London, March 06, 2023 (GLOBE NEWSWIRE) -- Styrene, a derivative of benzene, is a key component that is extensively used across a vast array of end-user industries such as automotive, electronics, and packaging sectors. Polystyrene is used in the electronics industry as an insulator, and in its rigid form in housings and casings. Polystyrene is also exhaustively used in the packaging industry due to its many favourable characteristics such as flexibility, light weight, resilience, and moisture resistance, all to protect or safeguard consumer products. Whereas in the automotive industry, styrene is used in the manufacture of tires and other components or body parts. As end-use industry products demand increases due a significant spike in global populations and subsequent purchasing power, so does the need for benzene. This a major factor that is expected to have a profound impact on the growth trajectory of the global benzene market. Additionally, Fairfield Market Research has identified Ethylbenzene, an organic compound used to manufacture styrene, as a key market expansion propagating element. Ethylbenzene can be found in a wide range of products such as carpet glues, synthetic rubber, paints, fuels, insecticides, varnishes, and even tobacco products.
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Insights into Segmental Analysis
The benzene market has been segmented accordingly – By Application, Production Process, Derivative, and Region. Based on the ‘End-Use’ market segmentation, the ‘Ethylbenzene’ sub-segment is expected to account for the majority share of this market owing to its extensive use in various end-user industries. With respect to the ‘Production Process’ market segmentation, the ‘Catalytic Reforming’ sub-segment is expected to reserve the majority market share due to an increase in the use of low-octane straight-run naphtha to produce low-sulphur fuel used in gasoline and high-octane aromatic benzene. Concerning the ‘Application’ segmentation of this market, the ‘Industrial Chemical’ sub-segment is slated to account for the majority market share over the forecast period. This can be attributed to the growing number of industries that use benzene and its derivatives to produce chemicals used in nylon, resin, and polymers.
Insights into Regional Analysis
Considering the regional analysis of this industry, North America is slated to account for the majority share of the global benzene market due to the wide use of benzene feedstock in the petrochemical industry to manufacture a host of chemicals, particularly involved in the steam cracking and catalytic reforming of crude oil. However, the Asia Pacific region is expected to register the highest CAGR over the forecast period due to the exponential expansion of end-user industries such as the electronics and home appliances, textiles, and construction sectors in many countries across this region.
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Key Players in the Benzene Market
Apart from Dow, INEOS Group, LyondellBasell Industries Holdings B.V., and BASF SE, this report will also cover other prominent players in the benzene market, particularly detailing their respective key strategic developments that lend a competitive edge. Some of these other major profiled companies include Royal Dutch Shell Plc, Reliance Industries Limited, Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, Marathon Petroleum Corporation, and LG Chem.
Key Elements Included In The Study: Global Benzene Market
- Benzene Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2019 - 2022
- Volume Consumption at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Production Output Analysis (Major Producing Regions)
- Key Trade Statistics (Import and Export)
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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