Benzene Market Key Players:
Benzene Market Players are: BASF SE (Germany), Borealis AG (Austria), The Dow Chemical Company (U.S.), Arsol Aromatics GmbH & Co. KG (Germany), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (the Netherlands), China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), BP p.l.c. (UK), and Repsol (Spain), among others.
Benzene Market Overview:
Benzene is a toxic, flammable, and volatile hydrocarbon. The most common route to produce benzene is by crude refining, or as a by-product of p-xylene production. This implies that benzene production is entirely dependent on crude oil refining processes. It is used as an industrial solvent, as a chemical intermediate and is used in the synthesis of many chemicals such as including polystyrene, phenol, nylon, and polyurethane. More than half of the benzene produced each year is converted to ethylbenzene, then to styrene, and then to polystyrene. The next largest use of benzene is in the preparation of phenol.
Benzene Market is colourless and flammable liquid with a sweet and gasoline-like odour. It undergoes substitution reactions. Substitution is a reaction in which an atom or group of atoms replaces a hydrogen atom in an organic molecule. The halogens, nitric acid, sulphuric acid, and alkyl halides all react with benzene to form substituted derivatives.
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Benzene Market Segmentation:
Benzene Market is categorized on the basis of derivative type, and region. On the basis of derivative type, the market is bifurcated into alkyl benzene, cymene, cyclohexane, ethyl benzene, nitrobenzene, and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Benzene Market Regional Analysis:
Benzene Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia Pacific is predicted to grow at the highest CAGR during the review period, 2018-2023 due to the expanding oil & gas industry. The demand for benzene is predicted to surge in numerous countries of the Middle East & Africa such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait due to high adoption rate by the crude oil producers. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to fill the demand gap for benzene production and propel the growth of the market.
North American Benzene Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production petroleum refining capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be the major contributor to the regional market growth and is expected to witness a significant demand for benzene. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow at the moderate CAGR on account of growth in production of food packaging and paints industries.
Benzene Market Table of Content to be Continue…..,
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