Benzene Market-Overview

Benzene Market Size was valued at USD 40.07 billion in 2021. The Benzene market industry is projected to grow from USD 40.87 Billion in 2022 to USD 65.72 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.12 % during the forecast period (2022–2030). The increase in demand for benzene as styrene is used in the production of tires and several body parts of both diesel or gasoline-powered vehicles and electric vehicles are driving the market growth.

The improved production potential of benzene is estimated to motivate the benzene market in the course of the forecast period. Furthermore, the swell in demand from the paints and coatings business is predicted to transform the development of the benzene market share in the forecast period.

Segmental Analysis

The segmentation of the benzene market is carried out on the basis of derivative type and region. The derivative type segment of the benzene market consists of cumene, cyclohexane, nitrobenzene, ethylbenzene, and alkyl benzene. The region segment of the benzene market consists of Europe, Asia Pacific, Latin America, the Middle East, North America, and Africa.

Get a Free Sample PDF Brochure — https://www.marketresearchfuture.com/sample_request/928

Regional Overview

The regional study of the benzene market consists of Europe, Asia Pacific, Latin America, the Middle East, North America, and Africa. The North American regions’ benzene market is estimated to perceive an enormous upsurge due to elevated use potential, increasing fuel refining capacities, and growing economic development rate and human development index (HDI). In the North American benzene market, the mounting call for petrol additives to raise the octane quantity of petrol is driving the benzene market. The U.S national market reported for the principal market segment and was shadowed by Canada in terms of worth & size and is assessed to grow with a reasonable CAGR owing to the development in the making of food packaging, petrochemical additives, and paints businesses. In the European region, the need for oleochemicals is projected to rise in many countries due to growing expenditure in oleochemical development and customer mounting purchasing authority. Furthermore, Germany’s main automobile manufacturing capacities are projected to give a novel opening to the benzene market growth. Latin American nations such as Colombia, Argentina, and Brazil are also estimated to observe solid development on account of growing consumer expenditure on passenger cars and involvement of novel technologies and discoveries in oleochemicals manufacturing expertise. In addition, several oil & gas reserves are decreasing the requirement gap for benzene raw materials in the Asia Pacific region’s benzene market.

Competitive Analysis

The financing related to innovations is estimated to take precedence in the business goals set by the various players in the market. The broadening geographical reach of several companies globally is estimated to propel the market’s development in the upcoming period. The market is estimated to be driven by positive aspects of global demand in the forecast period. The companies are estimated to favor long-term developments in the coming period to ensure the longevity and sustainability of their businesses. The present COVID-19 crisis has encouraged companies to oversee a complete appraisal of business portfolios and make long-overdue operative changes. Companies are also adopting an asset-light model to navigate market conditions. The utilization of a dynamic ecosystem business model is estimated further to improve the chances for developments in the forecast period. The incorporation of pioneering technologies and work processes is likely to spur the global market in the impending period.

The central contenders in the benzene market are Ecolab (U.S.), The Dow Chemical Company (U.S.), Royal Dutch Shell plc (the Netherlands), Arsol Aromatics GmbH & Co. K.G. (Germany), Exxon Mobil Corporation (U.S.), China Petroleum & Chemical Corporation (China), BASF SE (Germany), SABIC (Saudi Arabia), B.P. p.l.c. (U.K.), and Repsol (Spain), among others.

Enquiry For Discount — https://www.marketresearchfuture.com/check-discount/928

Industry Updates:

Jun 2021 Valisure, an independent analysis lab in New Haven, in the U.S. state of Connecticut, has recently found some extensively used sunscreens and after-sun commodities that contained up to 6 parts per million of benzene. The U.S. Food and Drug Administration (FDA) yardstick for benzene in sunscreen is uncertain, but it previously set a provisional limit connected to the contagion of two parts per million for hand sanitizers. The FDA did not declare whether it was worried about benzene levels in sunscreen but said it functions with companies to withdraw products when suitable.

May 2021 A Chevron Corp and Phillips 66 petrochemical joint scheme imported significant amounts of the toxic chemical benzene into the United States for more than a few years without registering it with regulators as required by law. Chevron Phillips Chemical Company LLC brought in “reportable quantities” of the chemical from 2013 and 2020 that it did not directly disclose to regulators, as per the document.

Related report — 

1. Chromium Oxide Market https://www.marketresearchfuture.com/reports/chromium-oxide-market-8113 
2. Bleaching Chemicals Market https://www.marketresearchfuture.com/reports/bleaching-chemicals-market-2502 
3. Active Calcium Silicate Market https://www.marketresearchfuture.com/reports/active-calcium-silicate-market-2114

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com