Benzene Market to Expand at a CAGR of 3.8% from 2019 to 2027| Top key players are Sinopec, BASF SE, Dow DuPont, Saudi Basic Industries Corporation

Market Size - USD 82.04 Billion in 2018, Market Growth - CAGR of 3.8%, Market Trends - Rapid expansion in the APAC region.

The global benzene market is forecast to reach USD 115.42 Billion by 2027, according to a new report by Reports and Data. Benzene is a commodity petrochemical and an aromatic hydrocarbon product. It is manufactured as a by-product in refineries and stream crackers.

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In market segmentation by manufacturers, the report covers the following companies-

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.

For the purpose of this report, Reports and Data have segmented into the global Benzene market on the basis of derivative, manufacturing process, application, end-users, and region:

Derivative Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Cumene
Aniline
Ethylbenzene
Cyclohexane
Chlorobenzene
Maleic Anhydride
Alkylbenzene

Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Catalytic Reforming
Toluene disproportionation
Toluene hydrodealkylation
Pyrolysis Steam Cracking of Naphtha
From Biomass

Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Plastics
Solvent

Chemical Intermediates
Surfactants
Rubber Manufacturing
Detergents
Explosives
Lubricants
Pesticides
Others

End-Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Packaging
Pharmaceuticals
Agriculture
Constructions
Textiles
Others

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
North America
Europe
Asia Pacific
MEA
Latin America

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The demand for the product is fueled by the supply and demand of other products derived from it. Benzene is used in several range of economic sectors such as construction, electrical & electronics, consumer products, pesticides, and construction.

The rapid growth of end-user industries has significantly driven the applications for the derivatives globally, thus influencing the market growth. Rise in population, coupled with the increase in disposable incomes, has led to the growth of several bulk materials and consumer products. Low price of the feedstock and economical commodity product prices have also contributed to the higher consumption of benzene derivatives.

Asia Pacific dominates the market for benzene owing to the high rate of consumption in China. The country in the past few years has witnessed all the additional benzene requirements despite a gradually slowing economy. Expansion of refinery capacity in China and large-scale p-xylene plants to feed the downstream petrochemical industry has propelled the demand in the country.

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.

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.

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.

View Exhaustive Market Research Report @https://www.reportsanddata.com/report-detail/benzene-market

Major highlights of the report:

An all-inclusive evaluation of the parent market
The evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of the market value and volume in the past, present and forecast years
Market share evaluation
Study of niche industrial sectors
Tactical approaches of the market leaders
Lucrative strategies to help companies strengthen their position in the market

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This release was published on openPR.