Global Benzene Market Size to Grow by USD 6.11 billion, BASF SE and BP Plc Among Key Vendors - Technavio

2022-07-31 00:00:44 By : Ms. anny chen

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NEW YORK , July 27, 2022 /PRNewswire/ -- Benzene is an organic solvent that is widely used in industries as a feedstock for manufacturing chemicals such as cumene, styrene, aniline, and others. These chemicals are further linked to different manufacturing industries.

The "Global Benzene Market by Type (styrene, cumene, cyclohexane, aniline, and others) and Geography (APAC, North America , Europe , MEA, and South America ) - Forecast and Analysis 2021-2025" report has been added to Technavio's offerings. The potential growth difference for the global benzene market size between 2020 and 2025 is USD 6 .11 bn.

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The global benzene market report is segmented by type (styrene, cumene, cyclohexane, aniline, and others) and geography (APAC, North America , Europe , MEA, and South America ). 

By geography, APAC will be the leading region with 50% of the market's growth during the forecast period. China and Japan are the key countries in the benzene market in APAC.

By type, styrene will account for the highest market share growth during the forecast period. Styrene is found naturally in products such as bilberry, cranberry, currants, vinegar, grape, parsley, milk and dairy products, cocoa, coffee, tea, roasted filberts, whiskey, and peanuts. In addition, it is used as a flavoring agent. The styrene market is expected to grow during the forecast period, as it is used to manufacture rubber, polymers, and other products. Such factors will drive the market growth during the forecast period. 

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

The global benzene market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Vendors compete based on parameters such as price, quality, grade, brand identity, and distribution. To survive in a competitive environment, manufacturers should promote their product offerings through a clear and unique value proposition.

Some of the key vendors operating in the benzene market are BASF SE, BP Plc, Chevron Corp., Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., INEOS Group Holdings SA, LyondellBasell Industries NV, Mitsubishi Chemical Corp., and Royal Dutch Shell Plc among others. The offerings of a few of these vendors are listed below:

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Accelerate at a CAGR of 3.51%

APAC, North America, Europe, MEA, and South America

China, US, South Korea (Republic of Korea), Japan, and Germany

Leading companies, competitive strategies, consumer engagement scope

BASF SE, BP Plc, Chevron Corp., Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., INEOS Group Holdings SA, LyondellBasell Industries NV, Mitsubishi Chemical Corp., and Royal Dutch Shell Plc

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.

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