Global Benzene-Petrochemicals Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

The benzene market consists of sales of benzene and related services by entities that produce benzene. Benzene is used as an intermediary chemical in the manufacture of plastics, resin, nylons and synthetic fibers.

Global Benzene-Petrochemicals Market Size And Drivers:

The global benzene-petrochemicals market is expected to grow from $1.11 billion in 2020 to $1.25 billion in 2021 at a compound annual growth rate (CAGR) of 12.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.08 billion in 2025 at a CAGR of -4%. The increased use of styrene to drive benzene market.

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Trends In The Global Benzene-Petrochemicals Market

Many companies in the benzene market are focusing on research and developmental activities to discover new technologies and processes for the production of benzene. The technologies developed are expected to help curb the environmental issues. For instance, in November 2019, 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 increase in such technological advances to reduce the emissions will gain traction contributing to the growth of the market.

Global Benzene-Petrochemicals Market Segments:
The global benzene-petrochemicals market is further segmented –
By Manufacturing Process: Pyrolysis Steam Cracking of Naphtha, Catalytic Reforming of Naphtha, Toluene Hydrodealkylation, Toluene Disproportionation, From Biomass
By Derivative: Ethylbenzene, Cumene, Alkylbenzene, Aniline, Chlorobenzene, Cyclohexane, Maleic Anhydride, Other Derivatives
By Application: Plastics, Resins, Synthetic Fibers, Rubber Lubricants
By Geography: The global benzene-petrochemicals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Benzene-Petrochemicals Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides benzene-petrochemicals market overviews, analyzes and forecasts market size and growth for the global benzene-petrochemicals market, benzene-petrochemicals market share, benzene-petrochemicals market players, benzene-petrochemicals market segments and geographies, benzene-petrochemicals market’s leading competitors’ revenues, profiles and market shares. The benzene-petrochemicals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.