Report Ocean recently released a research report on the Benzene Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global Benzene Market is anticipated to reach USD 111.1 billion by 2026 according to a new study published by Report Ocean Market Research.
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Benzene is an aromatic hydrocarbon and a commodity petrochemical product. It is produced as by-product in stream crackers and refineries, thus its supply and demand is driven by other products derived from it. Benzene is a basic chemical and a building block for many other chemical synthesis of the global chemical and petrochemical value chain.
Benzene is used in a broad range of economic sectors such as electrical & electronics, construction, consumer products, transportation, and medical. This petrochemical product has many derivatives such as ethyl benzene, nitrobenzene, cumene, cyclohexane, alkyl benzene, chlorobenzene, aniline, and phenol.
The rapidly growing industries such as packaging, construction, bulk chemicals & materials, automotive, textiles and building & construction have substantially driven the applications for the benzene derivatives globally influencing the benzene market growth. 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 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 industry is highly regulated in terms of policy frameworks as benzene is a toxic chemical where its highlevel exposure can lead to serious environmental implications.
Asia Pacific is the largest regional market for the benzene market due to high consumption in China. Despite a gradually slowing economy, China has witnessed all the additional benzene requirements in the past five years (2012-2017). The consumption has shifted from North America and Western Europe towards Asia and Middle East over the past decade.
The diverse needs of a growing middle class in China, significant expansion in refinery capacities, large-scale p-xylene plants to feed the downstream petrochemical sector has majorly driven the benzene demand in the country. However, the performance of the China’s economy in the near future is expected to be a vital driver for benzene consumption. Albeit a slower pace, additional benzene capacities are expected to be on-stream by 2021, but just for the production of ethylene.
The global benzene market comprises of large number of international and domestic producers. Global benzene industry has witnessed a shift in competitive landscape towards closer proximity of the refineries. Some of the major benzene market players include Sinopec, BASF, China National Petroleum Corporation, Saudi Basic Industries Corporation, Dow DuPont, ExxonMobil Corporation, and Royal Dutch Shell plc.
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Table of Content
Chapter 1: Global Benzene Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Benzene market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Benzene Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Benzene market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Benzene market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Benzene market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Benzene market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Benzene business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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