Benzene Market Demand, Global Industry Share, COVID-19 Analysis and Growth 2024
Benzene Market Overview
Benzene is a toxic, flammable, and volatile hydrocarbon. The most
common route to produce benzene is by crude refining, or as a by-product of
p-xylene production. This implies that benzene production is entirely dependent
on crude oil refining processes. It is used as an industrial solvent, as a
chemical intermediate and is used in the synthesis of many chemicals such as
including polystyrene, phenol, nylon, and polyurethane. More than half of the
benzene produced each year is converted to ethylbenzene, then to styrene, and
then to polystyrene. The next largest use of benzene is in the preparation of
phenol.
According to our analysis, the important factors and trends seen
in the global benzene industry are demand for petrol additives
such as benzene, which increase the rating of the petrol, surge in the use of
benzene in the construction industry owing to its use in manufacturing
insulation materials, rapid increase in the benzene use for the manufacturing
of nylon fibers owing to the demand from expanding global populace, and rising
spending on food packaging and automobile manufacturing. Furthermore, need for
benzene is anticipated to observe a higher CAGR over the forecast period owing
to surge in paints and coatings industry, as benzene derivatives are vital
compounds in the manufacture of paints and lacquers.
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Benzene Market Competitive analysis
Some of the prominent players operating in the global benzene
market are BASF SE (Germany), Ecolab (U.S.), The Dow Chemical Company (U.S.),
Arsol Aromatics GmbH & Co. KG (Germany), Exxon Mobil Corporation (U.S.),
Royal Dutch Shell plc (the Netherlands), China Petroleum & Chemical
Corporation (China), SABIC (Saudi Arabia), BP p.l.c. (UK), and Repsol (Spain),
among others.
Benzene Market Segmentation
The global COVID-19 analysis on benzene
industry size is categorized on the
basis of derivative type, and region. On the basis of the derivative type, the
market is bifurcated into alkyl benzene, cumene, cyclohexane, ethylbenzene,
nitrobenzene, and others. On the basis of the region, the market is categorized
into Asia Pacific, Europe, Latin America, North America, and the Middle East
& Africa.
Benzene Market Regional Analysis
North American benzene market is anticipated to observe
a huge increase owing to high consumption potential, rising petroleum refining
capacities, and increasing economic growth rate and human development index
(HDI). In the North American region, rising demand for petrol additives to
increase the octane number of the petrol is fueling the benzene market. As of
2016, the U.S accounted for the largest market share and was followed by Canada
in terms of value & volume and is estimated to grow with the moderate CAGR
due to the growth in the production of petrochemical additives, food packaging,
and paints industries. In Europe, the need for oleochemicals is anticipated to
increase in many countries such as Italy, Germany, Spain, UK, France, and
Russia due to increasing spending in oleochemicals research & development
and growing purchasing power of consumers. Moreover, the presence of major
automobile production capacities specifically in Germany is anticipated to give
a new opportunity to the market growth.
Latin American countries such as Argentina, Colombia, and Brazil
are also anticipated to observe steady growth on account of increasing consumer
spending on passenger cars as well as involvement of new technologies and
inventions in oleochemicals manufacturing technology. In Asia Pacific
region, benzene market is anticipated to increase owing to the presence of many
oil & gas reserves which is reducing the demand gap for benzene raw
materials. Thus, benzene end products are estimated to sell at lower prices
relatively to other regions
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