BANGALORE, India, Nov. 23, 2020 /PRNewswire/ -- The Benzene Market is Segmented by type (Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Alkylbenzene), by application (Plastics, Polymers, Others). This report is published on Valuates Reports in the Chemical Industry Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global (Trifluoromethoxy) Benzene market size is projected to reach USD 110200 Million by 2026, from USD 90380 Million in 2020, at a CAGR of 3.4% during 2021-2026.
Major factors driving the growth of Benzene market size are the rising demand for methylene diphenyl diisocyanate (MDI, the increasing demand for benzene as solvents in manufacturing chemicals and plastic products.
This report focuses on Benzene volume and value at the global level, regional level and company level. This report represents the overall Benzene market size by analyzing historical data and prospects from a global perspective.
TRENDS INFLUENCING THE BENZENE (CAS 71-43-2) MARKET SIZE
Increased demand for styrene polymers combined with high consumption of methylene diphenyl diisocyanate and phenol is expected to fuel the Benzene market size. Growing downstream sector investment initiatives in Saudi Arabia are expected to emerge as a major market opportunity for global benzene and its derivatives markets. In order to reduce the total cost of production, multinational firms are investing in the Middle East due to proximity to raw materials.
Rising demand for methylene diphenyl diisocyanate (MDI) in the production of polyurethane foam is expected to drive the benzene market size. Polyurethane foam is used majorly in the furniture and construction industries. In addition, ethylbenzene is commonly used as an anti-knocking agent, which in turn is expected to drive the benzene market size.
Benzene's key driver is the demand for benzene in the manufacture of various derivatives such as ethylbenzene, cumene, phenol, styrene, nitrobenzene, and aniline. In 2018, ethylbenzene, cumene, cyclohexane and nitrobenzene accounted for the majority of the benzene market share. Furthermore, the growing demand for benzene as solvents in the manufacture of chemicals and plastic products is likely to propel the Benzene market size.
The increase in demand for benzene in emerging economies has been instrumental in driving the market growth. However, fluctuating benzene prices in the domestic markets of different countries can hinder market development.
Asia-Pacific held the largest benzene market share (47.0% ) in 2017 and is expected to continue its dominance during the forecast period. This dominance of Asia-pacific is attributed to the expanding oil & gas, polymer, and construction industries in the region. China is the leading producer and consumer of benzene in the region due to the surge in consumption of plastic in automotive applications and the rising use of polyurethane foams in the furniture industry.
Due to various oil & gas exploration activities, the growing production potential of petrochemical products and the increasing demand for benzene derivatives in lubricant applications and rubber manufacturing, North America is the second-largest market for benzene.
The European benzene market is likely to expand moderately due to the strict regulations of the European Union on the use of benzene and its derivatives in automotive plastic, solvent and pesticide applications. Germany is the leading country in Europe due to the growing use of benzene and its derivatives in the manufacture of plastics for automobile parts and the involvement of several major automotive players.
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Cumene Market was valued at USD 16,330 Million in 2015, and is expected to reach USD 25,089 Million by 2022, supported by a CAGR of 6.5% during the forecast period 2016 to 2022. Major factors driving the growth of cumene market size are Increasing demand for enamels, lacquers, and paints, along with the growing cumene usage for the manufacturing of steel, iron, and rubber. Furthermore, the organic compound isopropyl benzene is also utilized for the production of other chemicals such as phenols, and acetone which in turn increase the growth of cumene market size during the forecast period.
Linear Alkylbenzene (LAB) Market size is projected to reach USD 4005.6 Million by 2026, from USD 3901.4 Million in 2020, at a CAGR of 0.4% during 2021-2026. On the basis of product type, HF Paraffins represent the largest Linear Alkylbenzene (LAB) market share, with 71%. Based on application, the Laundry Detergent segment is estimated to be the largest end-use industry segment of the Linear Alkylbenzene (LAB) market, with a 69% share. The Linear Alkylbenzene (LAB) market is concentrated, with major players taking up about 16% of the global market.
Divinylbenzene (DVB) Market size is projected to reach USD 88 Million by 2026, from USD 70 Million in 2020, at a CAGR of 3.9% during 2021-2026. In 2019, the global divinylbenzene (DVB) market was led by China. The USA is the second-largest region-wise market. At present, the major manufacturers of divinylbenzene (DVB) are concentrated in China, the USA and Japan. Jiangsu Evergreen is the world leader, holding 36% production market share in 2019. Other top companies in the Divinylbenzene (DVB) Sales Market include Nippon Steel, Dow Chemical, Jiangsu Evergreen and Jiangsu Andeli New Mstar.
Nitrobenzene Market size is projected to reach USD 8638.4 Million by 2026, from USD 7292.1 Million in 2020, at a CAGR of 2.9% during 2021-2026. This report is segmented by type Aniline Production, Manufacture of Pesticides, Manufacture of Synthetic Rubber, Paint Solvent, by application Construction, Agriculture, Pharmaceuticals, Cosmetics, Automotive and by various regions.
Ethylbenzene Market report is segmented by type AlCl3 Liquid Hydrocarbon Method, Zeolite Gas Catalystic Method, Zeolite Liquid Catalystic Method, by application Styrene Production, Chemical Production, Others and by various regions.
Cyclohexane Market report is segmented by type For Adipic Acid, For Caprolactam, by application Nylon 6, Nylon 66, Others and by various regions.
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