Market Synopsis:
Benzene Market is a flammable and colorless liquid that is expected to witness rising applications across different industry verticals in the years to come. Market Research Future, in its latest report, has revealed that the global benzene market is expected to mark a moderate CAGR across the projection period 2022 - 2030.
Rising consumption of petrochemical products is projected to influence the expansion of the Benzene Market positively in the years to come. In addition, proliferating applications across industries such as construction, paints coatings, oil gas, etc. is prognosticated to catalyze revenue generation for the market players. However, the implementation of stricter environmental regulations remains an impediment to market growth.
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Market Segmentation:
The segmental analysis of the global benzene market is conducted based on the derivative type. The segments of the market include cumene, alkyl benzene, cyclohexane, nitrobenzene, ethylbenzene, and others
Regional Analysis:
The geographical evaluation of the global benzene market encompasses Asia Pacific, the Middle East Africa (MEA), Europe, Latin America, and North America. Asia Pacific is set to strike the highest CAGR over the forecast period. The benzene market in the region is likely to benefit from the expansion of the oil gas industry in the region. In addition, the growth of the end-user industries is also anticipated to propel market expansion in the region over the next couple of years. Lastly, the increasing disposable income and rising middle-income population owing to rapid economic developments are poised to encourage the growth of the regional benzene market over the next few years.
The Middle East Africa is also projected to exhibit substantial growth in the foreseeable future due to rising applications in the oil gas industry. The oil industry is flourishing in the region, and it is poised to boost the growth of the regional market over the next few years. Iraq, Saudi Arabia, Iran, the United Arab Emirates, and Kuwait are the crucial sub-market of the region expected to develop considerably across the review period.
North America is prognosticated to register a moderate growth over the next couple of years. The region is assessed to observe rising consumption of petrochemical products, which is poised to lead the growth of the market in the region across the assessment period. The U.S., followed by Canada, is expected to emerge as the major contributor to the development of the benzene market in the region in the years to come. In addition, rising demand for benzene from the food packaging and paints coatings industries are expected to influence the growth of the regional market greatly.
Europe benzene market is expected to witness an upsurge in demand across countries such as Italy, Spain, the UK, Germany, France, and Russia. In addition, the product is also likely to find application across the developed automotive industry. This, in turn, is forecasted to lead market growth over the next few years. Increasing purchasing power of the masses is also projected to have a positive influence on the proliferation of the benzene market in the region.
Competitive Dashboard:
BASF SE (Germany), The Dow Chemical Company (U.S.), Borealis AG (Austria), Arsol Aromatics GmbH Co. KG (Germany), Royal Dutch Shell plc (the Netherlands), Exxon Mobil Corporation (U.S.), China Petroleum Chemical Corporation (China), BP p.l.c. (UK), SABIC (Saudi Arabia), and Repsol (Spain) are the important participants of the global benzene market expected to contribute substantially to the revenue growth over the next couple of years. Some of the strategies expected to be implemented by these players in the forthcoming years are mergers acquisitions, product development, collaborations, facility expansion, partnerships, etc.
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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.
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