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Benzene Market is expected to reach USD 62.55 billion by 2030,

12-19-2023 08:29 AM CET | Health & Medicine

Press release from: Data Bridge Market Research

/ PR Agency: DBMR
The essential factors contributing to the growth of the global benzene market in the forecast period of 2023 to 2030 include the growing phenol consumption and the rising demand for methylene diphenyl diisocyanate. Also, increasing demand for polyester in sectors such as textiles, packaging, and automotive is significantly contributing to the market's growth.

Data Bridge Market Research analyses that the global benzene market, which was USD 48.65 billion in 2022, is expected to reach USD 62.55 billion by 2030, growing at a CAGR of 3.0% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Access Full report:
https://www.databridgemarketresearch.com/reports/global-benzene-market

Drivers

Rising demand for polyester in various sectors
The rising demand for polyester in sectors such as textiles, packaging, and automotive is driving the benzene market. Benzene is a crucial component in the production of polyester fibers and resins, making it an essential raw material. The increasing consumption of polyester products fuels the demand for benzene as a key feedstock, presenting potential growth in the market.

Increase in phenol consumption and rise in demand for methylene diphenyl diisocyanate
The increase in phenol consumption, which relies on benzene as a feedstock, and the rising demand for methylene diphenyl diisocyanate (MDI), a key component in polyurethane production, drive the benzene market. phenol consumption is increasing due to its widespread use in various industries, such as pharmaceuticals, plastics, adhesives, and coatings. Its versatile properties make it a valuable ingredient in products ranging from disinfectants to resins, driving the growing demand. These factors create opportunities for benzene producers and suppliers to meet the growing demand for these derivatives and expand their market share.

Opportunities

The growing demand for benzene derivatives
The growing demand for benzene derivatives, driven by sectors like automotive, construction, and electronics, presents an opportunity in the benzene market. Producers and suppliers can capitalize on this demand by meeting the increasing need for plastics, synthetic fibers, resins, and rubber and expanding their market presence and profitability.

Restraints/Challenges

Detrimental effects of benzene exposure and volatility in the price of crude oil
On the other hand, the detrimental effects of benzene exposure, such as its toxicity and carcinogenicity, raise health and safety concerns, potentially limiting its use and demand. Additionally, the volatility in crude oil prices, a key feedstock for benzene production, can lead to price fluctuations, affecting the stability and profitability of the benzene market.

This benzene market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Global Benzene market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

In March 2022, INEOS agreed to purchase a 50% share in Shanghai SECCO Petrochemical Company Limited. This is a subsidiary company of China Petroleum & Chemical Corporation. SECCO has a current production capacity of 4, 2 MMT of petrochemicals, including ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, butadiene, benzene, and toluene. The 200-hectare site is located in the Shanghai Chemical Industry Park. The company will be able to increase its presence in China
In February 2021, Hengyi Petrochemical announced to build a benzene plant to raise the yearly capacity from 500 kilotons to 800 kilotons. Through this action, the corporation hopes to grow its petrochemical division.

GET A PDF SAMPLE: https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-benzene-market

Some of the major players operating in the global benzene market are:

China National Petroleum Corporation (China)
Haldia Petrochemicals Limited (India)
PTT Global Chemical Public Company Limited (Thailand)
Indian Oil Corporation Ltd (India)
GS Caltex Corporation (South Korea)
Dow (USA)
Reliance Industries Limited (India)
SABIC (Saudi Arabia)
Royal Dutch Shell Plc (Netherlands)
Repsol (Spain)
Arsol Aromatics GmbH & Co. KG (Germany)
BASF SE (Germany)
ExxonMobil Corporation (USA)

BROWSE MORE REPORTS:

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https://dbmrbuisness.blogspot.com/2023/12/gas-turbine-market-industry-trends-and.html

About Data Bridge Market Research:

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Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavours to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process. Data Bridge is an aftermath of sheer wisdom and experience which was formulated and framed in the year 2015 in Pune.

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