Global Benzene Market Analysis Growth Forecast by 2025


Posted November 1, 2019 by MPatni

Benzene Market Research Report: by Application (Solvent, Chemical Intermediates, Surfactants, Plastics, Rubber Manufacturing, Detergent, Explosives, Lubricants, Pesticides, Anti-Knock Additives) Region Forecast till 2025
 
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.
According to our analysis, the important factors and trends seen in the global benzene market are 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 fibers 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.
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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.
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. Increasing automobile production and sales along with rising consumption of ethylbenzene derivative is a raw material for polystyrene, which is used in the food packaging, the insulating material in the construction industry.
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 Table Of Contents to be Continue….,
Complete Table of Content is Available at @ https://www.marketresearchfuture.com/reports/benzene-market-928
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Issued By Mpatni
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Business Address Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India
Country India
Categories Business , Industry
Tags benzene market share , benzene market size , benzene market trends , global benzene market
Last Updated November 1, 2019