The benzene market is expected to grow by USD 6.11 billion during 2021-2025, according to the latest market research report by Technavio.
The rising demand for benzene in developing countries is one of the major factors driving the growth of the market. Countries such as Russia, India, China, Brazil, and Indonesia offer cheap labor and land, low transportation costs, and have less stringent regulatory norms. Hence, many manufacturing companies are shifting their production units to these countries. Also, the rising disposable income, increasing population, and strong economic growth in developing countries are driving the growth of various end-user industries such as automotive, paints and coatings, construction, and others. This is increasing the demand for benzene, which is fueling the growth of the market.
As per Technavio, the growing demand for polymers in different industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Benzene Market: Growing demand for polymers in different industries
Benzene is widely used as a raw material in many industries. For instance, in the automotive industry, benzene is used in the manufacture of high-performance plastics for automotive components and body parts. Similarly, in the electronics and electrical industry, benzene is used to produce high dielectric constant liquid crystal polymer and polyphenylene, sulfide resin compounds that are replacing ceramics in high-performance electronic components. Many such applications in various industries are increasing the demand for benzene, which is driving the growth of the market.
"Declining crude oil prices and the increasing demand for benzene from various applications will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Benzene Market: Segmentation Analysis
This market research report segments the benzene market by type (styrene, cumene, cyclohexane, aniline, and others) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the benzene market in 2021, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to rapid industrialization, population growth, and urbanization in the region.
Technavio's sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Related Reports on Materials Include:
Global Isobutyl Benzene Market – Global isobutyl benzene market is segmented by End-user (Pharmaceuticals and Others) and Geography (APAC, Europe, North America, MEA, and South America).
Global Chlorobenzene Market – Global chlorobenzene market is segmented by type (monochlorobenzene, p-dichlorobenzene, o-dichlorobenzene, and others) and geography (APAC, Europe, North America, MEA, and South America).
Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
Vendors covered
Vendor classification
Market positioning of vendors
Competitive scenario
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