

Benzenoid Market (By Type: Benzaldehyde, Benzoic Acid, Toluene, Xylene, Styrene; By Source: Natural, Synthetic; By Application: Flavor and Fragrance, Food and Beverages, Pharmaceuticals, Polymers and Plastics, Paints and Coatings, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 4561
  • Category : Chemical and Material

Benzenoid Market Size and Growth

The global benzenoid market size was USD 823.52 million in 2023, calculated at USD 869.48 million in 2024 and is expected to reach around USD 1,417.40 million by 2033, expanding at a CAGR of 5.58% from 2024 to 2033. The benzenoid compounds are used to make pesticides, drugs, detergents, dyes, rubber lubricants, synthetic fibers, resins, and plastics. It is also used in gasoline, tobacco smoke, paint strippers, cleaning products, adhesives, and glues. These factors help to the growth of the market.

Benzenoid Market Size 2024 to 2033

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Benzenoid Market Key Takeaways

  • Asia Pacific led the market with the largest share in 2023.
  • By type, the benzaldehyde segment dominated the market in 2023.
  • By type, the toluene segment is expected to grow significantly during the forecast period.
  • By source, the natural segment dominated the market in 2023.
  • By source, the synthetic segment is expected to be the fastest-growing during the forecast period.
  • By application, the food and beverages segment dominated the benzenoid market in 2023 and is estimated to be the fastest-growing during the forecast period.

Market Overview

Benzenoids are aromatic compounds also called aromatic hydrocarbons that contain one or more benzene rings in their molecules. The benzenoid market deals with industries for many applications including paint & coatings, polymers & plastics, pharmaceuticals, food & beverages, and flavor & fragrances. Benzenoids play an important role in the synthesis of polymers, fragrances, dyes, and pharmaceuticals. The adaptability of benzene-derived compounds permits chemists to a high range of functional materials. Benzenoid compounds include toluene, benzoic acid, phenols, xylene, aniline, etc. Toluene is used as a solvent in paint thinners, specific types of glues for laminates, metal panels, etc., permanent markers, etc. These factors help to the growth of the market.

Benzenoid Market Growth Factors

  • The benzenoids play an important role in the synthesis of polymers, fragrances, dyes, and pharmaceuticals.
  • Benzenoid compounds include toluene, benzoic acid, phenol, xylene, aniline, etc., with different uses that help the growth of the market.
  • Toluene is used as a solvent in paint thinners, permanent markers, and specific types of glues for laminates, metal panels, etc. It is also used to remove cocaine from coca leaves at the time of manufacturing Coca-Cola.
  • Phenol and its derivatives are used in the manufacturing of polycarbonates, detergents, Bakelite, pharmaceutical drugs, etc. Xylene is used as a lubricant like brake oil and motor oil, and also in many products like antifreeze, adhesives, waxes, etc.
  • Aniline is used as a dying agent, in the rubber industry, used in fungicides and pesticides, and certain paracetamols. These factors help to the growth of the benzenoid market.

Benzenoid Market Scope

Report Coverage Details
Market Size by 2033 USD 1,417.40 Million
Market Size in 2023 USD 823.52 Million
Market Size in 2024 USD 869.48 Million
Market Growth Rate from 2024 to 2033 CAGR of 5.58%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Type, Source, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Benzenoid Market Dynamics

Drivers

Growing pharmaceutical industry

In the pharmaceutical industry, benzenoid is used as an intermediate in the synthesis of many drugs and as a flavoring agent in oral medications and medicinal syrups. Phenol benzenoid compounds are used in pharmaceutical drugs for the treatment of sore throats. In some paracetamols, aniline benzenoids are used in small amounts. The benzoic acid benzenoid compound is used in many medicines for the treatment of diseases and fungal skin infections. These factors help to the growth of the benzenoid market.

Growing food and beverages industry

Benzenoid compounds are used as flavoring agents in the food and beverages industry to impart specific aromas and tastes to food and beverage products. In the food & beverages industry, benzoic acid benzenoid compounds are used as food preservatives. Toluene benzenoid compound is used for removing cocaine from coca leaves at the time of manufacturing Coca-Cola. These factors help to the growth of the benzenoid market.

Restraint

Environmental concerns and safety & health issues

Benzenoid compounds like xylene, ethylbenzene, toluene, and benzene can lead to secondary aerosol formation and hydroxyl reactivity in the atmosphere. These compounds are classified as anthropogenic air pollutants. The health effects of benzenoid compounds include benzene exposure through many sources, in the presence of petroleum products like solvents and motor fuels. Benzene exposure can lead to adverse health effects like hematological, cancer effects, and acute or long-term health issues. Most of the exposure occurs through inhalation because benzene is highly volatile. Environmental impacts include benzene exposure from paints, industrial processes, emissions from burning oil or coal, evaporation from gasoline service stations, and car exhausts. These factors can restrict the growth of the benzenoid market.

Opportunity

Research and development

There are many opportunities for benzenoid compounds because of their versatility and widespread applicability. In the pharmaceutical sector, the production of drugs from analgesics to antibiotics, and in the material sector, the production of polymers like synthetic fibers, plastics, and resins helps the growth of the market. Investing in research & development for benzenoid with natural sources. Increase the use of natural sources for benzenoid-based product manufacturing. These factors help the growth of the benzenoid market.

Type Insights

The benzaldehyde segment dominated the benzenoid market in 2023. Applications of benzaldehyde include building blocks in dyestuffs, pharmaceuticals, and insecticides, used in soap, cosmetics, and personal care manufacturing products. In flavoring foods with almond flavor, low-temperature lubricants, solvents, and plasticizers benzaldehyde benzenoid compounds are used. Manufacture of magenta, lauraldehyde, and lauric acid benzaldehyde are used. Benzaldehydes are used as raw material in resin, perfume or aroma chemicals, dye & textile fiber processing, personal care & cosmetics, paint & industrial coatings, agrochemicals, electroplating, cleaning products, and pharmaceutical industries. In the essence industry, benzaldehyde is mainly used in the preparation of edible essence and daily it is used as cigarette essence and chemical essence.

In the flavor and fragrance industry, benzaldehyde is highly used. The uses of benzaldehydes include as a flavoring agent, its odor used as bee repellent for honey construction, used as a solvent for resins and oils. These factors help the growth of the benzaldehyde-type segment and contribute to the growth of the market.

The toluene segment is anticipated to grow significantly during the forecast period. Toluene is a flexible industrial chemical that is highly used as a solvent in many industries. It is also used to make different medicines, benzoic acid, personal care products like nail polishes and hardeners, photographic chemicals, dyes, and trinitrotoluene (TNT).

The applications of toluene are as cement for fine polystyrene kits, as a fullerene indicator, as a solvent for carbon nanomaterials like fullerenes and nanotubes, as a substrate to make common chemicals like toluene diisocyanate, benzoic acid, trinitrotoluene, etc., in the production of resins, rubber, dyes, and medicines, as an additive for gasoline, as a solvent for adhesives, lacquers, paints, thinners, and as a precursor to xylene and benzene. Toluene is highly used as an effective solvent and to improve fuel efficiency. These factors help the growth of the toluene-type segment and contribute to the growth of the benzenoid market.

Source Insights

The natural segment dominated the benzenoid market in 2023. The natural sources of benzenoid include plants, oil deposits, coal, biomass/organic matter combustion like forest fires, incinerators, engines, etc. Rising consumers' demand for natural and organic products including flavors and fragrances that are obtained from essential oils. Essential oils contain natural benzenoid which helps to the growth of the market. Essential oils are concentrated extractions of plants that have a great smell and have many effects on the mind and body and are used in aromatherapy. Benefits of essential oil may include the reduction of some conditions like dry mouth, depression, anxiety, nausea, inflammation, pain, and insomnia. Help in killing viruses, bacteria, and funguses. It also helps to improve job performance, and sleep, reduce stress, and boost mood. These factors help the growth of the natural source type and contribute to the growth of the market.

Benzenoid Market Share, By Source, 2023 (%)

The synthetic segment is estimated to be the fastest-growing during the forecast period. Synthetic source type of benzenoid includes bioderived feedstock, and reduction techniques for obtaining many benzenes derivatives which include modified Birch reduction, catalytic hydrogenation, and Benkeser reduction. Toluene and benzoic acid benzenoid compounds are highly used. Toluene is obtained by petroleum processes and used as a solvent in paints, specific glues, permanent markers, and cement for laminates and panels. Benzoic acid is highly used in medicines to treat fungal skin infections. Benzoic acid applications also include lipstick, mouthwashes, face washes, face creams, and toothpaste.  It is also used as a food preservative. These factors help to the growth of the synthetic segment and contribute to the growth of the benzenoid market.

Application Insights

The food and beverages segment dominated the benzenoid market in 2023 and is expected to be the fastest-growing during the forecast period. Benzenoid compounds are used in food & beverages. Toluene is used in the manufacturing of Coca-Cola for the removal of cocaine from coca leaves. Benzoic acids and their salts are used as food preservatives. In food and beverages, benzenoid compounds are used due to their aromas and flavor. These factors help the growth of the food & beverages segment and contribute to the development of the market.

Regional Insights

Asia Pacific estimated for the largest share in 2023 and the region is observed to sutain the dominance over the forecast period. Benzenoid properties like aromaticity, high stability, and resonance delocalization of electrons help the growth of the market. These compounds may have a pleasant odor that may commonly be found in flavorings, essential oils, and fragrances. Their applications in automotive, electronics, healthcare, textiles, household goods, and others help the growth of the market in the Asia Pacific region. Many manufacturing and supplier companies of benzenoid compounds help the growth of the market in India.

North America is observed to grow at the fastest rate in the benzenoid market during the forecast period. Increasing demand for organic compounds like benzenoid for many industries like fragrances, flavors, personal care items, and pharmaceutical products. In the U.S. import of benzenoid chemicals and products is high which helps the growth of the market. Many United States manufacturers and supplier companies of benzenoids offer other products also. These companies work in a large range of industries that deal with specialty products and chemicals. These factors help to the growth of the market.

  • In May 2023, LANXESS a special chemical company doubled its production capacity for high-purity benzyl alcohol at its site Washington/Kalama, USA, in North America.

Benzenoid Companies

Benzenoid Market Companies

  • Evonik Industries AG
  • Mitsubishi Chemical Corporation
  • SABIC (Saudi Basic Industries Corporation)
  • Total S.A.
  • INEOS Group Holdings S.A.
  • Eastman Chemical Company
  • Shell Chemical LP
  • LyondellBasell Industries N.V.
  • Chevron Philips Chemical Company LLC
  • Lanxess AG
  • Huntsman Corporation
  • Dupont de Nemours, Inc.
  • Exxon Mobil Corporation
  • Dow Chemical Company
  • BASF SE

Recent Developments

  • In October 2022, LANXESS a specialty chemical company displayed its portfolio and concentrated expertise in home and personal care formulations like personal care products, cleaners, and detergents at SEPAWA. In those formulations, Purox S (sodium benzoate) and Purox B (benzoic acid) are naturally identical, fully biodegradable, and highly effective preservatives are used. They help to provide effective protection from personal care products and detergents from fungi, bacteria, etc.
  • In November 2023, high SPF and effective UVA protection sunscreen ingredients were launched by Croda. The ingredients include benzyl alcohol, stearic acid, titanium oxide, titanium dioxide, etc.
  • In January 2024, a global leader in high-performance polymer, Covestro, and the U.S.-based producer of ISCC PLUS-certified circular chemicals, Encina, reached a long-term supply agreement for chemically recycled, circular feedstock obtained from the post-consumer end-of-life plastic. Encina will supply benzene and toluene Covestro for the completion of the world's world-scale production facility of Encina. The benzene and toluene raw materials are used for the manufacturing of TDI (toluene diisocyanate) and MDI (methylene diphenyl diisocyanate).

Segments Covered in the Report

By Type

  • Benzaldehyde
  • Benzoic Acid
  • Toluene
  • Xylene
  • Styrene

By Source

  • Natural
  • Synthetic

By Application

  • Flavor and Fragrance
  • Food and Beverages
  • Pharmaceuticals
  • Polymers and Plastics
  • Paints and Coatings
  • Others

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global benzenoid market size is expected to increase USD 1,417.40 million by 2033 from USD 823.52 million in 2023.

The benzenoid market is anticipated to grow at a CAGR of over 5.58% between 2024 and 2033.

The major players operating in the benzenoid market are Evonik Industries AG, Mitsubishi Chemical Corporation, SABIC (Saudi Basic Industries Corporation), Total S.A., INEOS Group Holdings S.A., Eastman Chemical Company, Shell Chemical LP, LyondellBasell Industries N.V., Chevron Philips Chemical Company LLC, Lanxess AG, Huntsman Corporation, Dupont de Nemours, Inc., Exxon Mobil Corporation, Dow Chemical Company, BASF SE, and Others.

The driving factors of the benzenoid market are the growing pharmaceutical industry and growing food and beverages industry.

Asia Pacific region will lead the global benzenoid market during the forecast period 2024 to 2033.

Proceed To Buy

USD 5400
USD 3800
USD 2100
USD 2100
USD 7500

Ask For Sample

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client