The increasing demand for methylene diphenyl diisocyanate (MDI) for the production of polyurethane foams is a key factor expected to foster the growth of the market during the forecast period, says Fortune Business Insights in a report, 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, 2019-2026” the extensive use of ethylbenzene as an anti-knocking agent in fuels is expected to contribute positively to the market.
list of prominent companies that are operating in the global benzene market are:
- Royal Dutch Shell Plc.
- China National Petroleum Corporation
- Saudi Basic Industries Corporation
- ExxonMobil Corporation
- JX Holdings, Total
- GS Caltex
- Haldia Petrochemicals
- Reliance Industries Limited
- IndianOil Corporation Limited
- Bhartia Petroleum Corporation limited
- and others.
According to the report, Benzene is primarily used in petrochemical industries to synthesize its derivatives, which have several applications in polymers, chemicals, agricultural, and others. The market is segmented into alkyl benzene, chloro benzene, cyclohexane, nitrobenzene, phenol, styrene, ethyl benzene, cumene, and others. Ethyl benzene is expected to account for maximum share in the market. ethyl benzene is one of the significant benzene derivatives, which is a feedstock for styrene.
Styrene is used in the production of various products, such as polystyrene, styrene-acrylonitrile (SAN) resins, acrylonitrilie-butadiene-styrene (ABS), styrene-butadiene elastomers. Styrene polymers are used in multiple products, such as televisions, disposable medical products and consumer electronics.
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The report offers illuminating insights into all the growing trends of the benzene market.
It shares a comprehensive study of all the segments and regions. It provides statistical data on all the recent developments in the market. It is created after extensive research followed by all-encompassing analysis to benefit companies, stakeholders, financers and potential investors. It is designed with an aim to provide a clear picture of the market size. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.
Major Segments includes:
- Alkyl benzene
- Chloro benzene
- Ethyl benzene
- Cyclo hexane
- Nitro benzene
Agreement of CNPC with the Two Corporations will Spur Growth opportunities
The China National Petroleum Corporation (CNPC), a major oil and gas cooperation of China headquartered in Beijing, signed an agreement with KazMunayGas (KMG) and a memorandum with the Ministry of Energy of the Republic of Kazakhstan and KazTransGaz. The agreement between the companies will promote the expansion of the natural gas cooperation.
The two agreements between the companies is predicted to aid the oil and gas business, natural gas exploration and development, processing and marketing. Furthermore, ExxonMobil, an American multinational oil and gas corporation headquartered in Irving, Texas, announced a joint-development agreement to enhance the carbonate fuel cell technology to capture carbon dioxide from industrial facilities.
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The contract was valued at $60 million. The deal will focus on optimizing the core technology, overall process integration and large-scale deployment of carbon capture solutions. The agreement of ExxonMobil is expected to bolster the healthy growth of the market in the forthcoming years.
The harmful effects of benzene and its derivatives on human health and environment is predicted to restrict the growth of the market during the forecast period. Prolonged exposure to ethylbenzene has been found to irritate the throat and eyes. Moreover, the US Department of Health and Services has classified benzene as a human carcinogen. These factors together are expected to hamper the growth of the market in the foreseeable future.
Presence of Leading Players to Boost Growth in North America
Geographically, the benzene market demand is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is presently leading the market. The region is predicted to remain dominant owing to the increasing demand from end-users such as packaging, construction, and electronics & home appliances. In Asia-Pacific, China is the major producer and consumer owing to the rising consumption of plastic in automotive applications, and the rising use of polyurethane foams in the furniture industry.
North America holds second-largest position in the market due to numerous oil & gas exploration activities. The increasing production capacities of petrochemical products and rising demand for benzene derivatives in lubricant applications and rubber manufacturing is expected to boost the benzene market trends in North America.
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