Yahoo Finance Benzene-Petrochemicals Global Market Report 2023
Major players in the benzene-petrochemicals market are Ameriya Oil Ref. Co., Angarsk Petrochemical, Alexandria National Refining, and Petrochemicals Company (ANRPC), Arsol Aromatics GmbH & Co. KG, Atyrau Oil & Gas, Azerkhimija, BASF SE, Borealis AG, Bp Plc, and Braskem.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Benzene-Petrochemicals Global Market Report 2023" - https://www.reportlinker.com/p06281559/?utm_source=GNW
The global benzene-petrochemicals market will grow from $72.41 billion in 2022 to $73.63 billion in 2023 at a compound annual growth rate (CAGR) of 1.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The benzene-petrochemicals market is expected to grow from $79.56 billion in 2027 at a CAGR of 2.0%.
The benzene petrochemical market consists of the sales of benzene petrochemicals used as an intermediary chemical in the production of plastics, resins, dyes, detergents, drugs, pesticides, nylons, and synthetic fibers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Benzene petrochemical refers to an aromatic hydrocarbon produced from cracked gasoline.It is highly flammable and has a sweet odor.
Benzene is manufactured naturally by volcanoes and forest fires.
Asia Pacific was the largest region in the benzene-petrochemicals market in 2022.Middle East was the second-largest region in the benzene-petrochemicals market.
The regions covered in the benzene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main manufacturing processes of benzene include pyrolysis steam cracking of naphtha, catalytic reforming of naphtha, toluene hydrodealkylation, toluene disproportionation, and biomass.Toluene disproportionation is referred to as a trans-alkylation reaction that converts toluene into xylene and benzene.
The reaction occurs in the presence of hydrogen, on a bed of nickel-mordenite catalyst.The major derivatives from which benzene is derived are ethylbenzene, cumene, alkylbenzene, aniline, chlorobenzene, cyclohexane, maleic anhydride, and other derivatives.
The various applications of benzene include plastics, resins, synthetic fibers, and rubber lubricants.
The increased use of styrene to drive the benzene market The benzene derivative ethylbenzene is majorly used in the manufacturing of styrene.Styrene is used in the production of various products, such as styrene-acrylonitrile (SAN), acrylonitrile-butadiene-styrene (ABS), polystyrene, styrene-butadiene elastomers, latexes, unsaturated polyester resins, among others.
There is an increased demand for styrene-based polymers and copolymers in the automotive industry due to their lightweight nature.For instance, according to the American Chemistry Council (ACC), the fuel economy of a vehicle can improve by 6–8% by reducing the weight of a vehicle by 10%.
Usage of plastics like styrene can reduce the weight of vehicles, thereby improving fuel economy.The use of styrene has also benefited manufacturers by reducing vehicle assembly time and costs.
These advantages of the usage of styrene-based polymers and copolymers, especially in the automotive industry, are expected to contribute to the growth of the benzene market.
Stringent safety regulations associated with the manufacturing and transportation of benzene were a major constraint on the market.Benzene is highly inflammable, toxic, and hazardous when exposed to extreme temperatures and pressures.
Companies in this market should invest in equipment, technologies, and processes to limit the toxic levels and chemical concentrations as they may harm the environment and population.Humans, when exposed to benzene in the air for a certain amount of time, lose their lives.
In order to provide a safe environment, government agencies limit the amount of benzene that can be released into the environment.For instance, the EPA (Environmental Protection Agency) has set the maximum permissible level of benzene in drinking water at 5 ppb (per billion parts of air).
These regulations have increased the operating costs of companies in this industry, thus restricting their growth.
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 environmental issues.
For instance, in January 2021, Covestro, a German materials company received its first delivery of 2,000 metric tons of sustainable benzene from Total, a France-based petroleum company.The delivery enables Covestro to contribute to the circular economy.
In addition, in May 2020, BioBTX, a Netherlands-based circular chemistry technology developer announced its plan to build the world’s first commercial production facility for sustainable aromatics such as benzene. The increase in such technological advances to reduce emissions will gain traction and contribute to the growth of the market.
in June 2020, Ineos, a UK-based chemicals company acquired chemical unit (aromatics and acetyls business) of BP plc for $5 billion along with its BP’s Cooper River petrochemical plant in South Carolina among other facilities. This will enhance the production capacity of aromatics to cater to the market demand and enables operations synergies. BP plc is a UK-based oil and gas company.
The countries covered in the benzene-petrochemicals market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The benzene-petrochemicals market research report is one of a series of new reports that provides benzene-petrochemicals market statistics, including benzene-petrochemicals industry global market size, regional shares, competitors with a benzene-petrochemicals market share, detailed benzene-petrochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the benzene-petrochemicals industry. This benzene-petrochemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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