Global Benzene Industry Report: Analysis and Forecast 2022-2027
Benzene Market Outlook
In 2021, the global benzene market size attained approximately USD 68.30 billion. During the 2022-2027 Forecast Period, furthermore the market is expected to increase at a CAGR of 2.8 percent by 2027, with a market valuation of about USD 80.53 billion. The growth in end-user industries and styrene polymers is increasing Demand in the benzene industry. Asia is the largest spender by region expanding at a significant rate for the benzene sector.
Benzene: Industry Definition and Segmentation
Scope
Benzene is an important organic molecule with the molecular formula C6H6. The benzene unit is made of six carbons linked in a hexagonal ring, all with one bonded. Because the looping continuing pi bonds which develop in between carbon molecules, benzene is categorised like an alkane. It is often represented as PhH. Benzene is a transparent, extremely combustible liquid with a sweet aroma that appeals to the fragrance of petrol stations. It is frequently seen as a predecessor in the production of more difficult and complicated compounds.
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The benzene market is segmented by:
Application: Aniline, Styrene, Cyclohexane, and Cumene
Geography: Europe, Asia Pacific, the Middle East, Africa, South America, and North America
Snapshot of the Report
The benzene industry is regionally categorized by Asia Pacific, Europe, Asia Pacific, Latin America, Africa, North America, and the Middle east.
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Category Drivers
The benzene market is expected to drive by expanding polyester demand, low feedstock costs, and a low-cost commodity product. The growth rate for methylene diphenyl diisocyanate is increasing and is used in furniture and construction for creating polyurethane foams, hence it is growing the market size of the industry.
Furthermore, increased demand for Cumene to make acetone, which has applications in the automotive and architecture industries, propels the business forward. In a variety of industries like commercial, and scientific settings, benzene is utilised as solvent.
Alkylbenzene, for example, is extensively utilised in the manufacturing of detergent surfactants.
Category Insight by Region
The Asia Pacific region leads the benzene market owing to the expanding demand for styrene market from industries such as wrapping, building, home appliances, and electronics in India and China.
Furthermore, increased crude oil production, low feedstock expenses, and low-priced products are driving market expansion. The primary driver of the industry is its use in the manufacturing of styrene.
Category Management Analyses
A combination of compounds with heating temperatures ranging to 200 °C is blended with hydrogen and oxygen prior to getting subjected to a functionalised platinum chloride or rhenium chloride catalyst at 500-525 °C and concentrations of up to 50 atm in catalytic cracking. When aliphatic hydrocarbons are exposed to benzene, they form rings and lose hydrogen, culminating in aromatic hydrocarbons.
Long-term exposure to toluene causes hydrodealkylation, that changes toluene to benzene. Toluene and hydrogen are blended in this methodology. When a biochemical complex requiring large amounts of benzene exp and xylene, toluene disproportionation (TDP) may be an attractive proposition. To produce one benzene derivative, many benzene atoms are activated, with the alkyl groups transferring between one and the other.
Strategic key Players present in the Global benzene Industry
The prominent companies in the benzene market are ExxonMobil, Petro China (CNPC), Shell, Sinopec, and Chevron Phillips.
The benzene industry report contains other latest developments in the market, capacity additions, plant shutdowns, investments/divestments, and mergers and acquisitions.
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