Benzene Market; Size | Share | Opportunities | Growth Rate | Analysis and Major Players | Forecast to 2023

Benzene Market:

Market Abstract:

Benzene is colorless and flammable liquid with a sweet and gasoline-like odor. It undergoes substitution reactions. Substitution is a reaction in which an atom or group of atoms replaces a hydrogen atom in an organic molecule. The halogens, nitric acid, sulfuric acid, and alkyl halides all react with benzene to form substituted derivatives. Benzene is a large-volume commodity petrochemical that is primarily produced in oil refineries and steam crackers, or as a by-product of p-xylene production. Thus, its supply is not driven by the global benzene demand but rather by demand for other products such as gasoline, ethylene, P-xylene.

Benzene is used as a solvent in many commercial, industrial, and research operations. Benzene is used to produce several intermediates from its derivatives, including polystyrene- made from ethylbenzene, phenol-made from cumene, nylon-made from cyclohexane, and polyurethane-made from nitrobenzene derivatives. Alkyl benzene derivative is used to produce surfactants for manufacturing detergents. Cyclohexane derivative is an important raw material to produce nylon, which is used to manufacture textiles. Nitrobenzene derivative is used to manufacture polyurethane foams for the furniture industry.

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Market Insight:

Benzene market include rapid increase in the use of insulation materials in construction activities, rising demand for textiles owing to expanding the population and increasing expenditure on food packaging and automobile manufacturing. Moreover, demand for benzene is predicted to witness a significant growth over the assessment period due to surging paints and coatings industry as cumene derivative is used in the manufacture of paints and lacquers. Rising crude oil production across the globe is anticipated to be an important driver for benzene market during the review period owing to the demand gap for benzene.

Segmentation:

Benzene market is categorized on the basis of derivative type, and region. On the basis of derivative type, the market is bifurcated into alkyl benzene, cumene, cyclohexane, ethylbenzene, nitrobenzene, and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Market Key Players:

BASF SE (Germany),

Borealis AG (Austria),

The Dow Chemical Company (U.S.),

Arsol Aromatics GmbH & Co. KG (Germany),

Exxon Mobil Corporation (U.S.),

Royal Dutch Shell plc (the Netherlands),

China Petroleum & Chemical Corporation (China),

SABIC (Saudi Arabia),

BP p.l.c. (UK),

Repsol (Spain).

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