Explore the dynamic landscape of the benzene market and its derivatives, as demand soars across industries like construction, pharmaceuticals, and more.
The global Benzene And Its Derivatives Market size was USD 162.75 Billion in 2022 and is expected to register a revenue CAGR of 5% over the forecast period, according to the latest report by Reports and Data.
Rising demand for solvents such as toluene and xylene, which are widely used in the paint and coating industry, is another factor driving revenue growth in the benzene and derivatives market. The use of benzene and its derivatives in the production of various medications, such as aspirin and other painkillers, is driving demand for them in the pharmaceutical industry.
Rising demand from developing countries such as China and India is driving revenue growth in the benzene and derivatives market. The increasing population and rapid urbanization in these economies are driving demand for various end-use products, resulting in high prices for benzene and its derivatives.
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Major Companies:
- BASF SE
- Dow Chemical Company
- ExxonMobil Corporation
- Shell Chemicals
- Sinopec Corporation
- China National Petroleum Corporation
- JX Nippon Oil & Energy Corporation
- Reliance Industries Limited
- LyondellBasell Industries N.V.
- Total S.A.
Some Key Highlights from the Report
In 2022, the global market for benzene and its derivatives witnessed significant revenue generation, with a substantial contribution coming from the ethylbenzene category. Ethylbenzene serves as a primary precursor in the production of styrene, a crucial component in the manufacturing of polystyrene, ABS, and SBR. Anticipations suggest that the demand for ethylbenzene will see an upward trajectory during the forecast period, driven by the expansion of the construction and automotive industries, along with the increasing consumption of plastics. Furthermore, the automotive industry's growing preference for lightweight materials is expected to boost the demand for polystyrene and ABS, consequently leading to an increased demand for ethylbenzene.
In 2022, petrochemicals dominated the market with the highest revenue share and are expected to maintain their dominant position throughout the projected period. The market's growth is primarily fueled by the growing demand for petrochemicals across various applications, including plastics, synthetic fibers, rubber, resins, and more.
Key questions addressed in the report:
- What is the expected market size of the global Benzene and Its Derivatives market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Benzene and Its Derivatives market?
Benzene and Its Derivatives Market Segmentation:
By Derivative Type Outlook:
- Ethylbenzene
- Cumene
- Cyclohexane
- Nitrobenzene
- Others
By End-Use Outlook:
- Pharmaceuticals
- Petrochemicals
- Plastics
- Textiles
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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