Press release
Benzene Market Size Report, Share Outlook, Industry Growth, Revenue, and Growth Forecast to 2026
Benzene Market
The increasing cases of coronavirus pandemic have resulted in a worldwide chaos. Almost all businesses are facing challenges for operating and most of them are temporarily shut. Some others who are operating within the safety of the four walls of their homes are barely able to manage scanty revenues.
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Drivers & Restraints-
Rising Demand for Styrenic Polymers to Boost Growth
The increasing demand for high methylene diphenyl diisocyanate (MDI) and styrenic polymers for the production of polyurethane foams are the key factors boosting the global benzene market growth. Additionally, benzene is also used by petrochemical industries to synthesize the derivatives used for various agricultural and chemical applications, the increasing demand for which will help the market gain impetus in the forecast period.
On the contrary, the harmful effects of benzene and its impact on human health may challenge the growth of the market in the coming years. Moreover, its classification as a human carcinogen by the U.S. Department of Health and Services may also serve as a major restraint to the market in the forecast period.
Nevertheless, the increasing number of manufacturing facilities in developing economies such as India and China and the presence of cost-efficient labor are likely to create new growth opportunities in the coming years.
Detailed Segmentation of Benzene Market
The global market is classified into two categories namely derivatives and geography. Based on derivatives, the market is further categorized into alkyl benzene, cumene, chloro benzene, toluene, cyclohexane, ethyl benzene, styrene, phenol, nitro benzene, and others.
To Gain More Insights into the Market with Detailed Table of Content and Figures, Click of Benzene Market Here: https://www.fortunebusinessinsights.com/industry-reports/benzene-market-101717
Regional Analysis-
Asia Pacific Emerged as a Leading Region Accountable to High Demand from End Users
In 2019, Asia Pacific earned the largest benzene market share on account of the growing demand from end user applications such as electronics & home appliances, construction, packaging, and others. It is further expected to continue dominating the market in the coming years with China in the leading position on account of the rising consumption of plastic for automobile manufacturing and the increasing use of polyurethane foams by the furniture industry.
North America ranked second in 2019 and will showcase significant growth in the coming years on account of the rising production capacities of petrochemical products and the increasing demand for benzene by the rubber and lubricant making companies. The market in Europe will also exhibit a steady growth owing to the increasing utilization in pesticides, solvent, and plastic applications.
Competitive Landscape-
Companies Focusing on Development of Better By-products to Gain Impetus
Some of the players of the market are engrossing themselves in collaborative efforts such as mergers and acquisitions, partnerships, contracts and agreements, and others to gain a significant position in the market. Some of the other players are also investing massively on the expansion of their manufacturing units to multiply their production rate and ultimately hold the lion’s share in the market
Some of the Key Players of the Market include:
• Indian Oil Corporation Limited
• China National Petroleum Corporation
• Royal Dutch Shell Plc.
• Total
• ExxonMobil Corporation
• Reliance Industries Limited
• Haldia Petrochemicals
• Bhartia Petroleum Corporation limited
• JX Holdings
• Saudi Basic Industries Corporation
• GS Caltex
• Others
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