The global Benzene Market is projected to witness significant growth in the coming years due to the increasing demand for biodiesel as a renewable source of energy. Benzene is used as a catalyst in the production of biodiesel and its demand is expected to rise as more countries implement regulations and initiatives to reduce carbon emissions. The Asia Pacific region is expected to dominate the market, driven by the growing chemical and pharmaceutical industries in countries like China and India. The market is also expected to see growth in North America and Europe due to the rising demand for biodiesel and other renewable fuels.
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Top Leading Players in The Global Benzene Market Are:
Sinopec, BASF SE, Dow DuPont, Saudi Basic Industries Corporation, ExxonMobil Corporation, China National Petroleum Corporation, Royal Dutch Shell plc. JX Holdings, Bp Plc., and Borealis AG, among others.
Further key findings from the report suggest:
- An increase in the application of insulation materials in the construction industry is one of the factors contributing to the growth of the market. Moreover, growing urbanization and rising disposable incomes, has led to an increase in the demand for consumer products such as furniture wax and thinners globally.
- Benzene serves as a key solvent in various industrial, commercial, and research facilities. For example, alkyl benzene is extensively used to produce surfactants for the production of detergents.
- A derivative of benzene, Cyclohexane, which is used to manufacture textiles, is a basic raw material for the production of nylon. The paints and coatings used in the construction industry is another growth-inducing factor as it incorporates benzene derivatives in the manufacturing of lacquers and paints.
- Refiners across the globe utilize catalytic reforming to manufacture high-octane reformate for high-value aromatics of benzene and gasoline blending for petrochemical use. It is also a primary source of refinery-based hydrogen.
- The European chemical industry is a major part of the country's economy. Europe's chemical industry is a world leader in chemical production. Approximately, more than half of the chemical sales in the region are of polymers and petrochemicals, which in turn propels the demand for benzene.
Segments Covered In The Report:
Derivative Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Cumene
- Aniline
- Ethylbenzene
- Cyclohexane
- Chlorobenzene
- Maleic Anhydride
- Alkylbenzene
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Catalytic Reforming
- Toluene disproportionation
- Toluene hydrodealkylation
- Pyrolysis
- Steam Cracking of Naphtha
- From Biomass
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Plastics
- Solvent
- Chemical Intermediates
- Surfactants
- Rubber Manufacturing
- Detergents
- Explosives
- Lubricants
- Pesticides
- Others
End-use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Packaging
- Pharmaceuticals
- Agriculture
- Constructions
- Textiles
- Others
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Benzene Market Upcoming Growth:
The benzene market is expected to experience significant growth in the coming years, primarily due to the increasing demand from the automotive and construction industries. Benzene is a key raw material used in the production of various chemicals, such as styrene, cumene, and cyclohexane, which are used in the manufacturing of various end-use products. The growing demand for lightweight and fuel-efficient vehicles, coupled with the increasing construction activities globally, is driving market growth. Additionally, the increasing adoption of benzene in the production of solvents, rubber, and resins is further fueling market growth. The Asia Pacific region is projected to hold the largest market share, owing to the increasing demand from various end-use industries in countries like China, India, and Japan. With the increasing demand from the automotive and construction industries, the benzene market is poised for substantial growth in the coming years.
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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