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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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.