Harrisburg, NC -- (SBWIRE) -- 10/22/2020 -- The Global Benzene Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global benzene market reached a value of nearly $1.5 billion in 2019, having grown at a compound annual growth rate (CAGR) of 3.64% since 2015, and is expected to grow at a CAGR of -3.51% to nearly $1.3 billion by 2023.
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Top Companies in the Global Benzene Market: Ameriya Oil Ref. Co., Angarsk Petrochemical, Alexandria National Refining and Petrochemicals Company (ANRPC), Arsol Aromatics GmbH & Co. KG , Atyrau Oil & Gas, Azerkhimija, BASF SE, Borealis AG , Bp Plc and Braskem. and Other
Markets Covered: 1) By Manufacturing Process: Pyrolysis Steam Cracking of Naphtha; Catalytic Reforming of Naphtha; Toluene Hydrodealkylation; Toluene Disproportionation; From Biomass 2) By Derivative: Ethylbenzene; Cumene; Alkylbenzene; Aniline; Chlorobenzene; Cyclohexane; Maleic Anhydride; Other Derivatives 3) By Application: Plastics; Resins; Synthetic Fibers; Rubber Lubricants
The benzene market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the benzene market in 2019.
The benzene market covered in this report is segmented by manufacturing process into pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation, from biomass. It is also segmented by derivative into ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and other derivatives and by application into plastics, resins, synthetic fibers, rubber lubricants.
The increased use of styrene to drive benzene market. The benzenes derivate ethyl benzene is majorly used in the manufacturing of styrene. Styrene is used in the production of various products, such as styrene-acrylonitrile (SAN), acrylonitrile-butadiene-styrene (ABS), polystyrene, styrene-butadiene elastomers, latexes, unsaturated polyester resins among others. There is an increased demand of styrene-based polymers and copolymers in the automotive industry due to its light weight nature. For instance, according to the American Chemistry Council (ACC), the fuel economy of a vehicle can improve by 6-8% by reducing the weight of a vehicle by 10%. Usage of plastics like styrene can reduce the weight of vehicles, thereby improving fuel economy. The usage of styrene has also benefited manufacturers by reducing vehicle assembly time and costs. These advantages of usage of styrene-based polymers and copolymers especially in automotive industry is expected to contribute to the growth of benzene market.
Stringent safety regulations associated with the manufacturing and transportation of benzene was a major restraint on the market. Benzene is highly inflammable, toxic and hazardous when exposed to extreme temperatures and pressures. Companies in this market should invest in equipment, technologies and processes to limit the toxic levels and chemical concentrations as it may harm the environment and population. Humans, when exposed to benzene in air for a certain amount of time lose their life. In order to provide a safe environment government agencies limit the amount of benzene that can be released in to the environment. For instance, the EPA (Environmental Protection Agency) has set the maximum permissible level of benzene in drinking water at 5 ppb (per billion parts of air). These regulations have increased the operating costs of companies in this industry, thus restricting the growth of the market.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Benzene Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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