Benzene Market Size, Share, Trend & Growth Forecast to 2026
Posted: Nov 03, 2018
According to the new market research "Benzene Market by Component (Service, Software), Delivery (Subscription, Ownership), Functionality (Clinical, Administrative, Financial), End User (Clinic, Hospital, Private Practice, Payer), and Region - Global Forecast to 2026", The Benzene market is expected to reach USD 111.1 billion by 2026, at a CAGR of 4.2%.
Benzene is a petrochemical derivative and is produced in bulk quantities, mainly in steam crackers and oil refineries. It is a by-product recovered from the aromatic hydrocarbon stream and thus its demand is driven by the demand of other products such as p-xylene, ethylene, and gasoline.
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Major Key Player in Global Market: -
China Petroleum & Chemical Corporation (Sinopec, China)
Exxon Mobil Corporation (U.S.)
Royal Dutch Shell Plc. (The Netherlands)
The Dow Chemical Company (U.S.)
JX Holdings Inc. (Japan)
China National Petroleum Corporation (China)
Total S.A. (France)
Saudi Basic Industries Corporation (Saudi Arabia)
BP Plc (U.K)
BASF SE (Germany).
Benzene market is mainly driven by its diverse applications within the chemical industry. It serves as a building block for the synthesis of numerous other chemicals such as cyclohexane, ethyl benzene, cumene, alkyl benzene, nitrobenzene, and many others. Benzene has several underlying chemical value chains, for instance, polyurethanes, nylons, polycarbonates, styrenics, and others.
The rapidly growing industries such as packaging, construction, bulk chemicals & materials, automotive, textiles and building & construction have substantially driven the applications for the benzene market globally. Rising population in tandem with the increase in disposable incomes has led to growth of many consumer products and bulk materials. Low cost of the feedstock and economical commodity product prices have also contributed to the higher consumption of benzene derivatives.
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Benzene market is also driven by the large scale downstream investments in many countries such as Saudi Arabia and some other emerging nations in Southeast Asia. The global downstream petrochemical industry has been continuously impacted by the integration of the world economy and globalization. Several factors influencing petrochemical industry include economies of scale, price of crude oil, shale gas developments, technology, environment, economic growth & demand, and political uncertainties.
Benzene is a petrochemical derivative and thus is subjected to price volatility. The fluctuations in the prices of crude oil directly affect the prices of the by-products derived from its hydrocarbon stream in refineries. The benzene market is highly regulated in terms of policy frameworks as benzene is a toxic chemical where its high level exposure can lead to serious environmental implications.
One major restraint that the benzene market holds is huge environmental impact. Benzene when used in high quantities and exposed to the environment can lead to serious damage to soil, aquatic life, and the surrounding as whole. Thus, the global benzene market is regulated via numerous policy frameworks proposed by agencies such as Occupational Safety and Health Administration (OSHA), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), and many others.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Benzene Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Asia Pacific is the dominant regional player for the benzene market on account of significant ethylene cracker and refining capacities for addressing the rapidly growing demand especially in countries like China. Moreover, China is a global centre for polyester, fiber, clothing, and textile manufacturing that has led to increased consumption of benzene.
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.