The drastic rise in the use of benzene in a range of applications is estimated to transform the benzene market. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. The market is estimated to note a a positive CAGR in the forecast period.
The improved production potential of benzene is estimated to motivate the Benzene Market in the course of the forecast period. Furthermore, the swell in demand from the paints and coatings business is predicted to transform the development of the benzene market share in the forecast period.
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Segmental Analysis
The segmentation of the benzene market is carried out on the basis of derivative type and region. The derivative type segment of the benzene market consists of cumene, cyclohexane, nitrobenzene, ethylbenzene, and alkyl benzene. The region segment of the benzene market consists of Europe, Asia Pacific, Latin America, the Middle East, North America, and Africa.
Regional Overview
The regional study of the benzene market consists of Europe, Asia Pacific, Latin America, the Middle East, North America, and Africa. The North American regions' benzene market is estimated to perceive an enormous upsurge due to elevated use potential, increasing fuel refining capacities, and growing economic development rate and human development index (HDI). In the North American benzene market, the mounting call for petrol additives to raise the octane quantity of petrol is driving the benzene market. The U.S national market reported for the principal market segment and was shadowed by Canada in terms of worth size and is assessed to grow with the reasonable CAGR owing to the development in the making of food packaging, petrochemical additives, and paints businesses. In the European region, the need for oleochemicals is projected to rise in many countries due to growing expenditure in oleochemicals development and customer mounting purchasing authority. Furthermore, Germany's main automobile manufacture capacities are projected to give a novel opening to the benzene market growth. The Latin American nations such as Colombia, Argentina, and Brazil are also estimated to observe solid development on account of growing consumer expenditure on passenger cars and involvement of novel technologies and discoveries in oleochemicals manufacturing expertise. In addition, several oil gas reserves are decreasing the requirement gap for benzene raw materials in the Asia Pacific region's benzene market.
Competitive Analysis
The financing related to innovations is estimated to take precedence in the business goals set by the various players in the market. The broadening geographical reach of several companies globally is estimated to propel the market's development in the upcoming period. The market is estimated to be driven by positive aspects of the global demand in the forecast period. The companies are estimated to favor the long-term developments in the coming period to ensure the longevity and sustainability of their businesses. The present COVID-19 crisis has encouraged companies to oversee a complete appraisal of business portfolios and make long-overdue operative changes. Companies are also adopting an asset-light model to navigate market conditions. The utilization of a dynamic ecosystem business model is estimated further to improve the chances for developments in the forecast period. The incorporation of pioneering technologies and work processes is likely to spur the global market in the impending period.
The central contenders in the benzene market are Ecolab (U.S.), The Dow Chemical Company (U.S.), Royal Dutch Shell plc (the Netherlands), Arsol Aromatics GmbH Co. K.G. (Germany), Exxon Mobil Corporation (U.S.), China Petroleum Chemical Corporation (China), BASF SE (Germany), SABIC (Saudi Arabia), B.P. p.l.c. (U.K.), and Repsol (Spain), among others.
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Industry Updates:
Jun 2021 Valisure, an independent analysis lab in New Haven, in the U.S. state of Connecticut, has recently found some extensively used sunscreens and after-sun commodities that contained up to 6 parts per million of benzene. The U.S. Food and Drug Administration (FDA) yardstick for benzene in sunscreen is uncertain, but it previously set a provisional limit connected to the contagion of two parts per million for hand sanitizers. The FDA did not declare whether it was worried about benzene levels in sunscreen but said it functions with companies to withdraw products when suitable.
May 2021 A Chevron Corp and Phillips 66 petrochemical joint scheme imported significant amounts of the toxic chemical benzene into the United States for more than a few years without registering it with regulators as required by law. Chevron Phillips Chemical Company LLC brought in "reportable quantities" of the chemical from 2013 and 2020 that it did not directly disclose to regulators, as per the document.
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