The benzene Market is expected to reach over USD 80 billion by the year 2030 while registering a healthy CAGR of over 3.65% during the forecast 2030.
The 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.
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)
- Repsol (Spain)
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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 Vendor Strategies 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.
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