The benzene market effectively consists of sales of benzene and connected services by entities that introduce benzene. Benzene is optimized as an intermediary chemical in the production of plastics, resin, nylons and synthetic fibers.
According to the report analysis, ‘Benzene Global Market Report 2020’ states that in the benzene global market there are several corporates which presently functioning more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the forecast duration while spreading the awareness related to the applications of such, decreasing the linked prices, employing the young work force, developing the applications of such, implementing the profitable strategies, analyzing and studying the strategies and policies of the government as well as competitors and enhancing the specifications of the production technologies includes 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.
The worldwide benzene market reached a value of approximately USD 1.5 billion during 2019, having increased at a compound annual growth rate (CAGR) of 3.64% since 2015, and is projected to increase at a CAGR of -3.51% to approximately USD 1.3 billion by 2023.The benzene market has been geographically sectored into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. However, the Asia Pacific was the greatest region in the benzene market during 2019.
The augmented usage of styrene to propel benzene market. The benzene’s derivate ethyl benzene is majorly optimized in the manufacturing of styrene. Styrene is utilized in the production of several products, such as styrene-acrylonitrile (SAN), acrylonitrile-butadiene-styrene (ABS), polystyrene, styrene-butadiene elastomers, latexes, unsaturated polyester resins amongst others. There is an augmented requirement of styrene-based polymers and copolymers in the automotive industry owing to its light weight nature. For instance, according to the American Chemistry Council (ACC), the fuel economy of a vehicle can enhance by 6-8% by decreasing the weight of a vehicle by 10%. Utilization of plastics like styrene can decrease the weight of vehicles, thereby enhancing fuel economy. The utilization of styrene has also promoted manufacturers by decreasing vehicle assembly time and costs. These recompenses of utilization of styrene-based polymers and copolymers particularly in automotive industry are projected to underwrite to the growth of benzene market.
Several companies in the benzene market are aiming on research and developmental activities to determine fresh technologies and developments for the introduction of benzene. The technologies advanced are predicted to support curb the environmental issues. For instance, during June 2016, Reliance Industries Limited entered into a joint venture with the Indian Institute of Petroleum (IIP), Dehradun, to advance a technology which confines benzene content in the gasoline pool to address the health and environmental apprehensions. The augment in such technological advances to decrease the emissions will obtain the traction underwriting to the growth of the market. Therefore, in the near years, it is predicted that the market of benzene will increase around the globe more actively over the incoming years.
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Ankur Gupta, Head Marketing & Communications