A recent report published by Infinium Global Research on the benzene market provides in-depth analysis of segments and sub-segments in global as well as regional benzene market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional benzene market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global benzene market. According to the report, the global benzene market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.
Benzene is an organic chemical compound that contains only carbon-hydrogen atoms joined in the ring structure. Benzene is a liquid aromatic hydrocarbon with high flammable, volatile and toxic properties. Benzene is found in crude oils as a by-product of oil-refining processes. Benzene, if it comes in contact with a person, can cause health-related issues such as central nervous system damage, bone marrow damage, and others, also breathing very high levels of benzene can result in death.
The benzene is a large volume commodity petrochemical that shows diverse applications in the chemical industry. The versatile applications served by the benzene is the key factor driving the benzene market worldwide. The major amount of produced benzene is essentially used in the production of various chemicals such as ethylbenzene, cumene, and cyclohexane that are used in the Tire/Rubber Manufacturing, plastic, paint and coatings, printing and other industries. In addition, the rapidly growing demand for Styrene or polystyrene which are the derivatives of benzene, are used in various end-use industries which is likely to boost the growth of the benzene market. The manufacturing of synthetic rubbers and polystyrene are the major applications of the Styrene. The rising uses of polystyrene in the food packaging, construction and in the manufacturing industries for insulation and manufacturing purpose is expected to contribute to the growth of the benzene market over the forecast period. However, the U.S. Consumer Product Safety Commission (CPSC) recommends the ban of benzene in consumer products because it has linked with various health-related issues such as cancer of the white blood cells, blood disorders and abnormalities of genetic material that may hamper the market growth.
Moreover, rapidly increasing phenol consumption is expected to escalate the growth of benzene market in upcoming years. Phenol is one of the derivatives of benzene used in the production of household application and as intermediates for the industrial synthesis.
Geographically, Asia-Pacific accounts for nearly half of the global production and consumption of benzene. The factors such as favorable government regulations, growing end-use industries including electronics, packing, construction, paint and coating and many other, availability of cheap resources and skilled workforce are likely to fuel the growth of benzene market in this region.
The report on global benzene market covers segments such as derivatives and application. On the basis of derivatives, the global benzene market is categorized into ethylbenzene, cumene, styrene, chlorobenzene, aniline, alkylbenzene, cyclohexane and others. On the basis of application, the global benzene market is categorized into tire/rubber manufacturing, printing, petroleum/oil, chemicals and plastic, auto repair, medicine, and others.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global benzene market such as BASF, Reliance Industries Limited, The Dow Chemical Company, ExxonMobil, Shell, Royal Dutch Shell Plc., China National Petroleum Corporation, Total S.A., Saudi Basic Industries Corporation and others.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global benzene market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of benzene market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the benzene market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the benzene market to understand the present and future trends in this market and formulate their strategies accordingly.
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