Research Nester has released a report titled “Benzene Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global benzene market in terms of market segmentation by derivatives, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global benzene market is segmented by application into textile, specialty chemicals, building & construction, transportation and others, out of which, specialty chemicals segment is anticipated to hold the largest market share owing to rising demand from end user industries for the greater utilization of benzene as a specialty chemicals. Benzene, as a specialty chemical is used in manufacturing plastics, resins, synthetic fibers, drugs and pesticides, dyes, rubber lubricants and others.
The global benzene market is anticipated to record a CAGR of 3.98% during the forecast period, i.e. 2020-2028. Growing applications for benzene derivatives across end user industries, such as packaging, construction, bulk chemicals and materials, textiles, automotive and several others, coupled with growing exports of benzene across nations in the world are some of the factors anticipated to promote the growth of the global benzene market throughout the forecast period. In the statistics by International Trade Centre, benzene exports around the globe peaked to USD 8.536 billion from USD 5.354 billion in-between 2016-2018.
Regionally, the global benzene market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to hold the largest market share owing to presence of nations such as China, India and ASEAN countries, where there is a rising demand for the consumption of industrial chemicals across the growing number of manufacturing facilities supported by lower labor costs. Additionally, presence of several end user industries in the region, such as electronics and home appliances, packaging and construction and others is also anticipated to contribute towards the growth of the benzene market in the region.
Increasing Versatile Applications Of Benzene
Benzene as an aromatic hydrocarbon finds massive application across industries and is used to produce several chemicals in the chemical industry. It is known for being the large volume petrochemical commodity. Several forms of benzene, such as ethylbenzene, cumene, cyclohexane and others are being used to manufacture tire or rubber manufacturing, plastics, paint and coatings and printing among others. Additionally, a major derivative of benzene, known as styrene or polystyrene also finds amplified utilization across end user industries. Growing need for benzene as raw material ingredient for the manufacture of chemicals across industries is anticipated to drive the growth of the global benzene market during the forecast period.
However, concerns regarding detrimental effects on health on account of exposure to the chemical component is anticipated to limit the growth of the global benzene market.
The market also provides the existing competitive scenario of some of the key players of the global benzene market, which includes company profiling of BASF SE (ETR: BAS), Braskem (BVMF: BRKM5), China Petrochemical Corporation (SHA: 600028), Eastman Chemical Company (NYSE: EMN), Exxon Mobil Corporation (NYSE: XOM), LG Chem (KRX: 051910), JXTG Nippon Oil & Energy Corporation, Reliance Industries Limited (NSE: RELIANCE), Mitsubishi Chemical Corporation (TYO: 4188), SK global chemical Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global benzene market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.