The global benzene market is forecasted to reach US$105.75 billion in 2025, growing at a CAGR of 3.9% for the period spanning 2021-2025. The factors such as growing oil and gas exploration activities, escalating construction expenditure, high demand for polyester fiber, accelerating household cleaning products consumption and rapid urbanization are expected to drive the market. However, growth of the industry would be challenged by stringent environmental regulations and volatility in the raw material prices. Few notable trends include rising consolidation of market players, high benzene & derivatives by pharmaceutical companies, growing focus on lighter feedstock and increasing benzene production capacity additions. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market.
The benzene market is dominated by three key derivatives i.e. Styrene Monomer (SM), Cumene and Anone (Cyclohexanone). Growing beverage industry, increasing refrigerators consumption and rising production of homopolymer & copolymer of Polystyrene has helped SM to remain at top position amongst all the benzene derivatives in 2020.
The fastest growing regional market is Asia-Pacific owing to Improving economic conditions, increasing home appliances consumption and growing benzene production capacities. China and the U.S. are the two largest market and are already well-penetrated at developed market levels.
Scope of the report:
• The report provides a comprehensive analysis of the global benzene market, segmented on the basis of derivatives i.e. SM, Cumene and Anone.
• The major regional markets (Asia-Pacific, Europe and North America) have been analysed along with country coverage of China and US.
• The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players i.e. BASF SE, Royal Dutch Shell Plc, Sinopec Corporation, BP Plc, DuPont de Nemours, Inc. and Exxon Mobil Corporation are also presented in detail.
Key Target Audience:
• Benzene Manufacturers
• Raw Material Suppliers
• End Users
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities