The global benzene market report and forecast for 2022-2027 by Procurement Resource gives an extensive outlook of the the worldwide benzene market, evaluating the sector built on its divisions such as source, type, product, distribution channel, and key regions.
Overview of Market
The benzene market size has reached USD 68.30 Billion in 2021 with a projected market growth at a size of 2.8 percent in the estimated timeframe of 2022-2027. The benzene market share is likely to draw up a worth of USD 80.53 Billion by 2027.
It is employed in creating the polyurethane foams for construction and furniture and is growing the rate of the methylene diphenyl diisocyanate which further is increasing the market size of the benzene industry.
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Expanding polyester demand, low-cost commodity product and expanding polyester demand are anticipated to drive the benzene sector. It is propelling the business forward in the industries such as architecture and automotive industries.
Benzene also has a growing demand in making of the acetone. It is used in as a solvent in scientific settings and commercial. For example, for the making of detergent surfactants, alkylbenzene is used extensively.
Industrial Definition and Major Segments
The chemical formula of benzene is C6H6 and is organic chemical compound. It is classified as an aromatic hydrocarbon. It joins with of one hydrogen atom in the planar ring and is composed of six carbon atoms. It has a molar mass of about 78.11 g/mol. It is highly flammable hydrocarbon and is colourless. It has a gasoline and sweet like odour. It is a developed by product of oil refining process and is also discovered in crude oil, cigarettes, and benzene.
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The benzene industry report is grouped into categories:
By Application: Aniline, Styrene, Cyclohexane, and Cumene
By Region: Europe, Asia Pacific, the Middle East, Africa, South America, and North America
Benzene Market Trends
Through this venture organisation aimed at strengthening its petrochemical trading by constructing benzene plants in February 2021 with an annual capacity of about 500 kilotons to 800 kilotons under the project of the petrochemical expansion and refining in Pulau Muara Besar of Brunei.
According to the Iranian oil, it stated that to produce benzene, Iran is self-sufficient country in April 2021. The maximum output was attained by company Bu Alijsina Petrochemical Company (BSPC) of around 85,610 thousand tons of benzene in the month of march, 2021 and achieved over 100 percent of the capacity of the production.
Key Market Players
The benzene market key players are Exxon Mobil Corporation, Chevron Phillips Chemical Company, LLC, PetroChina Company Limited, Shell Chemicals, China Petroleum and Chemical Corporation (Sinopec Corp) The industry report covers the investments, and acquisitions, market shares, capacities, mergers, plant turnarounds, and expansions, among other latest benzene market development of these market players.
The benzene market analysis studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with benzene market price and demand indicators. The report also traces the market on the foundations of Porter’s Five Forces Models and SWOT.
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