Benzene Market

Benzene Market Overview:
Benzene is a toxic, flammable, and volatile hydrocarbon. The most common route to produce benzene is by crude refining, or as a by-product of p-xylene production. This implies that benzene production is entirely dependent on crude oil refining processes. It is used as an industrial solvent, as a chemical intermediate and is used in the synthesis of many chemicals such as including polystyrene, phenol, nylon, and polyurethane. More than half of the benzene produced each year is converted to ethylbenzene, then to styrene, and then to polystyrene. The next largest use of benzene is in the preparation of phenol.

Benzene Market is colourless and flammable liquid with a sweet and gasoline-like odour. 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, sulphuric acid, and alkyl halides all react with benzene to form substituted derivatives.

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Benzene Market Key Players:
Benzene Market Players are: 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), and Repsol (Spain), among others.

Benzene Market 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, cymene, cyclohexane, ethyl benzene, 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.

Benzene Market Application:
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.

Benzene market is demand for petrol additives such as benzene, which increase the rating of the petrol, surge in the use of benzene in the construction industry owing to its use in manufacturing insulation materials, rapid increase in the benzene use for the manufacturing of nylon fibres owing to the demand from expanding global populace, and rising spending on food packaging and automobile manufacturing. Furthermore, need for benzene is anticipated to observe a higher CAGR over the forecast period owing to surge in paints and coatings industry, as benzene derivatives are vital compounds in the manufacture of paints and lacquers. Increasing oil & gas exploration activities and new oil & gas reserves discovery are reducing the benzene raw material demand gap in the assessment period. In the forecast period, benzene is used in the manufacture of car parts and it is predicted that increase in automobile production is fuelling the benzene market.
Additionally, food packaging industry is anticipated to drive the benzene market in the assessment period owing to its major use in manufacturing food packaging materials.

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Benzene Market Regional Analysis:
Benzene Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia Pacific is predicted to grow at the highest CAGR during the review period, 2018-2023 due to the expanding oil & gas industry. The demand for benzene is predicted to surge in numerous countries of the Middle East & Africa such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait due to high adoption rate by the crude oil producers. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to fill the demand gap for benzene production and propel the growth of the market.

North American Benzene Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production petroleum refining capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be the major contributor to the regional market growth and is expected to witness a significant demand for benzene. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow at the moderate CAGR on account of growth in production of food packaging and paints industries.

In Europe, the demand for benzene is predicted to grow in various countries such as Italy, Germany, Spain, the UK, France, and Russia owing to increasing expenditure on innovation and growing purchasing power of the consumers. Moreover, the presence of major automobile manufacturers, specifically, in Germany is expected to give a new impetus to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness a substantial growth owing to increasing consumer spending on passenger cars where benzene derivatives are major constituents in the manufacturing automobile parts as well as the involvement of new technologies and inventions in benzene. Asia Pacific accounted for nearly half of the global production of benzene since benzene production is entirely dependent on the petroleum refineries production. In this region, significant refining capacities are being added to address rapidly growing automobile sales, which is driving gasoline demand as well as the growing needs of the middle-class population.

Benzene Market Table of Content:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Benzene Market
5 Industry Overview of Global Benzene Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
Benzene Market Table of Content to be Continue…..,

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