The global benzene market has been witnessing significant growth in recent years, driven by the rising demand for styrene polymers in various industries, including construction, automotive, packaging, and electronics. Among these industries, the production of polystyrene, a polymerized form of styrene, stands out as one of the major contributors to the global benzene market. Polystyrene is highly sought after in the packaging sector due to its exceptional durability, light weight, flexibility, and resistance to moisture.
𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭 𝐑𝐞𝐚𝐝: https://www.fairfieldmarketresearch.com/report/benzene-market
E-commerce Driving Market Expansion
The past decade has seen a tremendous surge in e-commerce activities, particularly in emerging economies like China and India. As more consumers turn to online shopping, driven by increased smartphone and internet usage, as well as innovative marketing strategies, the demand for packaging materials, including polystyrene, is expected to witness a significant upswing.
Benzene Market – Shooting Sales of Household Cleaning Products Will Accelerate Expansion
Linear alkyl benzene, a key component derived from benzene, plays a crucial role in the production of linear alkyl benzene sulfonate (LAS), a detergent surfactant widely used in liquid and powder detergents. As the demand for industrial and residential cleaners continues to grow, the benzene market is expected to witness further expansion. The appeal of LAS lies in its complete biodegradability and lack of environmental impact, making it a preferred choice for a wide range of applications.
Potential Health Hazards and Market Growth
However, the benzene market may face certain challenges due to health and environmental concerns associated with increased benzene exposure. The International Agency for Research on Cancer has classified benzene as a human carcinogen. Prolonged exposure to benzene can lead to serious health issues, such as anemia, decreased immunity, and cancer. Short-term exposure, on the other hand, can cause narcosis, eye irritation, and skin irritation. To address these concerns, there is a growing demand for environmentally friendly substitutes for styrene polymers, which may impact the overall market growth.
Benzene Market – Ethylbenzene to Dominate
In the global benzene market, ethylbenzene is poised to dominate as the demand for styrene rises across multiple industries. The application of plastic polymers and synthetic rubbers has been on the rise due to their numerous advantages, including high durability, lightweight injection molding capability, and increased usage of polystyrene in the packaging industry, thanks to its excellent thermal resistance and insulation properties. Additionally, the increased demand for paint and coating in the construction and automotive sectors, aiming to enhance aesthetics and protect against environmental degradation, further contributes to the growth of ethylbenzene.
Catalytic Reforming Leading the Way
Within the benzene market, catalytic reforming stands as the leading production method, driven by the increasing demand for low-octane naphtha. Low-octane straight-run naphtha, which contains naphthenes, is used in the manufacturing of high-octane aromatic benzene and low-sulfur fuel for gasoline. Moreover, catalytic reforming also produces hydrogen, which finds application in hydroprocessing units to create cleaner fuels. Steam cracking is another significant production method, ranking second in the market. This process offers a greater variety of products and reduces expensive distillation procedures, making it an effective option for mass production.
Benzene Market – North America Reigns Supreme Banking on Online Grocery Shopping
In terms of regional dominance, the benzene market in North America is poised to experience substantial growth, primarily due to the booming online grocery shopping trend. The region also witnesses a thriving market for end-users, such as electronics, household appliances, packaging, and construction. Additionally, countries like China, India, and ASEAN nations are witnessing significant growth in the packaging, construction, and electronics industries, further bolstering the demand for benzene.
Asia Pacific Soaring High
On the other hand, the Asia Pacific region is projected to have the fastest-growing benzene market during the forecast period. With a burgeoning middle class and increasing purchasing power, countries like China and India are witnessing a surge in demand for various building items, including adhesives, paints, floors, and fiberglass, which are all made from benzene.
Global Benzene Market: Competitive Landscape
The global benzene market has witnessed several key developments in recent times. Notably, INEOS acquired a 50% share in Shanghai SECCO Petrochemical Company Limited, a subsidiary of China Petroleum & Chemical Corporation (SINOPEC), in July 2022. This move strengthened INEOS's position in China's petrochemical market. Furthermore, Sinopec and Lyondell Basell formed a joint venture in January 2021 to produce propylene oxide and styrene monomer in China. This joint venture aims to meet the growing demand for propylene oxide and styrene monomer in China's domestic market. Additionally, there are several other prominent players in the global benzene market, including Dow, INEOS Group, LyondellBasell Industries Holdings B.V., BASF SE, and more.
Benzene Market – Growing Need for Styrene Creates Tailwinds
The increasing need for styrene in various end-use industries, including packaging, automotive, and electronics, is a driving force behind the growing demand for benzene. As the automotive industry witnesses a shift towards electric vehicles, the demand for styrene to manufacture tires and body parts for diesel and gasoline-powered vehicles remains steady. India, with its rapidly growing automotive industry, is experiencing a substantial increase in the demand for benzene.
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