Benzene Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Benzene Industry Hit Worst due to Russia-Ukraine War Impact?
The global benzene market is anticipated to rise notably in the coming years on account of the rising consumption of plastics by the petrochemical industry. Benzene is a colorless and flammable liquid made of aromatic hydrocarbon found by extracting crude oil by the process of refining. A recent report by Fortune Business Insights, titled, “Benzene Market Size, Share & Industry Analysis, By Derivatives (Alkyl benzene, Chloro benzene, Cumene, Toluene, Ethyl benzene, Cyclo hexane, Nitro benzene, Phenol, Styrene, Others) and Regional Forecast, 2022-2029,” discusses the market and its prime growth trajectories in details.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Benzene Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Benzene Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The increasing cases of coronavirus pandemic have resulted in a worldwide chaos. Almost all businesses are facing challenges for operating and most of them are temporarily shut. Some others who are operating within the safety of the four walls of their homes are barely able to manage scanty revenues.
Special analytical reports on various markets impacted by the COVID-19 pandemic are offered by Fortune Business Insights. These reports will help investors make better strategies to cope with business in the year to come.
Fortune Business Insights™ lists out all the benzene market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Indian Oil Corporation Limited
- China National Petroleum Corporation
- Royal Dutch Shell Plc.
- ExxonMobil Corporation
- Reliance Industries Limited
- Haldia Petrochemicals
- Bhartia Petroleum Corporation limited
- JX Holdings
- Saudi Basic Industries Corporation
- GS Caltex
What are the Highlights of the Report?
- An overview of the market.
- Major growth drivers, restraints, possible challenges, and current trends.
- Prominent industry developments and future opportunities of the market.
- Table of segmentation based on factors such as derivatives and region.
- List of key players and the key strategies adopted to account for the top position in the market competition.
Drivers & Restraints-
Rising Demand for Styrenic Polymers to Boost Growth
The increasing demand for high methylene diphenyl diisocyanate (MDI) and styrenic polymers for the production of polyurethane foams are the key factors boosting the global benzene market growth. Additionally, benzene is also used by petrochemical industries to synthesize the derivatives used for various agricultural and chemical applications, the increasing demand for which will help the market gain impetus in the forecast period.
On the contrary, the harmful effects of benzene and its impact on human health may challenge the growth of the market in the coming years. Moreover, its classification as a human carcinogen by the U.S. Department of Health and Services may also serve as a major restraint to the market in the forecast period.
Nevertheless, the increasing number of manufacturing facilities in developing economies such as India and China and the presence of cost-efficient labor are likely to create new growth opportunities in the coming years.
Detailed Segmentation of Benzene Market
The global market is classified into two categories namely derivatives and geography. Based on derivatives, the market is further categorized into alkyl benzene, cumene, chloro benzene, toluene, cyclohexane, ethyl benzene, styrene, phenol, nitro benzene, and others.
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Asia Pacific Emerged as a Leading Region Accountable to High Demand from End Users
In 2019, Asia Pacific earned the largest benzene market share on account of the growing demand from end user applications such as electronics & home appliances, construction, packaging, and others. It is further expected to continue dominating the market in the coming years with China in the leading position on account of the rising consumption of plastic for automobile manufacturing and the increasing use of polyurethane foams by the furniture industry.
North America ranked second in 2019 and will showcase significant growth in the coming years on account of the rising production capacities of petrochemical products and the increasing demand for benzene by the rubber and lubricant making companies. The market in Europe will also exhibit a steady growth owing to the increasing utilization in pesticides, solvent, and plastic applications.
The Global Benzene Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for Benzene? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Benzene Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Benzene Market? What Was Capacity, Production Value, Cost and PROFIT of Benzene Market?
- What Is Current Market Status of Benzene Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Benzene Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global Benzene Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Benzene Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Benzene Industry? What are Global Benzene Analysis Results? What Are Global Benzene Development Trends?
- What Are Market Dynamics of Benzene Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Benzene Industry?
Companies Focusing on Development of Better By-products to Gain Impetus
Some of the players of the market are engrossing themselves in collaborative efforts such as mergers and acquisitions, partnerships, contracts and agreements, and others to gain a significant position in the market. Some of the other players are also investing massively on the expansion of their manufacturing units to multiply their production rate and ultimately hold the lion’s share in the market.
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