New Delhi, April 11, 2022 (GLOBE NEWSWIRE) — The growth of the benzene market is primarily due to the increasing demand for polyester, low raw material costs combined with an economical mass product. In addition, the increasing demand for methylene diphenyl diisocyanate for the manufacture of polyurethane foams used in construction and furniture has fueled the growth of the global benzene market…
A recent study by the strategic consulting and market research company; BlueWeave Consulting revealed that the Global benzene market was 45.4 million tons in 2021 and is expected to reach 58.0 million tons by 2028, showing a CAGR of 3.6% over the analysis period 2022-2028. The expansion of the benzene market is primarily attributed to the rising demand for benzene derivatives from numerous end-use industries including automotive, electrical & electronics, houseware products and textiles, which will drive the growth of the global benzene market during the forecast period 2022-2028.
Increasing demand for benzene derivatives by various end-use industries is driving the global benzene market growth
The increase in demand for benzene derivatives such as ethylbenzene, cumene, cyclohexane, nitrobenzene, linear alkylbenzene, etc. in various end-user industries is expected to lead to significant demand for benzene during the forecast period 2022-2028. In addition, increasing use of insulating materials in construction contributes significantly to market growth. In addition, increasing urbanization and rising disposable incomes have increased demand for consumer goods such as paint thinner and furniture wax around the world. Benzene is an important solvent in numerous commercial, research, and industrial processes. For example, alkylbenzene is used extensively to make surfactants in the manufacture of detergents. Similarly, cyclohexane, another derivative of benzene, is a primary raw material used in the manufacture of nylon, which is used in the manufacture of textiles. In addition, the thriving paints and coatings (PCI) industry is also acting as a key growth driver for the global benzene market.
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The automotive segment is expected to grow at a higher growth rate during the forecast period
There is an increasing demand for benzene derivatives by the automotive industry. This is due to the wide range of applications of benzene derivatives in the automotive sector. Benzene is used as a solvent for degreasing and cleaning automotive parts. In addition, it is used to manufacture synthetic rubber, chemicals, plastics, etc., which are widely used by various end-use industries. In the electrical and electronics industry, it is used as a solvent and stripping agent. In addition, it is used to manufacture several composite plastics such as phenolic resins, which are used extensively by various end-use industries.
Impact of COVID-19 on the global benzene market
As a result of the COVID-19 pandemic, the world experienced one of the worst recessions since World War II. The global benzene market has also been brutally impacted by the emergence of the COVID-19 pandemic. Severe lockdowns have been imposed by several governments around the world, severely handicapping the construction, transportation, textile, electrical and electronics industries, which are the key end-use industries for the benzene market. All this led to a significant drop in sales of aromatic products, household appliances, electronic components, clothing and others, which significantly reduced the demand for benzene. Nonetheless, given the improving market conditions in the post-Covid era, the growth of the benzene market is likely to recover over the forecast period.
Please visit the press release of that Global Benzene Market: https://www.blueweaveconsulting.com/press-release/global-benzene-market-to-boost-in-coming-years-projected-to-reach-worth-58-million-tons-in-2028
The Asia Pacific region is expected to grow at the highest CAGR in the global benzene market.
In terms of regional analysis, the global Benzene Market has been segmented into North America, Europe, Asia Pacific, Latin America & Middle East & Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the fastest growing market in the region during the forecast period due to the escalating end-use markets such as electronics and home appliances, construction, textiles in India, China and other ASEAN countries. In addition, benzene is used extensively in the manufacture of building products such as paint, flooring, adhesives, fiberglass, and others. According to the National Bureau of Statistics of China, construction output in China was about CNY 29.31 trillion in 2021. This should further boost demand for benzene in the Asia-Pacific region. Reliance Industries Limited is one of the leading players in the manufacture of Benzene with an annual production capacity of around 1400 KT supporting local demand of India as well as export to numerous countries around the world.
The global benzene market is a fragmented market. The major players in the global benzene market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings Inc., China National Petroleum Corporation, Total SA, Saudi Basic Industries Corporation, BP Plc and BASF SE., LG Chem, JS Holding, GX Caltex, Haldia Petrochemicals, Reliance Industries Ltd., Indian Oil Inc. and other prominent players. The players maintain their market dominance by improving their production capacities, research and development activities, and launching improved products for the customers. Various strategies are followed, such as B. Engaging in strategic alliances, agreements, mergers and collaborations.
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The in-depth analysis of the report provides information about the growth potential, upcoming trends and global Benzene market statistics. It also highlights the factors driving overall market size forecasts. The report promises to provide latest technology trends in the global benzene market along with industry insights to help decision makers make informed strategic decisions. In addition, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- February 2021: Hengyi Petrochemical intended to build a benzene plant to increase the annual capacity from 500 kilotons to 800 kilotons. It was to be carried out as part of its refinery and petrochemical expansion project at Pulau Muara Besar in Brunei to strengthen its petrochemical business.
- January 2021: Total and Covestro partnered to supply sustainable benzene. Total has announced that it will supply 2,000 tons of ISCC Plus-certified benzene to Covestro. Covestro will turn it into a key precursor for numerous applications, including alternative raw material drop-in solutions for more sustainable automotive parts, insulation panels and cooling units.
Scope of the report:
|years taken into account||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|facts covered||Sales in million USD, volume in million tons|
|market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa|
|Product/Service Segmentation||By process, application, end-use industry and region|
|key figures||The major players in the global benzene market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings Inc., China National Petroleum Corporation, Total SA, Saudi Basic Industries Corporation, BP Plc and BASF SE., LG Chem, JS Holding, GX Caltex, Haldia Petrochemicals, Reliance Industries Ltd., Indian Oil Inc. and other prominent players|
- Build and build
- electrics and electronics
By end user industry
- electrics and electronics
- Build and build
- industry and machinery
- Other end-use industries
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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