NEW YORK , Feb. 9, 2023 /PRNewswire/ — The main players in the benzene market are Ameriya Oil Ref. Co., Angarsk Petrochemical, Alexandria National Refining, and Petrochemicals Company (ANRPC), Arsol Aromatics GmbH & Co. KG, Atyrau Oil & Gas, Azerkhimija, BASF SE, Borealis AG, Bp Plc and Braskem.
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The global benzene-petrochemicals market will grow from $65.57 billion in 2021 to $71.79 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The war between Russia and Ukraine disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on several countries, increased commodity prices and supply chain disruptions, causing inflation in goods and services that affects many markets around the world. The benzene-petrochemicals market is expected to grow to USD 73.03 billion by 2026 at a CAGR of 0.4%.
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The benzene market consists of sales of benzene used as an intermediate chemical in the production of plastics, resins, dyes, detergents, drugs, pesticides, nylons and synthetic fibers. The values in this market are “factory gate” values, that is, the value of goods sold by the manufacturers or creators of the goods, either to other entities (including manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes the related services sold by the creators of the goods.
Benzene refers to an aromatic hydrocarbon produced from cracked gasoline. It is highly flammable and has a sweet smell.
Benzene is made naturally by volcanoes and forest fires.
Asia Pacific was the largest region in the benzene market in 2022. North America was the second largest region in the benzene market.
The regions covered in the Benzene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main benzene manufacturing processes are naphtha pyrolysis steam cracking, naphtha catalytic reforming, toluene hydrodealkylation, toluene disproportionation and biomass. disproportion of toluene to benzene of the less valuable toluene. These are derived from ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride and other derivatives. Benzene is used in plastics, resins, synthetic fibers and rubber lubricants.
The increased use of styrene to drive the benzene market. Ethylbenzene derived from benzene is mainly used in the manufacture of styrene. Styrene is used in the production of various products, such as styrene-acrylonitrile (SAN), acrylonitrile-butadiene-styrene (ABS), polystyrene, styrene-butadiene, elastomers, elastomers, etc. unsaturated polyester resins, among others.
There is a growing demand for styrene-based polymers and copolymers in the automotive industry due to their lightweight nature. For example, according to the American Chemistry Council (ACC), a vehicle’s fuel economy can improve by 6-8% by reducing a vehicle’s weight by 10%.
The use of plastics such as styrene can reduce the weight of vehicles, thereby improving fuel economy. The use of styrene has also benefited manufacturers by reducing vehicle assembly time and costs.
These advantages of using styrene-based polymers and copolymers, especially in the automotive industry, are expected to contribute to the growth of the benzene market.
The strict safety regulations associated with the manufacture and transport of benzene were a major market constraint. Benzene is highly flammable, toxic and dangerous when exposed to extreme temperatures and pressures.
Companies in this market should invest in equipment, technologies and processes to limit toxic levels and chemical concentrations, as they can harm the environment and the population. Humans, when exposed to benzene in the air for a certain time, lose their lives.
In order to provide a safe environment, government agencies limit the amount of benzene that can be released into the environment. For example, the EPA (Environmental Protection Agency) has set the maximum allowable level of benzene in drinking water at 5 ppb (per billion parts of air).
These regulations have increased the operating costs of companies in this sector, thus restricting their growth.
Many companies in the benzene market are focusing on research and development activities to discover new technologies and processes for the production of benzene. The technologies developed are expected to help curb environmental problems.
For example, Reliance Industries Limited entered into a joint venture with the Indian Institute of Petroleum (IIP), Dehradun, to develop a technology that restricts benzene content in the gasoline pool to address health and environmental concerns. The increase in these technological advancements to reduce emissions will gain momentum and contribute to the growth of the market.
in June 2020, UK-based chemicals company Ineos acquired BP plc’s chemical unit (aromatics and acetyls business) for $5 billion along with BP’s Cooper River petrochemical plant in South Carolina, among other facilities. This will improve aromatics production capacity to meet market demand and enable operational synergies. BP plc is an oil and gas company based in the United Kingdom.
The countries covering Benzene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
Market value is defined as the revenue earned by companies from goods and/or services sold in the specified market and geography through sales, grants or donations in currency terms (in USD ($) unless otherwise specified ).
Revenues for a specified geography are consumption values, meaning they are revenues generated by organizations in the specified geography within the specified market, regardless of where they are generated. It does not include income from resale either further up the supply chain or as part of other products.
Benzene market research report is one of a series of new reports that provides Benzene market statistics such as global market size of Benzene industry, regional shares, competitors with market share of Benzene, detailed Benzene market segments, market trends and opportunities and any other data. you may have to thrive in the benzene industry. This Benzene Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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