Benzene Market Trend, Revenue, Features, Influence, Forecast, Industry till 2023

Benzene Market Overview:

Benzene is colorless and flammable liquid with a sweet and gasoline-like odor. It undergoes substitution reactions. Substitution is a reaction in which an atom or group of atoms replaces a hydrogen atom in an organic molecule. The halogens, nitric acid, sulfuric acid, and alkyl halides all react with benzene to form substituted derivatives. Benzene is a large-volume commodity petrochemical that is primarily produced in oil refineries and steam crackers, or as a by-product of p-xylene production. Thus, its supply is not driven by the global benzene demand but rather by demand for other products such as gasoline, ethylene, P-xylene. Benzene is used as a solvent in many commercial, industrial, and research operations. Benzene is used to produce several intermediates from its derivatives, including polystyrene- made from ethylbenzene, phenol-made from cumene, nylon-made from cyclohexane, and polyurethane-made from nitrobenzene derivatives. Alkyl benzene derivative is used to produce surfactants for manufacturing detergents. Cyclohexane derivative is an important raw material to produce nylon, which is used to manufacture textiles. Nitrobenzene derivative is used to manufacture polyurethane foams for the furniture industry.

As per our analysis, some of the prominent market factors and trends identified in the global benzene market include rapid increase in the use of insulation materials in construction activities, rising demand for textiles owing to expanding the population and increasing expenditure on food packaging and automobile manufacturing. Moreover, demand for benzene is predicted to witness a significant growth over the assessment period due to surging paints and coatings industry as cumene derivative is used in the manufacture of paints and lacquers. Rising crude oil production across the globe is anticipated to be an important driver for benzene market during the review period owing to the demand gap for benzene.

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Market Trend Influence / Growth rate:

Data integration and capabilities are analyzed to support the findings and study the predicted geographical segmentations. Various key variables and regression models were considered to calculate the trajectory of benzene market. Detailed analysis is explained and given importance to with best working models.

Geographically, the segmentation is done into several key regions like North America, Middle East & Africa, Asia Pacific, Europe and Latin America. The production, consumption, revenue, shares in mill UDS, growth rate of benzene market during the forecast period of 2017 to 2023 is well explained.

The ongoing market trends of benzene market and the key factors impacting the growth prospects are elucidated. With increase in the trend, the factors affecting the trend are mentioned with perfect reasons. Top manufactures, price, revenue, market share are explained to give a depth of idea on the competitive side.

Regional Analysis:

The global benzene market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia Pacific is predicted to grow at the highest CAGR during the review period, 2017-2023 due to the expanding oil & gas industry. The demand for benzene is predicted to surge in numerous countries of the Middle East & Africa such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait due to high adoption rate by the crude oil producers. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to fill the demand gap for benzene production and propel the growth of the market.

North American benzene market is predicted to witness a tremendous growth on account of high consumption potential, increasing production petroleum refining capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be the major contributor to the regional market growth and is expected to witness a significant demand for benzene. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow at the moderate CAGR on account of growth in production of food packaging and paints industries.

Key Players:

BASF SE (Germany),
Borealis AG (Austria),
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),
Repsol (Spain).

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