The global benzene market is forecast to reach USD 60.72 Billion by 2030, according to a new report by Reports and Data. Benzene is a commodity petrochemical and an aromatic hydrocarbon product. It is manufactured as a by-product in refineries and stream crackers.
The demand for the product is fueled by the supply and demand of other products derived from it. Benzene is used in several range of economic sectors such as construction, electrical electronics, consumer products, pesticides, and construction.
The rapid growth of end-user industries has significantly driven the applications for the derivatives globally, thus influencing the market growth. Rise in population, coupled with the increase in disposable incomes, has led to the growth of several bulk materials and consumer products. Low price of the feedstock and economical commodity product prices have also contributed to the higher consumption of benzene derivatives.
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Top Key Players: Sinopec, BASF SE, Dow DuPont, Saudi Basic Industries Corporation, ExxonMobil Corporation, China National Petroleum Corporation, Royal Dutch Shell plc. JX Holdings, Bp Plc., and Borealis AG, among others.
Further key findings from the report suggest
- An increase in the application of insulation materials in the construction industry is one of the factors contributing to the growth of the market. Moreover, growing urbanization and rising disposable incomes, has led to an increase in the demand for consumer products such as furniture wax and thinners globally.
- Benzene serves as a key solvent in various industrial, commercial, and research facilities. For example, alkyl benzene is extensively used to produce surfactants for the production of detergents.
- A derivative of benzene, Cyclohexane, which is used to manufacture textiles, is a basic raw material for the production of nylon. The paints and coatings used in the construction industry is another growth-inducing factor as it incorporates benzene derivatives in the manufacturing of lacquers and paints.
- Refiners across the globe utilize catalytic reforming to manufacture high-octane reformate for high-value aromatics of benzene and gasoline blending for petrochemical use. It is also a primary source of refinery-based hydrogen.
- The European chemical industry is a major part of the country’s economy. Europe’s chemical industry is a world leader in chemical production. Approximately, more than half of the chemical sales in the region are of polymers and petrochemicals, which in turn propels the demand for benzene.
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Segments covered in the report:
Type Outlook (Revenue, USD Billion; 2019–2030)
- Heat Pumps
- Furnace
- Boilers
- Unitary Heaters
Application Outlook (Revenue, USD Billion; 2019–2030)
- Residential
- Commercial
- Industrial
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- US.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- EMEA
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Key Attentions of Benzene Report:
The report offers a complete and broad perspective on the global Benzene.
The market statistics depicted in the various Benzene segments give a complete picture of the industry.
The market growth drivers and challenges affecting the development of the Benzene are analyzed in detail.
The report will aid in the analysis of key competitive market scenarios and Benzene dynamics.
Major players, Benzene key companies, investment feasibility, and study of new market entrants are offered.
The scope of development of the Benzene in each market segment is covered in this report.
The macro and microeconomic factors that influence the Benzene progress are detailed in this report.
The upstream and downstream components of the Benzene and a complete value chain are explained.
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