According to Ameco Research, the worldwide Benzene Market industry will increase at a CAGR of 3.4% throughout the forecast period, reaching a market size of more than USD 80 Billion by 2028.
Benzene is a colorless, flammable liquid that has a pleasant, gasoline-like odor. It has the chemical formula C6H6 and is a highly flammable aromatic organic molecule. Benzene is quickly evaporating into the atmosphere. Its vapor may settle in low-lying areas since it is heavier than air. Benzene dissolves slowly in water and floats on top of it. Benzene is widely used in the US. In terms of production volume, it is among the top 20 chemicals. Natural sources of benzene are crude oil, natural gas, and some groundwaters. Moreover, benzene is utilized in the manufacturing of polymers, resins, nylon, and synthetic fibers in several sectors.
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The benzene market is growing due to rising demand for benzene derivatives in the automobile industry for the production of synthetic rubber
Applications for benzene derivatives have been significantly pushed by quickly increasing industries such as packaging, construction, bulk chemicals & materials, automotive, textiles, and building & construction, all of which have influenced the benzene market expansion. Many consumer products and bulk materials have grown in popularity as the world's population has grown in tandem with disposable incomes. Additionally, low feedstock costs and low commodity product prices have also contributed to increased benzene derivatives use. Besides, the plastic and resin manufacturing sectors are seeing an increase in demand for phenol and steric polymers. Benzene is also used to make derivatives such as phenol, styrene, and amine, which are helpful in a variety of fields. Because of their lightweight, styrene-based polymers and copolymers are in high demand in the automotive industry. For example, according to the American Chemistry Council (ACC), a vehicle's fuel efficiency can be improved by 6-8 percent by reducing its weight by 10%.
Because benzene is highly volatile, most people are exposed to it through breathing. Benzene exposure has been linked to a variety of acute and long-term health impacts and disorders, including cancer and hematological damage in humans. This factor is expected to constrain market growth. Many companies in the benzene industry are concentrating their efforts on research and development to identify new technologies and techniques for benzene production. The technologies that have been created are expected to aid in the reduction of environmental difficulties.
Furthermore, during the projection period 2021-2028, the expanding application of benzene in the printing sector is expected to rise at the quickest rate. Some products include this chemical and are used specifically for cleaning printing equipment, extending the life and functionality of the equipment. Additionally, benzene can be found in ink and a range of painting products such as spray paints, sealers, lacquers, and stains. It maintains the paints' liquid state.
Global Benzene Market Segmentation
Derivatives, applications, and regions are the segmentation considered in the global benzene market. The derivatives segment is divided into aniline, alkylbenzene, ethylbenzene, cumene, cyclohexane, chlorobenzene, maleic anhydride, and others. Ethylbenzene is largely used in the manufacture of styrene. Other uses of ethylbenzene include as a solvent, in fuels, and the production of other compounds. Short-term exposure to high quantities of ethylbenzene in the air might irritate the eyes and throat. Higher levels of exposure can cause dizziness. Furthermore, the burgeoning construction and automotive industries are driving up demand for styrene polymers, which in turn is driving up demand for ethylbenzene. Based on application, the segmentation includes plastics, resins, synthetic fiber, rubber lubricants, dyes, detergents, drugs, pesticides, and others.
The regional segmentation comprises North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. In terms of regions, the Asia-Pacific regions dominate the benzene market because of rising crude oil output, low feedstock costs, and low-cost commodity products. In addition, growth in pygas production and gasoline use in the Asia-Pacific region will boost benzene demand. Benzene is a plentiful product that served as one of the low-cost feedstock for Asia's rising economies' booming petrochemicals industry. Furthermore, North America is predicted to rise in the benzene market due to increased demand for polyester, increased crude oil production, and low cost of feedstock and economical commodity products in this region.
The Benzene market is consolidated with a big number of players. The prominent players offered in the report include BASF SE, BP Plc, China Petroleum & Chemical Corporation, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, LG Chem, Royal Dutch Shell PLC, Saudi Basic Industries Corporation, The Dow Chemical Company, and Total S.A.
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