According to IMARC Group’s latest report, titled “Benzene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global benzene market reached a value of US$ 61.5 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 76.3 Billion by 2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Benzene (C6H6) is a chemical compound which is highly inflammable, colorless, and has a sweet, gasoline-like smell. It is a by-product of the oil refining process and can also be obtained from crude oil, gasoline, and cigarette smoke. Benzene is widely adopted for various industrial purposes, such as manufacturing other chemicals, plastics, lubricants, resins, nylon and synthetic fibers, dyes, detergents, drugs, pesticides, etc.
Market Trends and Drivers:
The growing utilization of insulation materials in construction activities is primarily driving the benzene market. The increasing adoption of benzene for manufacturing various consumer products, such as thinners and furniture wax, is further propelling the global market. Moreover, benzene is also employed as a key solvent in several commercial, industrial, and research operations. For instance, alkyl benzene is used to produce surfactants for the manufacturing of detergents. Cyclohexane, another basic raw derivative of benzene, is utilized for the production of nylon fiber. The expanding paint and coating industry (PCI) also uses benzene derivatives to produce paints and lacquers, thereby further driving the market.
Benzene Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the benzene market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global benzene market on the basis of derivative, manufacturing process, application and region.
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Key Highlights of the Report:
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