Benzene and its Derivatives Industry Growth, Size, Share, Trend & Forecast 2028
The global benzene and its derivatives market size was USD 25.4 billion in 2020. The market is projected to grow from USD 34.6 billion in 2021 to USD 53.5 billion in 2028 at a CAGR of 6.4% during the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Benzene and its Derivatives Market, 2021-2028.”
According to our expert analysts, the increasing chemical industry and surging demand for polymers is expected to drive the benzene and its derivatives market growth.
COVID-19 Pandemic: Unfavorable Impact on Petrochemical Industry to Hamper Growth
The outbreak of COVID-19, and the supplementary financial slowdown, had a negative influence on the petrochemical industry. China is responsible for a substantial market share in the production of petrochemicals. China was the core of the outbreak, and the constraints imposed to avert the virus from spreading had a considerable effect on the nation’s production amenities, leading to a declined capacity or a complete shutdown. This, in turn significantly affected the production and utilization of benzene and its derivatives.
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We have deployed an elite research method that encompasses statistics triangulation grounded on the renowned bottom-up and top-down strategies. Our analysts have conducted a methodical prime research to validate the estimated size of the benzene and its derivatives market. The data utilized to signify the shares for multiple segments at the national, domestic, as well as international stages is gathered from extensive interviews directed with several investors. Our researchers have also derived data from funded records, industry registers, SEC documents, and many such parallel modes.
On the basis of derivatives, the market is classified into ethylbenzene, cumene, chlorobenzene, alkyl benzene, and others.
In terms of application, the market is categorized into industrial chemical, oil & gas, rubbers & plastics, pharmaceutical, and others. The industrial chemical is likely to be responsible for a majority share during the forecast period.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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- Growing demand for chemical products: The chemical industry is driven by the demand for its products from a wide range of sectors, including agriculture, construction, healthcare, and consumer goods.
- Technological advancements: Advancements in technology, such as automation, digitalization, and the use of renewable raw materials, are driving innovation and growth in the chemical industry.
- Economic growth: The chemical industry is closely tied to economic growth, as rising incomes and consumer spending boost demand for chemical products.
Asia Pacific is responsible for a major benzene and its derivatives market share in terms of domestic usage and trade of benzene and its derivatives.
North America is anticipated to register a noticeable growth rate owing to growing demand from the escalating petrochemical sector.
Europe is expected to extend sturdily as a consequence of tight guidelines governing the usage of benzene and its derivatives in consumer goods. Demand for styrene and phenol is growing owing to the increase in demand from the pharmaceutical, automotive, as well as plastics industries.
New Procurements by Vital Players to Spur Market Growth
Important players in the market are incessantly scheduling approaches to expand their business effectively and to preserve their principal position in the market. One such stratagem is initiating products for better reach among end-users.
With each day passed, several principal players are inaugurating partnerships with companies from a different as well as same domain in order to amplify their businesses and develop technologically groundbreaking products for their customers.
July 2021: Johnson & Johnson documented an intended recall for Neutrogena and Aveeno aerosol sunscreen product series after internal testing discovered low quantities of benzene in the product lines.
List of Key Players Mentioned in the Benzene and its Derivatives Market are :
- BASF SE (Ludwigshafen, Germany)
- China Petrochemical Corporation (Beijing, China)
- Royal Dutch Shell Plc. (The Hague, Netherlands)
- China National Petroleum Corporation (Beijing, China)
- Dow (Michigan, U.S.)
- SABIC (Riyadh, Saudi Arabia)
- Exxon Mobil Corporation (Texas, U.S.)
- Ineos Group Ltd. (London, U.K.)
- Chevron Phillips Chemical Company LLC. (Texas, U.S.)
- Mitsubishi Chemical Corporation (Tokyo, Japan)
- LyondellBasell Industries Holdings B.V. (Texas, U.S.)
- Maruzen Petrochemical Co., Ltd. (Tokyo, Japan)
- Reliance Industries Limited (Mumbai, India)
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