Benzene is a flammable and colorless liquid that is expected to witness rising applications across different industry verticals in the years to come. Market Research Future, in its latest report, has revealed that the global Benzene market is expected to mark a moderate CAGR across the projection period 2017 to 2023.
Rising consumption of petrochemical products is projected to influence the expansion of the benzene market positively in the years to come. In addition, proliferating applications across industries such as construction, paints & coatings, oil & gas, etc. is prognosticated to catalyze revenue generation for the market players. However, the implementation of stricter environmental regulations remains an impediment to market growth.
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Competitive Dashboard:
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- Borealis AG (Austria)
- Arsol Aromatics GmbH & Co. KG (Germany)
- Royal Dutch Shell plc (the Netherlands)
- Exxon Mobil Corporation (U.S.)
- China Petroleum & Chemical Corporation (China)
- BP p.l.c. (UK)
- SABIC (Saudi Arabia)
- Repsol (Spain)
Market Segmentation:
The segmental analysis of the global benzene market is conducted based on the derivative type. The segments of the market include cumene, alkyl benzene, cyclohexane, nitrobenzene, ethylbenzene, and others
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Regional Analysis:
The geographical evaluation of the global benzene market encompasses Asia Pacific, the Middle East & Africa (MEA), Europe, Latin America, and North America. Asia Pacific is set to strike the highest CAGR over the forecast period. The benzene market in the region is likely to benefit from the expansion of the oil & gas industry in the region. In addition, the growth of the end-user industries is also anticipated to propel market expansion in the region over the next couple of years. Lastly, the increasing disposable income and rising middle-income population owing to rapid economic developments are poised to encourage the growth of the regional benzene market over the next few years.
The Middle East & Africa is also projected to exhibit substantial growth in the foreseeable future due to rising applications in the oil & gas industry. The oil industry is flourishing in the region, and it is poised to boost the growth of the regional market over the next few years. Iraq, Saudi Arabia, Iran, the United Arab Emirates, and Kuwait are the crucial sub-market of the region expected to develop considerably across the review period.
North America is prognosticated to register a moderate growth over the next couple of years. The region is assessed to observe rising consumption of petrochemical products, which is poised to lead the growth of the market in the region across the assessment period. The U.S., followed by Canada, is expected to emerge as the major contributor to the development of the benzene market in the region in the years to come. In addition, rising demand for benzene from the food packaging and paints & coatings industries are expected to influence the growth of the regional market greatly.
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Europe benzene market is expected to witness an upsurge in demand across countries such as Italy, Spain, the UK, Germany, France, and Russia. In addition, the product is also likely to find application across the developed automotive industry. This, in turn, is forecasted to lead market growth over the next few years. Increasing purchasing power of the masses is also projected to have a positive influence on the proliferation of the benzene market in the region.
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TheBusinessResearchCompany published its Benzene Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global benzene market.
It is also segmented by derivative into ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and other derivatives and by application into plastics, resins, synthetic fibers, rubber lubricants.Explore Complete Report https://www.thebusinessresearchcompany.com/report/benzene-global-market-reportBenzene Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.The benzene market consists of sales of benzene and related services by entities that produce benzene.
Benzene is used as an intermediary chemical in the manufacture of plastics, resin, nylons and synthetic fibers.
