Benzene Market Overview:
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.
Benzene Market Key Players:
Some of the prominent players operating in the global benzene market 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)
• Repsol (Spain)
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Benzene Market Regional Analysis:
North American benzene market is anticipated to observe a huge increase owing to high consumption potential, rising petroleum refining capacities, and increasing economic growth rate and human development index (HDI). In the North American region, rising demand for petrol additives to increase the octane number of the petrol is fueling the benzene market. As of 2016, the U.S accounted for the largest market share and was followed by Canada in terms of value & volume and is estimated to grow with the moderate CAGR due to the growth in the production of petrochemical additives, food packaging, and paints industries. In Europe, the need for oleochemicals is anticipated to increase in many countries such as Italy, Germany, Spain, UK, France, and Russia due to increasing spending in oleochemicals research & development and growing purchasing power of consumers.
Moreover, the presence of major automobile production capacities specifically in Germany is anticipated to give a new opportunity to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also anticipated to observe steady growth on account of increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in oleochemicals manufacturing technology. In Asia Pacific region, benzene market is anticipated to increase owing to the presence of many oil & gas reserves which is reducing the demand gap for benzene raw materials. Thus, benzene end products are estimated to sell at lower prices relatively to other regions.
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, 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.
Benzene Market Table of Content to be Continue….,
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