Benzene Market is Forecasted to Grow at a Rate of 6.5% Forecasts to 2030 | Reports and Data

Reports and Data estimates the global Benzene competitive landscape is highly fragmented with numerous players operating on a global and regional scale. The key companies in the market are engaged in mergers and acquisitions, joint ventures, collaborations, and product launches to gain a robust revenue growth over the forecast period. The report considers 2020-2021 as historic years, 2020 as the base year, and 2022-2028 as the forecast period. The report offers CAGR and market size for the global Benzene during the forecast period.

The report also offers key insights about the top companies operating in the market and their market share and global position along with product portfolio and advancements. The top companies in the market include BASF SE, DuPont de Nemours, Inc., Exxon Mobil Corporation, China National Petroleum Corporation, LG Chem, Mitsubishi Chemical Holdings Corporation, Shell plc, Ineos Group Ltd, Reliance Industries Limited, and Chevron Phillips Chemical Company LLC.G

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Benzene Overview :-

The global benzene market size was USD 34.67 Billion in 2021 and is expected to register a revenue CAGR of 6.5% during the forecast period. Increasing use of fuel-powered vehicles and rising need for a solvent in pharmaceutical and chemical industries are key factors driving the global benzene market revenue growth. Rising population has resulted in rapid adoption of fuel-powered vehicles. Engines that run on gasoline and diesel are used in fuel-powered vehicles. According to data from 2020, the U.S. consumed about 128 billion gallons of gasoline and alcohol from motor vehicles. Benzene is a chemical element found in crude oil and is a primary component of gasoline. The growing demand for crude oil globally due to an increase in vehicles is expected to create demand for benzene, and boost revenue growth of the market. Benzene is a chemical element found in crude oil and is a primary component of gasoline. The chemical solvent is a natural component of crude oil, accounting for up to 3% of the total. The amount of benzene found in gasoline is about 1%. It is found naturally in petroleum products, such as crude oil and gasoline, and its anti-knock properties make it an ideal additive for unleaded gasoline, which is expected to boost the adoption of benzene in various oil products.

Restraint: Exposure causing health problems

Breathing benzene can cause drowsiness, dizziness, and unconsciousness; long-term exposure can affect the bone marrow and cause anemia and leukemia. The chemical damages cells by causing them to malfunction. This can cause the bone marrow to not produce enough red blood cells, which can lead to anemia. In addition, it can damage the immune system by changing blood levels of antibodies and causing the loss of white blood cells. According to the Centers for Disease Control and Prevention (CDC), benzene is present in small amounts in daily lives. It is found in tobacco smoke, motor vehicle exhaust, industrial emissions, and automobile service stations. According to the U.S. National Cancer Institute, the highest exposure to benzene has typically occurred at work where workers produce or use benzene. Benzene poisoning is determined by several factors, including the amount, route, and length of exposure, as well as the age and preexisting medical conditions of the victim. For example, small amounts of benzene, which are not harmful, can be found in fruits, fish, or vegetables. However, an excessive level of benzene in the air, or in foods or drinks, can cause serious health problems or even death. These factors are expected to hamper revenue growth of the market during the forecast period.

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For the purpose of this report Reports and Data has segmented global Benzene market on the basis of type, application, and region:

By Manufacturing Process Outlook          

  • Catalytic Reforming
  • Toluene disproportionation
  • Toluene hydrodealkylation
  • Pyrolysis
  • Steam Cracking of Naphtha
  • From Biomass

By Application Outlook

  • Plastics
  • Solvent
  • Chemical Intermediates
  • Surfactants
  • Rubber Manufacturing
  • Detergents
  • Explosives
  • Lubricants
  • Pesticides
  • Others

By End-use Outlook       

  • Packaging
  • Pharmaceuticals
  • Agriculture
  • Constructions
  • Textiles
  • Others

Key Regional Markets Covered in the Report:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

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 Key Questions answered by the Report:

  • What is the expected year-on-year growth of the Benzene during the forecast period?
  • What key trends are expected influence revenue growth of the market going ahead?
  • Which region is expected to account for largest revenue share over the forecast period?
  • Which key companies are profiled in the report?

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